Cities Key themes 2024 – cyclical swings, structural shifts

Growth in the main economic indicators (GDP, employment, and consumer spending) is likely to be weaker in 2024 than in 2023 for most cities around the world. And a recurring theme for debate will be where cities sit within their national economic cycles. Other, more structural factors, including migration and demographics, will also attract attention in 2024, as they help or hinder growth across different cities. Meanwhile, over-valued housing markets and whether they pose a threat will be a topic almost everywhere.

What you will learn:

• We project slower GDP growth in 2024 for most US metros and cities across Asia Pacific (APAC), with tech-cities being among the most resilient.
• Employment growth is generally likely to slow more sharply than GDP across the world’s leading cities in 2024.
• Consumers will continue to face challenges in 2024. Indeed, in some APAC cities there will be marked slowdowns in spending growth, with Shanghai a leading example. The 2023 figures were boosted by the city coming out of lockdown comparatively late.
• Migration will also be a common topic of debate in cities in 2024, alongside climate change and artificial intelligence. But cyclical concerns will most likely dominate, rather than these more structural factors.