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The COVID-19 pandemic has taken its toll on the global economy with countries around the world being affected in different ways. However, despite the general sluggishness that has dominated most of the world’s markets, certain cities have been bucking the trend and actually outperforming the global average.
The first of these cities is Shanghai, which has consistently been a driving force behind the Chinese economy and is the country’s largest financial center. The city has managed to ride out the storm of the pandemic and actually experienced an uptick in the number of new jobs being created since the height of the pandemic. This is due to the fact that China has been far more successful than most other countries in terms of controlling the virus. Additionally, Shanghai saw a large influx of venture capital from global investors.
The second of these cities is London, which is considered to be a major global financial hub and one of the most influential cities in the world. During the pandemic, London was able to keep its strong position in the financial industry by successfully adapting to the new circumstances. This can be seen in the city’s housing market, which saw both a surge in house price inflation and the volume of new home sales. The city was able to weather the storm, despite a sharp drop in tourism.
Lastly, New York City is another major player in the global economy and has also managed to remain relatively stable even during the most tumultuous times of the pandemic. The city saw a slight rise in employment in the post-pandemic period, with tech and finance continuing to expand their presence. While the real-estate sector took a hit, the city continues to remain an attractive place for investors who are looking to capitalize on potential opportunities.
These three cities, each in their own way, have been able to withstand the economic shocks of the pandemic and even experience some growth since its peak. This could be seen as a sign of their resilience as global financial powerhouses and a reminder of the importance of re-investment and innovation for the future.
