The world is in the throes of a sweeping population shift from the countryside to the city. The global urban population is growing by 65 million annually, equivalent to adding seven new Chicagos a year.1 And for the first time in history, more than half of the world’s population is now living in towns and cities. Underpinning this transformation are the economies of scale that make concentrated urban centers more productive. This productivity improvement from urbanization has already delivered substantial economic growth and helped radically reduce poverty in countries such as China. The expansion of cities has the potential for further growth and poverty reduction across many emerging markets. Urbanization will be one of this century’s biggest drivers of global economic growth.
Source : McKinsey Global Institute