Financial experts often talk about emerging markets as regions where financial innovation can make a big impact. The countries listed below are hovering on the brink of having an emerging market and a developed nation, and are worth keeping an eye on moving forward.
#6 Bangladesh
One would not necessarily expect Bangladesh to drive economic growth, but nothing could be further from the truth. Agriculture is the country’s primary sector and is heavily export-oriented. Moreover, the country also exports garments and other products, which account for over 25% of its GDP. If this trend continues, Bangladesh will certainly become one of the top global manufacturing hubs in the coming years.
#5 Ethiopia
Albeit Ethiopia is also home to some of the most expensive broadband internet in the world, things are evolving in the right direction. Similarly to Bangladesh, the majority of the industry focuses on agriculture, but Ethiopia also exports coffee, vegetables, and more importantly, gold. During these times of financial turmoil, the demand for gold and precious metals is surging once again. However, experts predict the country’s construction industry will push Ethiopia to the level of a “developed region” in the coming years.
#4 Kenya
Hardly anyone will be surprised to see Kenya on the list of top emerging markets. Various efforts are underway in the country that focus on mobile and digital payments, all of which have seen some success so far. In fact, Bitcoin is gaining a lot of traction in the African country. Combining this fact with the potential for renewable energy investments in the region make Kenya a country to keep a very close eye on in the coming few years.
#3 Myanmar
If there is one region no one would associate with financial growth, it has to be Myanmar. Not because of the lack of potential, but rather because there is hardly any news coming out of the region. Contrary to popular belief Myanmar has seen an influx of investments, thanks to their political reform. Strong growth is expected by analysts, and their natural gas and wood product export will play a big role in the process.
#2 Vietnam
A lot of our clothes, electronics, and footwear come from Vietnam. Very few people realize the crucial role this country plays in our global economy. Foreign investors see the potential of the Vietnamese manufacturing and construction sectors, thanks to lower labor costs. Moreover, the country has an unemployment rate of just 3%, making it one of the top emerging markets in 2017.
#1 The Philippines
Automotive and construction industries are currently the lifeblood of The Philippines. Private consumption is very strong and still has plenty of room for growth. Moreover, it is expected the demand for passenger and commercial vehicles, both of which are produced in the country, will continue to increase exponentially. However, the biggest change driving the financial growth is the anti-corruption reform, which makes the country more appealing to [foreign] investors.
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