London has a BIG reason to smile!



London, Oct 13 (IANS) London has retained its rank as the number one city in the world shrugging off Brexit worries, according to Global Power City Index (GPCI).



The GPCI, published by the Mori Memorial Foundation, ranked London as number one for the sixth year in a row, highlighting the city's strengths in, its cultural offer and transport links and its rank as a major centre for innovation.



The report, released on Thursday, ranked 44 major cities across six key measures including the economy, research and development, culture, accessibility, the environment and livability, Xinhua news reported.



London performed strongly across all areas, ranking ahead of other cities such as New York, Tokyo, Paris and Singapore, and was ranked first for culture, with overseas tourists making a record 19.1 million visits to the city in 2016.



A study by Oxford Economics commissioned to coincide with the GPCI, reported that London's economic growth is expected to be stronger than many other European cities. London's GDP growth is set to be 2.4 per cent a year until 2021, outperforming a number of other major European cities including Paris, Frankfurt and Berlin.



London's growth is predicted to be greater than the average GDP growth of all eurozone nations, which is forecast to be 2 per cent.



Richard Holt, Oxford Economics head of global cities research, told Xinhua: "London by European standards is a super competitive city, in terms of skills, the property market, and across a whole range of indicators"



"When you look at sectors, say the digital communications sector, services or tourism you see it performing well.



"We take that as the underlying driver and put it together with a cyclical pattern and at the moment the UK economy is not performing as well as the eurozone economy, to give a view of what is going to happen to London."



Brexit is the major event of the coming years, and Holt said this had been considered and would have an effect on London's growth.



"What we have in our forecast is a fairly modest number of jobs in the financial services sector moving from London to elsewhere in Europe, based on what the banks themselves have been saying," he said.



"We have not put in a huge exodus of jobs from London, that is not to say that it will not happen but at the moment we have no evidence it will," Holt added. 

IANS

Related news

Don’t Miss

Kejriwal's big heart.. FREE breakfast of tea, rusk in Delhi
World's FIRST smartphone with this feature..know how to get
Very BAD NEWS..Smartphone PRICES will JUMP, duty increased by 15%
Shock for Modi..Hindus attack Christians, burn priest's car in Shiv'Raj'
Modi makes Muslim women smile, buries Triple Talaq
Shock for AAP..NGT includes 2-wheelers in odd-even
PM Modi's New Year Gift..No charges on debit card payments for 2 yrs
Salman-Katrina deadly video.. New Tiger Zinda Hai promo
Aadhaar card holders March 31 is very important for you..Know why
And now Hardik Patel comes out with his own EXIT POLL
Rs 450000000000-satta on Gujarat results..BJP is bookies' choice
Sunny Leone goes wild, too hot to handle
Virat, Anushka HONEYMOON.. In PICS
This statement of BJP Minister on BEEF may land him in trouble
Breaking: SC dismisses Congress' plea of directing EC to verify votes with VVPAT slips
Union Cabinet clears Triple Talaq Bill which makes it a criminal offense
This is how Arvind Kejriwal and Bal Thackeray inspire Hardik Patel
OnePlus 5T 'Star Wars' edition phone arrives at this price
Take a sneek PEAK inside Alia Bhatt's NEW home
Desi girl Priyanka getting Rs 1 crore per minute for this
Modi finishes Medical Council..New Medical Commission formed
Rahul shocked by SC..Plea of vote count via VVPT in Gujarat rejected
To clean Ganga Maa, Rs 5000 fine on use of plastic items in Haridwar
First Look of Anushka's 1 crore wedding ring that Virat gave her! Fans were longing to see this
Honeymoon pics: SEE Virushka in their HAPPIEST moment
Virushka get emotional message from Pak cricketer
Virat, Anushka gets this wedding gift from Ranveer-Deepika
Big B gets emotional, says 'Mere Paas Maa hai'
Don't Miss: See Virushka's first honeymoon picture, couple looks adorable!
Too little too late: NGT bans plastic in Rishikesh and Haridwar

Most Recent