By 2025, almost half of the world’s biggest companies will probably be based in emerging markets, profoundly altering global competitive dynamics projects this new report by McKinsey Global Institute. It focuses on understanding the global landscape for large companies—and how it will be reshaped by the rise of thousands of new corporate giants based in the emerging world.

Rapidly growing cities in the developing world face a complex and challenging task to keep pace with their expanding populations; investment, planning and meeting the labour aspirations of their new inhabitants, says this report from the McKinsey Global Institute.