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Economic development

Cities are the engines of growth for countries and account for around 80% of the Gross Domestic Product (GDP). A vibrant economy is essential to a city or region being globally competitive. Smart cities develop more competitive business environments. The economy of a smart city is driven by technically inspired innovation, creativity and entrepreneurship, provided by smart people. All smart cities aim to increase employment rates, increase the value of property, increase the number of businesses and patents, and decrease the number of people living in poverty. The challenge is how to do this in a way that does not lead to a loss in physical and mental well-being, damage to the environment and includes people from all classes.