A view of Istanbul, Turkey at night. Cities like Istanbul are rebounding from the recession faster than U.S. ones. (Steve Brandt/Minneapolis Star Tribune/MCT)
Major American and European cities, from New York and Chicago to London and Paris, are pulling out of the Great Recession at slower rates than cities in Asia and Latin America, according to a study released this morning by the Brookings Institution and the London School of Economics and Political Science.
In fact, the recession served to accelerate a shift in economic growth to emerging metro areas that has gone on for many years, the report found.
The first Global MetroMonitor study ranked 150 metro areas on their growth in employment and economic output per person, before, during and after the global downturn. Twenty-nine of the 30 top performers post-recession were outside the U.S. and Europe, while 28 of the 30 weakest performers were in those two global regions. Get the full story »
