More Than Half of the World’s Population is Expected to be Urbanised by 2030, Fueling the Growth of Megalopolises
SINGAPORE – In 2018 20 megalopolises generated US$30 trillion, making up 35% of the global GDP according to global market research company Euromonitor International.
Euromonitor published a new report today entitled “How Megaregions Are Changing the Global Economy” identifying the influence of the world’s megalopolises and discussing the role of integration policies.
Nearly half of the world’s current megapolises are found in North America alone. With Bos-Wash, a megalopolis running from Boston, through New York, Philadelphia and Washington, it stands as the largest in the world by economic output with a GDP of USD4.5 trillion in 2018. If Bos-Wash were a country, it would rank as the fourth largest economy, behind the U.S., China and Japan.
“The use of megalopolises to foster regional integration policies gives rise to several benefits such as thick labour markets and scale of economies,” says Fransua Vytautas Razvadauskas, cities consultant at Euromonitor International. “Governments should build regional integration policies which will facilitate cross-city collaborations across megalopolises, allowing businesses to thrive while enjoying cost advantages,” he added.
China will be the key market to watch given their plan to create 19 megalopolises that will ultimately help drive national, regional and provincial growth. It’s trio of leading megalopolises: Pearl River Delta, Yangtze River Delta and Jing-Jin-Ji will see the majority of their cities’ real GDP grow by a whopping 80-110% over 2018-2030, compared with other megalopolises whose cities will expand by a mere 15-30% in the same period.
To obtain more insights on how stakeholders can play their part in the development of megalopolises, click here.
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