FUTURE OF THE EMERGING MARKETS

Emerging markets consist of countries that are experiencing state of transition and transformation of their economies; undergoing rapid economic growth, experiencing tighter integration of their localised closed economies into global economies, the greater market of the industrialised economies products and the influx of high levels of foreign investments. Example of such countries are BRICS (Brazil, Russia, India, China and Southern Africa)(Veldman,2013),Other countries found among  emerging markets  are those found in Central and Easter Europe (Farndale, et al 2010).

Some features of Emerging markets

critical features of the emerging markets are transformation of foundational norms, values, beliefs from which these countries were built up to formulate their identity and ideologies on worldviews. Transformation has occurred due to globalization forces which  has forced  the economic integration; other critical features of the emerging markets include unstable power relationships, lag development of infrastructure, sophisticated technology in a sea of low/outdated technology, presence of many Multinational Companies(MNCs), Unemployment and widening gap between the haves  and have-nots. These are some of the features of the emerging markets.

The implication of these critical features is the adoption for fit for purpose technology and need to attract and retain top local talents that are abroad so that the MNCs can be competitive as they work in emerging markets (Veldsman, 2013).

Future of Emerging Countries

emerging markets have the bright future as 50% of the world population currently lives in emerging economies. Additionally, statistics say that 6 of the world’s fastest growing countries have been from Africa. In 8 of the past 10 years, Africa has grown faster than East Asia including Japan. Moreover, for the first time the World economy has  been fuelled by the developing world and not the developed world whereby the BRICS were asked to intervene the European Union to overcome financial woes after the world recession of 2008/2009.It is predicted that emerging economies will dominate the world in 2030.