PERSPECTIVE
November 19, 2011
ECONOMY NEWS - Antoine W Van Agtmael of the International Finance Corporation of World Bank coined the word 'emerging market economy' in 1981 for the first time and defined it as such economy that has low to middle per capita income. About eighty percent of countries across world constitute the status representing twenty percent of the global economy.
Over the years it has been seen such countries are most sought after by investors. Below are list of top 5 emerging economies of the world:
China
In year 1978 the economic liberalization started. Since then the investment- and export-led economy of China grown 90 times bigger. Today, it's economy is also counted as the fastest growing major economy. The growth was 10.3% last year and according to International Monetary Fund in 2011 the growth is declining a bit to 9.5%. China's currency Yuan is appreciating on average 5.5% annually. It is now 6.5 yuan to US dollar.
India
By 2012 India's economy may surpass that of Japan, says a report by consultant PwC. The reason behind this is the devastating earthquakes and tsunami in Japan this year in March. Another report by senior economist in Crisil rating agency comments this should happen in 2011 itself and India to become third-largest economy in the world in terms of purchasing power parity (PPP). Japan's economy was $4.31 in 2010 where as that of India was $4.06 trillion.
As per 2010 figures, India's per capita GDP (PPP) was $3,586 and is the 9th largest economy in the world.
Russia
The Russian economy growth was is expected to 4.8% in 2011. According to International Monetary Fund, the inflation rate has reached to 8% in the country.
After the collapse of Soviet Union, Russia has undergone significant changes. Earlier it was centrally planned economy and now it is more to market-based.
The country is the 11th largest economy in the world by nominal value with abundance of natural gas, coal, oil and precious metals.
Brazil
In 2011 Brazil is suppose to become the sixth largest economy in the world. The recent global financial crisis is affecting its main economic powers, said International Monetary Fund.
Brazil is moderately a free market country with inward-oriented economy. Its average annual GDP growth rate is over 5%. In Latin America its economy is the largest.
Turkey
The economy of Turkey is mostly driven by the industry and service sectors. Privatization program in the country has reduced the involvement of state in basic industry, transport, banking and communication. Its has 17th largest nominal GDP in the world and 15th largest GDP-PPP.
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| Shenzhen - China Economy Test City |
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| Moscow (Russia) |
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| Metro Train - New Delhi (India) |
