Emerging economies on the rise: Where should your business expand overseas?
Before you dive into your company’s international expansion, consider this: for the past seven years, traditionally top-performing global economies have stagnated, while emerging markets have experienced explosive growth. That’s according to this year’s Global Economic Competitiveness Report, recently released by the World Economic Forum. The report provides details on productivity and competitiveness in 142 countries, key insight for any business looking to expand overseas.
Top performers languish while BRICS grow
The top performers list, dominated by Northern and Western European countries, does not provide the full picture of what’s happening in the global economy. Top markets, while still large, have slowed in growth, while those emerging are on the upswing. In fact, three of the five BRICS economies (China, Brazil and South Africa) jumped in the GEC rankings, while the remaining two (India, Russia) experienced small declines. These stats make expanding to Brazil or other emerging nations seem quite appealing.
The top-10 list includes:
- United States
- The Netherlands
- United Kingdom
Any organization looking at international expansion should consider the implications of the GEC report. By looking at a number of factors key to a country’s success, like infrastructure, education and technology, you can easily see not only what the competitive landscape looks like today, but also where it will likely be in the future. Combined with individual profiles of each of the nations examined, this intelligence can help you get a better picture when your business is considering setting up in a new country.
Stay tuned for future posts with more insight from the report. And in the meantime, learn more about how you can get started with international expansion, whether it is to a top-performing economy or one of the BRICS.