Nearly two-thirds of the world's 900 major cities (586) will experience economic slowdown between 2020 and 2021, mainly due to international trade, according to a study by the Oxford economic consulting service.
Of the world's top 10 cities by GDP, only London will see an expected acceleration in growth. The city's growth rate is expected to be 2.1% in 2020-2021 and 1.5% in 2018-2019. Paris's economic growth will slow to 1.7%, down 0.2 percentage points.
New York will also be unable to avoid a slowdown in growth, which is expected to fall from 2.2% to 1.8%. The authors of the study point out that "it is clear that the main reason is the slowdown in Global trade" and that manufacturing plays an important role in many cities around the world.
Economists cite Barcelona as an example, where industry accounts for 19% of the local economy. In Taipei, industry accounts for as much as 23%
The slowdown in international trade has also affected demand for services, as well as tourism and insurance, which are increasingly concentrated in cities.
"By 2035, Asian cities as a whole will surpass North American and European cities," the economists concluded. Four Chinese cities will be among the top 10 metropolises, while New York, Tokyo, Los Angeles and London will still have the highest GDP in the world. "

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