Urbanization and competitiveness

24 APR,2022 | MEDC


 

Urbanization acts as a driver of economic growth and development by fostering competitiveness. Urban competitiveness implies the ability of cities to create resilient markets that produce goods and services representing tangible value addition in relation to comparable products of other urban areas. This definition by the Asian Development Bank highlights the importance of urban areas developing a competitive spirit, in order to strive for the best socioeconomic systems steering development. This has direct implications for national economic growth. Urbanization does not occur in a vacuum. It is influenced by several historical and developmental processes embedded in fostering competition via innovative combinations of traditional and modern attitudes to life and work. Even the challenges that urbanization generates often present unique opportunities to reconfigure metro areas for sustainability and socioeconomic development. Urbanization should be welcomed for enhancing national economic competitiveness.

*Picture Credit: Google

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