According to latest report, Pakistan is set to be among the top 10 emerging markets in the future. Business Monitor International (BMI) Research – a financial market analysis firm has recently named 10 emerging markets from Asia and Africa.
The countries include Bangladesh, Ethiopia, Egypt, Kenya, Indonesia, Myanmar, Nigeria, Pakistan, Philippines, and Vietnam. These countries are tipped to become emerging drivers of economic growth over the next 10 years.
BMI also estimates that these 10 countries will cumulatively add $4.3 trillion to global GDP by 2025. The amount is roughly equivalent to Japan’s current economy. All these countries are also expected create plenty of employment opportunities.
In the beginning of BMI’s forecast period the textile and automotive sector presented a faster growth. The domestic manufacturing investment is expected to be boosted considering the lower energy prices and an improved domestic energy supply.
Construction and manufacturing are going to be key drivers
Pakistan is also expected to be developed as a manufacturing hub in the next ten years. Moreover, the economies of the aforementioned countries will get a massive boost after constructions and manufacturing will play its part. According to the report, three countries Bangladesh, Myanmar and Pakistan will see a rapid growth in the manufacturing industry.
10 emerging markets of the future
Pakistan
Primary sector: Agribusiness, oil
Key exports: Textiles, rice
2015 GDP growth: 4.2%
Unemployment rate: 6.5%
Exchange rate: 101.45 Pakistani rupees per dollar
“Pakistan will develop as a manufacturing hub over the coming years, with the textile and automotive sectors posting the fastest growth at the beginning of our forecast period. Domestic manufacturing investment will be boosted by the windfall from lower energy prices compared to the last decade, and improved domestic energy supply”
Bangladesh
Primary sector: Agribusiness
Key exports: Garments, agricultural products
2015 GDP growth: 6.4%
Unemployment rate: 4.9%
Exchange rate: 77.42 Bangladeshi taka per US dollar
Egypt
Primary sector: Natural gas
Key exports: Oil, fruits and vegetables, cotton
2015 GDP growth: 4.2%
Unemployment rate: 12.8%
Exchange rate: 7.72 Egyptian pounds per dollar
Ethiopia
Primary sector: Agribusiness
Key exports: Coffee, oilseeds, vegetables, gold
2015 GDP growth: 10.2%
Unemployment rate: 16.8%
Exchange rate: 21.55 Ethiopian birr per dollar
Indonesia
Primary sector: Agribusiness
Key exports: Mineral fuels, machinery parts
2015 GDP growth: 4.8%
Unemployment rate: 5.5%
Exchange rate: 13,577.6 Indonesian rupiah per dollar
Kenya
Primary sector: N/A
Key exports: Tea, horticultural products, coffee
2015 GDP growth: 5.6%
Unemployment rate: 40%
Exchange rate: 99.73 Kenyan shillings per dollar
Myanmar
Primary sector: Mining
Key exports: Natural gas, wood products
2015 GDP growth: 7%
Unemployment rate: 5%
Exchange rate: 1,171.8 Burmese kyat per dollar
Nigeria
Primary sector: N/A
Key exports: Oil, cocoa
2015 GDP growth: 2.7%
Unemployment rate: 23.9%
Exchange rate: 196.9 Nigerian naira per dollar
Philippines
Primary sector: N/A
Key exports: Semiconductors and electronic products, transport equipment
2015 GDP growth: 5.8%
Unemployment rate: 6.3%
Exchange rate: 45.503 Philippine pesos per dollar
Vietnam
Primary sector: Agribusiness, oil refining
Key exports: Clothes, shoes, electronics
2015 GDP growth: 6.7%
Unemployment rate: 3%
Exchange rate: 21,928 Vietnamese dong per dollar
Source: World Economic Forum