So, what exactly is this report and why do we care? The Global Cities Outlook (GCO) has been put together annually since 2017 by reputable American management consultant firm, A.T. Kearney, which lines up 151 major cities across the globe and ranks them based on potential future growth.
The GCO has been released alongside the GCI (Global Cities Index, which ranks current global leaders) annually since 2015 and “examines those [cities] creating the conditions for future status as major global players….cover[ing] four dimensions—personal well-being, economics, innovation, and governance—which are key determinants of a city’s ability to attract talented human capital, generate economic growth, increase competitiveness, and ensure stability and security, respectively.”
This year, with COVID-19 ravaging people and markets most everywhere, Toronto leapt up the list a whopping nine spots from its 11th place finish last year (and 17th placement in 2016) to land in second behind London, UK, Singapore, Tokyo, and Paris placed third, fourth, and fifth respectively.
Apparently TO’s post-pandemic potential is significant on the global scale, even as the number of infection cases continues to climb in Ontario. The report credits cities’ “long-term investments in governance and economics” as part of the reasons for progress on the list. The 6ix allegedly has those in abundance.
The Ontario capital didn’t fare quite as well on the GCI, however, which measures current global status based on political engagement, information exchange, cultural experience, human capital, and business activity. It ranked 19th on that list, while New York, London, Paris, Tokyo, and Beijing claimed the top five.
Ultimately, the second-place finish on the GCO list is a flashing sign of future success for the city. Things are looking up for Toronto!
Now it’s just gotta get through this COVID winter...