Sydney is Australia’s business and financial capital. It has been recognised as Australia’s only global city with leading knowledge-based economy in the country. Sydney has lots of economic advantages that include strong clusters of high-value industries and closely- linked sectors, international connections and a highly skilled pool of workers attracted to Sydney’s unique lifestyle.
Sydney’s advanced market economy comprises of finance, manufacturing, trading, distribution and tourism. It has a concentration of foreign banks and multinational corporations and the city is promoted as one of the Asia Pacific’s leading financial hub. NSW State has Australia’s largest economy which is valued at $487.6 billion in 2013-14 which equates to 30.8% of Australia’s GDP.
The Global Economic Power Index ranks Sydney number eleven in the world. The Global Cities Index recognises it as number fourteen in the world based on global engagement. The city has been ranked eleventh in the world for economic opportunity.
Sydney is world’s 7th most liveable city. This rating is based on living standard factors including crime, health, recreation, housing, climate, infrastructure, transport, political stability and public services. It surrounds the world’s largest natural harbour and sprawls towards the Blue Mountain to the west.
Sydney is expected to have 7.5 million people by 2050 and it needs 1.3 million more dwellings by 2050.
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