An emerging market is defined as "a country that exhibits some characteristics of a developed market but does not meet the criteria to be classified as one, including nations that may become developed markets in the future or have been in the past."
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In terms of BRIC countries, Brazil (a significant growth driver in Latin America and the largest economy in the Southern Hemisphere), Russia (a giant with a highly educated workforce - second only to Canada in terms of the percentage of the population with post-secondary education, according to OECD statistics), India (a key emerging market that has surpassed China in terms of economic growth), and China (a key emerging market that has surpassed India in terms of economic growth), and China (a key emerging Indeed, these countries have provided some of the most extraordinary long-term gains.
Whether you're an entrepreneur, a corporation, or an investor, you may want to consider include these markets in your portfolio to maximize long-term gains and diversify risks, even though the golden decade has passed.
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What are the advantages of doing business in emerging markets?
China is about to overtake the United States in purchasing power, Brazil is rich in natural resources, and India's GDP growth rivals that of most developed economies. Here are a few of the most compelling reasons to consider the BRICs (and a few other nations) as a second home for your company.
1. High Growth Opportunities
Emerging markets are expected to grow 2-3 times faster than most industrialized countries, according to the IMF. This comes as no surprise to huge international corporations. The largest European corporations have regularly sourced between 60 percent and 90 percent of their overall growth from emerging countries in recent years.
Over the last 15 years, emerging-market long-term investments have regularly outperformed their western equivalents. Naturally, this trend is slowly but steadily spreading to countries outside of the established BRIC circle.
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2. Access of Talented and Skilled People
India's median age is 27. It is 23 in the Philippines. Unlike most Western countries, the developing world's workforce is getting younger by the minute. Because of the drop in commercial activity, elite talent in emerging markets is not only inexpensive but also plentiful. You'll typically get to handpick the best and brightest if you can give a nice working environment and enough room for your staff to flourish. Recruiting young local talent is often critical to a business's success. They are not only highly qualified, but they are also quite helpful in helping you grasp the local culture, rules, and a range of business practices.
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3. Good Consumer Base
Consumers in large emerging markets like Brazil, India, Poland, and China have been harmed for years by closed economies and a limited selection of shoddy goods produced by inefficient domestic manufacturers. These consumers are now hungry for high-quality items and willing to spend as a result of economic liberalization, freer trade, and better earnings. Nonetheless, even at unexpectedly low-income levels, families in emerging nations become active consumers.
Bottom Line
Emerging markets are generally recognized as a distinct environment that necessitates a methodical approach to the development of fresh business models and strategies. Going worldwide is one thing, but focusing on emerging markets is quite another.
There is a pressing need to design business strategies for emerging markets that are distinct from those employed in their native nation. The most successful businesses adapt their strategy implementation to the country's institutional structure. The best strategy to deal with unanticipated market events appears to be to adapt their plans regularly.
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