Moscow leads in investment growth among ten G20 megacities
The Russian capital topped the list of 10 megacities of the Group of Twenty (G20) countries in terms of annual growth of investment in fixed capital over five years - from 2017 to 2021, said Deputy Mayor of Moscow for Economic Policy and Property and Land Relations Vladimir Efimov.
The Department of Economic Policy and Development of Moscow analyzed the dynamics of investment in 10 megacities of the G20 member countries. The sample included Moscow, Paris, Berlin, Seoul, London, Melbourne, Jakarta, Sydney, Mexico City, Beijing - for these cities there is reliable information from official state statistics on investment volumes, which is published on average in one or two years after the reporting one. The assessment was carried out at purchasing power parity in comparable international parameters - dollars.
«The Russian capital demonstrates the best dynamics in terms of investment growth over five years among the 10 megacities of the G20 member countries. The annual in crease of this indicator in Moscow for 2017-2021 averaged 20.3 percent. This is almost four times higher than the nearest competitor - Paris - with a dynamics of 5.5 percent. The top five also include Berlin with an annual increase of 5.3 percent, Seoul - 4.4 percent and Melbourne - 3.7 percent,» said the Deputy Mayor.
London's annual investment growth over five years was 3.6 percent, Jakarta's was 2.7 percent, and Sydney's was two percent. And Beijing and Mexico City recorded a drop of one and 2.5 percent, respectively.
«Moscow's economy is rightly considered one of the most stable among the largest megacities and has a great potential for growth, which is largely due to its diversified structure and attractive conditions for business. In 2019, Moscow showed a record 30 percent increase in fixed capital investment among the 10 megacities. And in the period of the coronavirus pandemic in 2020, when positive dynamics was recorded only in three out of 10 megacities of the "20", the capital's economy developed and showed a 19 percent increase in fixed capital investment,» commented Maria Bagreeva, Minister of the Moscow City Government, Head of the Department of Economic Policy and Development of Moscow.
In 2021, when the economies of other megacities began to recover, Moscow retained its place among the top three leaders in fixed capital investment with an annual growth rate of 14 percent, she added.