Local Economic Development

Local Economic Development

Urban economic development is about making cities more attractive, fostering investment, reducing environmental impact, indirectly creating jobs and generating tax revenue that can be used to finance local government services.

Challenges and Take-aways

  •  A desirable location to do business, attracts new investment and start-ups, which can bring a new innovative force to the entire urban region.

  • Structural change and declining populations in industrialized countries further exacerbate the competition between cities.

  • Shortages of skilled workers are already apparent


  • With the migration of jobs and people, regional disparities in economic power and tax revenues are also widening.
  • Rural-urban migration and swelling population numbers are the challenges facing most cities in developing countries and emerging economies.

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