Manchester recognised as an emerging star of the global economy in new index
A new report by Oxford Economics highlights Manchester's rapid economic growth, grouping the city with European counterparts expected to see significant expansion over the next decade.
Manchester has been identified as a rising force in the global economy, according to a recent index published by Oxford Economics.
The study categorises the city alongside European locations such as Toulouse and Warsaw, predicting robust economic expansion over the coming ten years.
According to the report, Manchester has recorded some of the highest job creation rates in Europe since 2010. The researchers noted that the city has surpassed other UK regions in both productivity and gross domestic product growth during this period.
The analysis also highlights Manchester's success in keeping university graduates in the area and establishing itself as a hub for professional services, stepping out of London's traditional economic dominance.
Future growth is expected to be supported by significant local infrastructure and regeneration projects. These include a proposed £6 billion investment across the north and east of the city, alongside ongoing campaigns for a new underground railway station at Manchester Piccadilly.
Garry Bridges, leader of Manchester City Council, responded positively to the findings. He attributed the city's economic trajectory to consistent leadership and long-term planning.
Bridges also stressed the importance of ensuring local residents benefit from this continued growth, stating that the council remains focused on providing the community with the necessary skills to access newly created jobs.
Frequently Asked Questions
- Why was Manchester named an emerging economic star?
- A report by Oxford Economics highlighted the city's rapid job creation, GDP growth, and ability to retain skilled graduates since 2010.
- Which other cities were included in the ranking?
- The global cities index grouped Manchester with other growing European cities, including Warsaw and Toulouse.
- What future projects are planned for Manchester's economy?
- The city is anticipating a £6 billion regeneration investment in its north and east, alongside campaigns for a new underground station at Piccadilly.