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Competitive Cities: A Local Solution to a Global Lack of Growth and Jobs

Economic Development

Summary

Since January 2014 the World Bank Group has analyzed two questions regarding competitive cities: 1) What makes a city competitive; and 2) How can more cities become competitive. This analysis shows that the competitiveness of cities can improve issues relating to poverty and daily living. Competitive cities create several million jobs every year. In fact, private sector jobs account for 75% of job creation in cities around the world. It was found that competitive cities - those that experience rapid industrialization - have the following common traits: accelerated economic growth; outstanding job growth; increased incomes and productivity; and magnets for foreign direct investment (FDI). It was further found that the following factors contribute to the success of competitive cities: economic structure; policy levers; implementation and delivery; and growth coalitions.

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