Business News

Business News

An Unequal Recovery from the Cities asso

ciated with the World

SO it was in the Great Recession, according to a new survey of the whole world's 300 largest metropolitan areas.

None of the wealthiest economic news places within the world escaped the downturn, and most of them have yet to fully recover more than four years following the downturn began. But nearly half of the weakest areas never suffered any decline, and most of these that did have recovered.

The survey, released by the Metropolitan Policy Program of the Brookings Institution, found that in 2013 the design started to change. Growth rates slowed from 2011 in most areas, but the trend was less pronounced in wealthier places. North America was the only region where more than 50% of the metropolitan areas grew faster than they had in

2011.


The survey looked at two measures of growth - - gdp and jobs - - but did so in slightly different ways. It measured the change in percapita G.D.P. but looked at total employment without adjusting for population change.

Within the United States, just three of the 76 metro areas measured are estimated to have fully recovered in both employment and per capita G.D.P. -- Dallas, Pittsburgh and Knoxville, Tenn. Within the euro zone, virtually all major metropolitan areas in Germany and Austria have recovered, but none outside those nations have done so. Nor have any of the important British areas.

Likewise, if they decreased at all, while more than three quarters of the 48 Chinese areas have fully recovered, none of the 12 Japanese areas have done so. While growth slowed this year in China, it still dominated the list of the areas.

The 300 metropolitan areas in the study are the largest within the world in terms of G.D.P. and together account for practically onehalf of international output, Brookings said. Nevertheless they contain only 19 % of the world population. The 2012 figures were estimated by Brookings based on data from Oxford Economics, Moody's Analytics and the United States Census Bureau.

The accompanying charts break down the results by both wealth and area. Brookings found that 40 of the 300 regions did not endure even one yearly decline in employment or per capita G.D.P. from 2008 through 2012. Most of them were in the bottom fifth of areas, as measured by per capita G.D.P. in 2007, before the downturn started. None were in the areas that made up the half of the world.