This is a special edition of the Global Cities Survey, prepared especially for MIPIM conference. Launched by the London Property Alliance (LPA) with research undertaken by Centre for London, this edition covers the last quarter of 2022 and features new data from Oxford Economics.
Our analysis aims to promote a better understanding of London’s (largely economic) performance on the world stage and present an empirical analysis of the capital based on data across a range of sectors. Comparisons are made with London’s main competing global cities of New York, Paris, Berlin and Hong Kong.
The report forecasts that central London’s economic output will outperform its key global peers, including New York, Paris, Berlin and Hong Kong by 2030; following the wider global recovery expected by the end of 2024. London’s economic output is expected to grow at 1.75% per annum by 2030, followed by Hong Kong (1.4%) and Paris (1.3%).
In the short-term Paris is predicted to outperform London in 2023, while Hong Kong is forecast to record a 4.7% increase in economic growth by 2025 – the strongest performance among global cities – as it finally opens from pandemic restrictions.
While London performed better than its key global competitor cities in terms of economic output in 2022, it is predicted to experience negative growth along with Berlin in 2023 due the numerous headwinds expected this year.
We hope that this report provides meaningful insight into how London is faring, and that policy makers and business can use it to make better decisions on many of the issues that affect London’s ability to prosper over the short, medium and longer term.
Read the press release here.
Authors: Jon Tabbush, Zarin Mahmud (both Centre for London) and Alexander Jan (London Property Alliance)