Bucharest dropped 16 positions, and is now ranked 188th in the latest Global Urban Competitiveness Report 2017-2018, jointly released by The National Academy of Economic Strategy (NAES), Chinese Academy of Social Sciences (CASS) and the UN–Habitat.
“Urban competitiveness is closely linked to economic and social development. Cities with better infrastructure generate greater urban productivity,” Andreea Paul, founder of INACO, a network of local managers, consultants and economy experts, explains. “Increasing urban productivity in turn generates higher incomes for all segments of society: citizens, local authorities, government and the sector more competitive cities also attract talent and capital, hire skilled workers, creating a ‘virtuous cycle’ of prosperity for all,” Paul argues.
The City Competitiveness Index reflects urban prosperity, poverty and benefits of urban residents, ranked at a global scale and including more than 1000 cities, as it is perceived by households at the micro level, as well as by the economy and the society at macro level. For these reasons, the issue of the loss of competitiveness of cities is one of the most important and challenging current issues, INACO warns.
Bucharest’s economic competitiveness index is just over half (0.51) of the New York score (1.00), the city that tops this year’s ranking.
“Today’s world is experiencing fundamental changes, where urban agglomerations are the main platforms for human activities and the main engines of development.” Technological innovation is driving the future of global cities and the urban system. Bucharest cannot ignore these global trends and has an obligation towards its inhabitants to reorient themselves towards pro-competitive local development policies,” Paul explains.
In the ranking of the world’s first most competitive cities, is topped by New York, Los Angeles, Singapore, London, San Francisco, Shenzhen, Tokyo, San Jose, Munich and Dallas.