‘Manila to be among largest megacities by 2050’

MANILA, Philippines — Manila is expected to be among the world’s largest megacities by 2050, helping drive faster economic growth for the country, according to UK-based Oxford Economics.

In a research brief, the think tank said it expects the number of megacities — cities with populations of over 10 million — to rise to 67 around the world in 2050 from the current 44.

While the fastest growing megacities are expected to be in Africa due to the younger age profile of their residents, Oxford Economics said megacities in emerging Asia-Pacific are expected to remain the largest.

“Topping the rankings in 2050, we forecast Dhaka (Bangladesh), Manila (Philippines), and Delhi (India) to each add more than 10 million people to their populations, and breach 40 million by 2050, with Delhi set to overtake Jakarta at the top of the charts with a population of nearly 47 million,” Oxford Economics said.

The think tank said megacities could be engines for economic growth as they serve as the key centers for innovation, which could help drive growth in both output and productivity.

“The rapid rates of population growth among some of the megacities of the world can be seen as a significant economic opportunity — many are expected to exhibit the fastest rates of economic growth over our long-term forecast horizon,” Oxford Economics added.

As the population grows, the potential increase in the labor force could expand the economic growth potential of cities.

“The massive expansion in population also creates huge new global consumer markets,” Oxford Economics said.

It added that sustaining economic growth in cities where the population is rapidly aging and projected to decline over the long term is a challenge as the workforce numbers decrease.

Oxford Economics said cities with rapidly growing populations, however, also face challenges in reaping the benefits of their projected growth.

“Principal among these is the challenge of absorbing the new populace arriving in and being born within the city,” it said.

For all residents of megacities to have a sustainable quality of life, Oxford Economics said adequate investments in housing, transport, health, education and public utilities-based infrastructure would be needed.