One of the most important economic advisory firms in the world, Oxford Economics Citiespublished its annual “Global Cities” report in which it ranks 1,000 cities in the world in categories such as economic performance, human capital, quality of life, commitment to the environment and governance.
The first results reflect that New York is the city that leads the classification, followed by London and San José, in California. As for Latin America, Santiago, Mexico City and Buenos Aires are the ones that stand out; Likewise, there are nine Colombian cities, with Bogotá, Medellín and Barranquilla being the first on the list. But the ranking also recognizes Cali, Bucaramanga, Pereira, Cartagena, Ibagué and Cúcuta.
However, contrary to the trend of the first three cities, Cartagena, Cúcuta and Ibagué appear at the bottom of the human capital category. Their position in the ranking could be due to the low levels of schooling and the few universities in their territories.
Bogotá, the best Colombian
The Colombian capital is the best located among the cities in the country with the best economic development, ranking 316. For its part, Medellín and Barranquilla complete the top three cities by ranking 422 and 441.
The particularity of the capital of Atlántico lies in the fact that it is the only Colombian city among the top 100 cities with the greatest commitment to the environment.
Its position could be supported by its efforts to recover the Mallorquín swamp and the title of Green City awarded by the FAO.
Santiago, regional reference
In Latin America, Santiago de Chile is the city in the highest position in the ranking. The Chilean capital obtained position 119 in the ranking and its main strength (as in most Latin American cities) was human capital. According to Oxford Economics, the age profile of Chileans fits that of a stationary pyramid in which the birth rate is high but is proportional to the mortality rate.allowing us to conclude that a good part of the population is of economically active age.
Given the strength of Latin American cities in human capital, Anthony Bernard-Sasges, senior economist at Oxford Economics explained that these cities “They are the reflection of the dynamics between educational achievements, innovation and demographics at play in metropolitan areas,” that is, cities with prospects for demographic growth oriented towards economic productivity, as well as populations with the expected levels of schooling for the different age groups.
Next on the list is Mexico City, which unlike other cities in the region, its strength lies in economic performance. Thanks to unemployment that continues a downward trend (decrease of 0.2% year-on-year with a cut in April) and the most competitive GDP per capita in the country, the Mexican capital remains a competitive city in this regard. However, the uncertainty generated by the proclamation of the new president and the possibility of reforms that increase the interference of the State in the economy will be a factor to take into account in the coming years.
New York and London lead
Its strength in economic development and human capital make New York the first city listed by Oxford Economics. Being a global center for finance, technology, advertising, media and fashion, New York is an attractive city for foreign investment and the generation of new jobs, especially in cutting-edge areas such as technology and telecommunications. In addition, a Gross Domestic Product of US$2.3 trillion and a per capita product of US$114,000, catapults the Big Apple to first place in the ranking.
On the other hand, the capital of England is a benchmark in human capital due to the multiplicity of ethnicities and cultures that enrich culture and promote a more globalized educational, artistic and even business and technology exchange. In addition, Having one of the strongest GDP per capita on the continent (US$78,000) is a sign of the work done by the latest governments in the recovery after the 2020 pandemic.
Challenges for the future
Oxford Economics highlighted that inequality in people's income could become a factor that would slow down the economic growth of cities. The sustainability of the debt that countries acquire will be a key point in determining the development of cities while the uncertainty over the rate cut remains a question. Finally, It was emphasized that the quality of life of the inhabitants of these cities will be at stake, especially in those places that do not allocate economic resources to improve health infrastructure.
