Hyderabad, capital of Telangana state can outperform global cities Shanghai, Bangkok, Ho chi Minh, Beijing, Kuala Lumpur in economic growth as per a prediction report from Oxford Economics. While Bangalore is leading the list, Hyderabad is a close second.
Amid the warnings of onset of a recession in the Asia Pacific region due to the impact from global recession, Hyderabad is looking to grow at a rate of 6.5% in 2023 despite business having a weak December quarter.
Hyderabad has been quick to adopt to the software boom of south-India and created infrastructure to attract fast growth sectors such as manufacture, information and communication. After Bangalore, Hyderabad is becoming a potential city for startups, especially in the tech domain.
The report placed Bengaluru slightly higher than Hyderabad with a growth rate of 6.
75 percent, Shanghai at 5.5 percent, Bangkok and Ho Chi Minh City at 4.5 percent. Average growth of 33 cities was reported to grow below 3 percent.
With reports of Corona Virus spreading in China and lockdowns, the Chinese cities will have a slump in their growth rates. Unless the cities are under normal operating capacity, the southern twins will lead the pack.
Hyderabad saw an increased addition in office space as MNC companies and startups including space-tech startups have set their base.
The Oxford Economics is an independent economic advisory firm which has over 300 economists and analysts with data driven forecasting.
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