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Mastercard sees Budapest and Warsaw amongst top ten world cities driving growth

The Index provides valuable insights into the 65 leading cities driving growth within more than 30 emerging markets. Cities are generally considered to be leading indicators for national economies, making the study an important barometer of larger global economic trends and growth potential over time.
“Given the current economic climate, MasterCard is focused on providing valuable insights that assist our customers in identifying new market opportunities for the future. The Emerging Markets Index is key to that commitment,” said Walt Macnee, President, Global Markets, MasterCard Worldwide. “By evaluating 65 emerging market cities and their increasingly important roles in global commerce, the Index offers companies a roadmap for where commerce is headed next.”
The Index evaluates 65 cities on eight dimensions related to their business climate, political environment, economic growth, commercial connectivity, quality of life and other areas, and explores the compelling global and regional economic trends that distinguish these cities as future development hubs.

Some key findings from the study include:
--  China led the Emerging Markets Index ranking overall, with 15 of the
top 30 cities.  Shanghai and Beijing held the number one and two spots
respectively.
--  Budapest ranked third overall, helped by its heritage as one of the
first eastern European countries to initiate trading with the West
following the Cold War.

“As the current financial environment shows, globalization is a part of today’s economic reality — capital, talent, technology and even intellectual property now move seamlessly across borders and nations,” said Dr. Michael Goldberg, Program Director, MasterCard Worldwide Centers of Commerce. “Emerging market cities will play an increasingly important role in global commerce and may provide unique market opportunities for businesses in the face of changing economic times.”
The Index, developed by a panel of nine independent experts in economics, sociology and urban studies, is part of the broader MasterCard Worldwide Centers of Commerce(TM) program — a global initiative to examine the role of cities in performing critical functions that connect markets and commerce around the world.
Chinese Cities Dominate the Index. With 15 cities ranked in the top 30 and four in the top ten including #1 Shanghai, #2 Beijing, #6 Guangzhou and #10 Shenzhen, China outshone all other countries in the Index. Chinese cities placed among the top ten within the Index in measures relating to their commercial climate, economic growth and business connectivity, and held all top ten spots in the area related to education and IT connectivity. China’s national economy played a key role in its city rankings, as has the visionary leadership of Shanghai, an important global commercial center.
Outsourcing Engine India Second Only to China. Led by Mumbai, the number one city in a critical dimension related to financial markets, eight Indian cities appeared in the Index, more than any country other than China. Scoring well in measures related to security and risk and connectivity, this showing reflects the leadership of cities like Chennai, a global center for automotive and film production.
Commercial Heritage Helps Propel Budapest to #3 Spot. The number one city in the Index for dimensions covering quality of life and risk and security, Budapest also scores among the top ten for its economic and commercial environment and its business climate. A former world capital, Budapest was among the first Eastern European cities to trade with the West following the Cold War and is benefiting from its first mover initiatives.
Moscow, Russia’s Most Connected City, Places Within Top 15 Cities. Among the top five cities in the Index in dimensions related to air passenger, cargo volume and other measures of connectivity, as well as financial market volumes, #14 Moscow leads the four Russian cities ranked in the Index.
Methodology

The MasterCard Worldwide Centers of Commerce(TM): Emerging Markets Index is compiled from research by a panel of nine independent economic, urban development and social-science experts from leading academic and research institutions around the world, led by Dr. Michael Goldberg, Program Director, MasterCard Worldwide Centers of Commerce Program.
To form the Index, the panel rigorously identified 65 cities around the world that met their initial stringent criteria. Cities were then rated on eight key dimensions as follows:

--  Economic and Commercial Environment
--  Economic Growth and Development
--  Business Environment
--  Financial Services Environment
--  Commercial Connectivity
--  Education and IT Connectivity
--  Quality of Urban Life
--  Risk and Security

The process entailed measuring a number of carefully weighted, relevant indicators and sub-indicators that aggregate available data relevant to each dimension. The panel evaluated a total of eight dimensions comprised of 65 indicators and 89 sub-indicators to derive an Index score for each city, a process that goes well beyond traditional measures used to gauge worldwide financial and business activity.
Worldwide Centers of Commerce: Emerging Markets Index Research Team
Leading the Worldwide Centers of Commerce program is Professor Michael Goldberg, Program Director. With more than 40 years of experience, Professor Goldberg has consulted for businesses and governments in Canada, the U.S. and Asia, lectured at 50 universities and research institutes in 16 countries and authored or co-authored nine books and more than 200 academic and professional articles. To assist him in this research, Dr. Yuwa Hedrick-Wong, Economic Advisor for MasterCard Worldwide, APMEA Region, initially assembled and chaired a panel of leading experts in economics, urban development and social-science from around the world, including the following:

--  Professor Fan Gang, Director, National Economic Research Institute,
Beijing
--  Mr. Manu Bhaskaran, Partner/Head, Economic Research, Centennial Group,
Singapore
--  Professor William Lever, Emeritus Professor of Urban Studies,
University of Glasgow
--  Professor Maurice D. Levi, Chair of Bank of Montreal Professor of
International Finance, University of British Columbia
--  Dr. Anthony Pellegrini, Partner/ Director of the Urban and
Infrastructure Policy and Finance Practice, Centennial Group,
Washington, D.C.
--  Professor Saskia Sassen, Helen and Robert Lynd Professor of Sociology,
Committee on Global Thought and Department of Sociology, Columbia
University
--  Professor Peter J. Taylor, Director, Globalization and World Cities
(GaWC) Research Network, Loughborough University, UK

2008 MasterCard Worldwide Emerging Market Index Ranking

Rank      City                   Country

1         Shanghai               China
2         Beijing                China
3         Budapest               Hungary
4         Kuala Lumpur           Malaysia
5         Santiago               Chile
6         Guangzhou              China
7         Mexico City            Mexico
8         Warsaw                 Poland
9         Bangkok                Thailand
10        Shenzhen               China
11        Johannesburg           South Africa
12        Sao Paulo              Brazil
13        Buenos Aires           Argentina
14        Moscow                 Russia
15        Istanbul               Turkey
16        Xiamen                 China
17        Chengdu                China
18        Dalian                 China
19        Mumbai                 India
20        Tianjin                China
20        Nanjing                China
22        Hangzhou               China
23        Wuhan                  China
24        Chongqing              China
25        Qingdao                China
26        Xian                   China
27        Harbin                 China
28        New Delhi              India
28        Monterrey              Mexico
30        Sofia                  Bulgaria
31        Montevideo             Uruguay
32        Bucharest              Romania
33        Cape Town              South Africa
34        Lima                   Peru
35        Bogota                 Colombia
36        Rio de Janeiro         Brazil
37        Durban                 South Africa
38        Bangalore              India
39        Chennai                India
40        Tunis                  Tunisia
41        St. Petersburg         Russia
42        Brasilia               Brazil
42        Jakarta                Indonesia
44        Cairo                  Egypt
45        Manila                 Philippines
46        Hyderabad              India
47        Recife                 Brazil
48        Kolkata                India
49        Curitiba               Brazil
50        Ankara                 Turkey
51        Santo Domingo          Dominican Republic
52        Pune                   India
53        Casablanca             Morocco
54        Coimbatore             India
55        Quito                  Ecuador
56        Ho Chi Minh City       Vietnam
57        Kiev                   Ukraine
58        Medellin               Colombia
59        Yekaterinburg          Russia
60        Beirut                 Lebanon
61        Caracas                Venezuela
62        Novosibirsk            Russia
63        Nairobi                Kenya
64        Karachi                Pakistan
65        Dakar                  Senegal