Dubai —Dubai ranks number five in performance among 300 world cities in the annual 2014 economic rankings of cities worldwide released on Thursday by the Brookings Institution and JPMorgan Chase.
Macau, the Chinese territory known for its liberal leisure activities, outperformed the rest of the world’s major cities economically last year, while four Turkish cities ranked among the top ten.
Abu Dhabi and four other GCC cities also figured in the list.
While Macau recorded a gross domestic product, or GDP, growth of eight per cent and employment growth of 4.2 per cent, Dubai posted 4.5 per cent GDP growth and 4.7 per cent employment growth.
Cities in the developing world, especially China, dominated the top of the annual economic rankings. One exception: Bangkok, Thailand, came in last, its economy wrecked by political strife.
Four Turkish cities made the top 10: Izmir, Istanbul, Bursa and Ankara. Turkish cities boomed last year despite political unrest. “If you look at world headlines, Turkey is not in the news for its economic success, but it probably should be,” Brookings’ Parilla said. “It has pretty solid macroeconomic policies.”
Turkey benefits from its location at the boundary between Europe and Asia and from heavy investment in roads and other infrastructure projects, which creates jobs over the short term and is likely to make the economy more efficient over the long term… see more
source: Khaleejtimes
Tags: business, Dubai Ranks, Global Economics
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