The London economy was growing strongly when Omicron hit
The latest data point to a strong recovery underway in London in Q4 2021. But this pace of expansion will have been hit by the Omicron Covid-19 variant, even if only temporarily.
What you will learn:
- The government implemented some limited restrictions, some activity will have been restrained as people reduced close-contact activities, and many employers have suffered from staff shortages due to isolations.
- As fuller evidence emerges we will consider the implications for our forecasts, which currently show a 2022 GVA rise of 5.0% for Greater London, following 5.6% in 2021.
- Workplace based jobs are forecast to grow by 2.1% this year.
Slowdown in 2023, except for Chinese cities
Growth across advanced Asia Pacific cities is slowing down in 2022's second half, and their full-year growth rates will trend downwards in 2023. In emerging Asian cities, we expect an uptick in growth in 2022, followed by a marked weakening in 2023.Find Out More
European cities face a tough winter as recession spreads
Strong annual GDP growth figures for most major European cities do not tell the whole story in 2022 as the economic environment across Europe has continued to deteriorate in the second half of this year. We expect technical recessions across most major European cities in H2 2022 and into Q1 2023.Find Out More