In business terms, emerging markets are countries or nations with communal or business interests in the course of swift growth as well as industrialization. Presently, it is thought that there are approximately 28 emerging economies in the world. Economies in Brazil, China and India are regarded as the largest in the world today. According to leading economists in the world, the term has kind of outlived its usefulness. However, a new term is yet to be coined.
To give you a better impression of these economies, the article discusses into detail the top ten emerging economies in the world today.
Since the liberalization of China in 1978, the economy has managed to grow in leaps and bound and is currently the fastest and largest economy in the world. Currently, China has the second highest nominal GDP in the world which stands at 34.o6 trillion Yuan or $4.99 trillion. However, the per capita income in China stands at a mere $3,700 and places China approximately at number 100 in the world. The primary industry injects 10.6% into China’s economy, secondary industry contributes 46.8% and tertiary industry injects 42.6% in the economy. China would be second largest economy in the world today after the United States if PPP was accounted for as part of the economic growth.
A report by the Global Wealth Report estimates that by the year 2015, China will have overtaken Japan as the second largest economy in the world.
The International Monetary Fund (IMF) estimated that India’s ostensible GDP stood at approximately US$1.3 trillion. This has enabled India to be classified as the 11th biggest economy in the world today. This actually matches India per capita income which stands at US$1,000. When PPP – Power Purchasing Parity is considered, then India’s economy will be rated as the 4th largest in the globe. India boasts of having the second highest labor force in the world that stands at 467 million individuals. The agricultural sector managed to account for 28% of India’s GDP. On the other hand, the service and industrial segments of the economy injected approximately 54% and 18% correspondingly. The major cash crop products include rice, cotton, tea, potatoes, oilseed, sugar cane and wheat. The main industries in India include petroleum, software, and textile, cement, steel and mining.
Russia’s economy stands at number 12 in the world if graded by the nominal GDP and the 7th biggest economy globally if ranked using Power Purchasing Parity – PPP. Russia is regarded as a market economy as it is endowed with vast natural mineral resources such as oil and natural gas. Russia’s economic growth has been mainly boosted by political stability and increased local consumption. By the end of 2008 Russia’s economic growth stood at 7% per annul. The growth is attributed by non-trade services as well as increased domestic consumption. Oil and natural gas were mainly exported. The average salary in Russia presently is close to $1000 per month. This is a significant increase given that the average salary once was below $500.
Brazil’s economy is currently the 8th largest in the world if gauged with GDP and the 9th biggest when measured with Purchasing Power Parity. The economy is mainly being driven by the relatively free market as well as inward-oriented economy. In Latin America, Brazil has the largest economy. With an annual GDP growth rate of approximately 5%, Brazil is one of the fastest growing nations in the globe.
Turkey’s economy stands at 17th position globally when measured by nominal GDP 15th largest economy when gauged using power purchasing parity. Turkey is a member of the G-20 major economies. The reforms that were initiated by the then Prime Minister in 1983 are what have greatly contributed to Turkey’s economy. The economic growth in Turkey has been mainly boosted by its close ties with other emerging nations thus providing it with a thriving market to sell its products.
Mexico’s economy is the 11th highest in the world today. After the 90s, Mexico’s economy was propelled by the quick development in economy, technology as well as communal. Presently, it is not only an emerging economy in the world but also one of the largest. Its GDP stands as 7.6% per annul. Mexico’s economy comprises of industrial and service sectors. There has also been an increase in private ownership.
Because of the rapid economic growth in Indonesia, Japan was able to upgrade Indonesia’s outlay score from BB+ to BBB. Indonesia’s economy is mainly propelled by the government and is presently the biggest economy in the Southeast Asia and is a sitting member of the G-20 major economies. Indonesia’s GDP stands at US$539.7 billion. The economy is mainly being driven by the service sector which makes up for 45.3%. The industry and agricultural sector contributes approximately 40.7% and 13% respectively. Surprisingly enough, the agricultural sector accounts for more employment than any other sector, i.e. 44.3%
Unlike other economies in the world, Poland economy is a high revenue economy and is graded as the 6th biggest in the EU. In Central Europe, Poland has one of the fastest growing economies. The annual growth rate is roughly 6%. Of all the EU nations, Poland is the only one that did not record a drop in its GDP.
9. United Arab Emirates
United Arab Emirates also referred to as UAE is a fast changing nations with a high developing economy. This has been derived from the numerous socioeconomic indicators, for example, GDP per capita, HDI and energy consumption per capita.
Thailand’s is also regarded as an emerging economy that depends heavily on exports. Exports to other nations accounts for over 2/3 of the country’s GDP.