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Bengaluru To Be Asia-Pacific’s Fastest-growing City In 2023

According to the firm, the Karnataka capital is expected to grow by more than six per cent in 2023, following its league is Hyderabad

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India’s high-tech industry city Bengaluru is projected to be the fastest-growing city in the Asia-Pacific region in 2023 followed by Hyderabad, according to Oxford Economics, an independent economic advisory firm.

The advisory firm suggested Bengaluru is likely to outperform its Asia Pacific and Indian peers in terms of growth this year and emerge as the main driver in the information and communication sector.

The Karnataka capital is expected to grow by more than six per cent in 2023, followed by Hyderabad. These two cities have evolved as attraction centres in terms of investments in the manufacturing and information and communication sectors.

Oxford Economics stated that while the new year 2023 is expected to be a difficult year for cities in the Asia Pacific region, still there is a beam of light. Some resilience is expected from cities exposed to weak global trade and those with strength in fast-growing sectors.

It added that probable benefits for Chinese cities after a loosening of Covid-19 restrictions in 2023.

Meanwhile, Oxford Economics’ optimistic study invests great hopes among Indian growing cities, prompting Bengaluru to give a tough contest to fastest growing Asia Pacific major cities like Bangkok, Shanghai, Beijing, Hong Kong and Tokyo in 2023.

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