This research, based on an independent survey of financial services professionals, tracks changing perceptions of competitiveness of the leading financial centres globally, in combination with data from a set of external indices.
This research, based on an independent survey of financial services professionals, tracks changing perceptions of competitiveness of the leading financial centres globally, in combination with data from a set of external indices.
With the recent global economic turbulence, the GFCI has provided a useful indication of economic sentiment and the changing relative importance of different aspects of competitiveness over the last two years. This edition demonstrates three trends: cautious optimism that the global financial services industry is showing signs of recovery, further movement of the financial business centre of gravity towards fast-developing markets - especially in Asia; and the emergence of a 'Premier League' of economically and socially interconnected cities.
Whilst London and New York have retained first and second places respectively, a striking finding has been the strong performance of Asian centres this time round, which now fill five of the top ten places. Hong Kong and Singapore, in third and fourth place, have demonstrated long-term competitiveness and a high degree of connectivity, and are considered in the report to be truly global centres.
Other Asian centres have also performed very well, perhaps reflecting the strong growth of many Asian economies. The speed and size of the surge in growth demonstrated here will be further investigated in an in-depth study into the likely needs in China for financial instruments, infrastructure and markets if its economic growth plans are to be achieved. The study will assess the implications this will have for the growth of financial centres in Asia and elsewhere.
The rise of Asia also reflects a more general return of confidence among questionnaire respondents; whereas the previous edition saw every centre suffer a fall in points, this publication sees all but three centres (Dublin, Glasgow and Gibraltar) recording stable or higher than previous ratings, back to levels last seen a year ago.
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