This week, the World Bank has published a new report titled “Competitive Cities for Jobs and Growth – What, Who and How”. The report analyses what makes a city competitive and how more cities can grow their economies, a topic which is at the core of our work at Bearing.
According to the report, a competitive city is a city that successfully facilitates its firms and industries to create jobs, raise productivity, and increase the incomes of citizens over time, and If every average city had managed to do as well as a competitive-city, the world would have added 19 million new jobs in 2012 alone. Of the 750 global cities analysed in the report, three-quarters have grown faster than their national economies since the early 2000s.
Worldwide, improving the competitiveness of cities is a pathway to eliminating extreme poverty and to promoting shared prosperity. The primary source of job creation has been the growth of private sector firms, which have typically accounted for around 75 percent of job creation. Thus city leaders need to be familiar with the factors that help to attract, to retain, and to expand the private sector.
Cities are the future. They’re where people live and work and hubs for growth and innovation. But they are also poles of poverty and, much too often, centres of unemployment. With successful Place Management, more cities can create more jobs.