building globally competitive cities the key to latin american growth

Building Globally Competitive Cities: The Key to Latin American Growth

In recent years, there has been a significant shift towards urbanization globally. According to the McKinsey Global Institute, by 2025, it is expected that only 600 cities will account for about 60 percent of worldwide GDP. This concentration of economic power in urban areas is not new and has been a standard pattern in economic growth.

In fact, as early as 2007, urban centers generated more than 50 percent of global GDP, with major cities in developed regions being significant contributors to this figure. The trend towards urbanization is international, with the UNFPA noting that by 2008, over half the world's population would be living in urban areas.

Latin America is no exception to this trend. With a growing population and increasing economic activity, urban areas are becoming increasingly important hubs for economic growth. According to the World Bank, Latin America has experienced significant urbanization in recent years, with many cities experiencing rapid economic growth.

However, building globally competitive cities requires more than just economic growth. It also requires investment in infrastructure, education, and innovation. Cities that are able to invest in these areas are better equipped to attract businesses, talent, and investment, leading to sustained economic growth.

In conclusion, building globally competitive cities is the key to Latin American growth. By investing in infrastructure, education, and innovation, cities can become hubs for economic activity, driving growth and development. As the world becomes increasingly urbanized, it is clear that cities will play a critical role in shaping the future of our global economy.

Building globally competitive cities the key to latin american growth