The world’s most advanced countries have seen global trade become stagnant because of policy changes and controlled investments. The upside of this upset is that developing countries have had a chance to begin to equalize themselves with more economic powerhouses.
These developing countries have been major contributors to global output. They are the countries that business owners should be thinking about when deciding to expand their reach to international territories. Read on to find out more about these emerging economies and the opportunities they can offer your business.
Expected Growth of Global Economic Markets
There are multiple countries throughout Asia that can maximize the growth output of your business. The OECD has sited Asia as the fastest economically growing region in the world. Growth throughout Asia in countries like Vietnam and China are expected to grow around 6.0% meanwhile the United States and Euro countries are only expected for grow by 2-3% and those numbers are expected to drop in the coming years as the countries in Asia continue to grow.
Where This Growth is Expected to Occur
The following is a list of economic growth anticipated by the fastest growing global markets for 2018.
China
China is projected to grow to 6.4% in 2019 in comparison to 6.6% in 2018 and 6.8% in 2017. The economy is steadying itself to a more reliable growth pattern rather than the extreme economic growth we have seen from China in the past decade. China’s president Xi Jinping has been working towards creating a more balanced pattern for the economy.
India
The growth rate in India is even higher than China’s and is expected to shoot up from 7.0% growth to 7.4% in 2019. This incredible growth rate is thanks to a rise in productivity. The growth potential of the market is currently accelerating and India is quickly becoming a huge economic presence in Asia.
Vietnam
Vietnam is hovering around the same growth rates as China with 6.5%. The government has been working tirelessly for Vietnam to become more attractive for world markets, and this strategy is proving to be lucrative. Huge tech giants such as Samsung have brought huge investments to the country.
Cambodia
Cambodia’s tourism sector took a plunge in the past but is now recovering and that recovery has helped to boost the economic growth in Cambodia to nearly 7%.
Deciding to invest in Cambodia is up to the personal choice of the business, however. Government corruption is still rampant in the country and transparency is not at its highest.
Bhutan
Though it has a very small population, the Kingdom of Bhutan is growing fast and strong. It is a landlocked and centrally located country between China and India. Its location makes Bhutan very important, and its economy is driven by tourism, agriculture, hydropower, and forestry. According to the World Bank, Bhutan is expected to grow at 11.1% over the next few years. The Kingdom of Bhutan uses a Gross National Happiness average over a Gross Domestic Product average to gauge the nation’s prosperity. Before you jump into investing in Bhutan take into consideration that its financial markets are not yet developed and the stock exchange is tiny.
South Korea
South Korea is not growing as fast as other countries around Asia, but it is still growing at around 3.0%, higher than most of Europe and the United States. South Korea may be seeing this boost because of its global trade deals and powerful friends.
New Zealand
Although not part of Asia, New Zealand is also in the running to become a top economic powerhouse globally. Its GDP growth is expected to stay at around 3.0% for 2019. This sovereign island country has built its GDP through agriculture, dairy farming, tourism, and a burgeoning wine industry.
Markets to Watch for Your Business’s Growth
This growth all around the world means that your brand has the possibility of expanding outside of your circle. When you understand where the money is going rather than where it is, you can give your brand a strong competitive edge. Asia and New Zealand are great potential marketplaces where your business can find new customers and can evolve prosperously over time.