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Posted at 1:03 PM ET, 11/30/2010

Cities show shift of growth to emerging markets in Asia and Latin America, Brookings reports

By Howard Schneider

A look at the list of the world's most economically dynamic cities in the years before the recession shows plenty of high fliers from Europe and the United Sates, the Brookings Institution notes in a new report released today on the impact of the recent recession on major metro areas.

Cities such as Las Vegas, Dublin, Madrid and Athens were all ranked among the top 30 world performers in terms of income and employment growth.

A look at the same list post-recession, however, shows the world shifting: 27 of the top 30 performers are in Asia and Latin America, with four in China alone.

There are none from Europe in the top group. That's not surprising, considering that Ireland and Greece have performed so poorly as to need International Monetary Fund assistance, and Spain is dealing with the fallout from a major real estate collapse.

One U.S. city makes the newer list -- Austin, at number 26 -- while two other developed world cities, Montreal and Melbourne, squeaked in.

It is, the Brookings authors said, another bit of evidence that economic growth is rising significantly among and shifting strength to the world's emerging market economies.

By Howard Schneider  | November 30, 2010; 1:03 PM ET
Categories:  International Economics  
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