5 Of The World's Fastest Growing Markets
With an increasing GDP rate, India is expected to continue its rapid economic expansion, making it an exciting place for businesses looking to expand globally.
FollowThroughout the world, certain markets are growing at faster rates than others. This means that there are more opportunities for you to break into new international markets and profit from your goods and services. In this article, we’ll explore the 5 fastest growing markets in the world today – if you plan to start or grow your business internationally, keep reading.
5 of the world’s fastest growing markets
1) India
India is the fastest-growing market in the world thanks to its large middle class and massive domestic consumption. With an increasing GDP rate, India is expected to continue its rapid economic expansion, making it an exciting place for businesses looking to expand globally. Although China is predicted to pass India as the world’s fastest growing economy, businesses seeking to profit off global expansion shouldn’t ignore India. The country’s large consumer class spends more money than ever before, buoyed by higher incomes, job creation and investment growth. Businesses can tap into India’s economy by looking into sourcing business opportunities or outsourcing services.
2) Vietnam
As a growing market, Vietnam is an excellent place to invest in if you’re looking for a solid return on your money. A 2016 report from Forbes ranked it as one of the world’s fastest-growing economies, with GDP growth rates rising from 3% in 2014 to 5.7% in 2015. Many organisations are actively investing in Vietnam because they see strong potential for continued growth. This includes many U.S.-based organisations across different industries. The Vietnamese government has also indicated that it plans to loosen foreign ownership restrictions, which could encourage foreign businesses to put more money into their economy.
3) Pakistan
The World Bank forecasts Pakistan to grow expansively in the next few years, making it one of South Asia’s fastest growing economies. The country’s economy is expanding primarily due to improvements in its agricultural sector. Several construction projects are also boosting job growth and consumer spending, with car sales increasing by 15% year-over-year.Â
4) Nigeria
Nigeria is Africa’s largest economy and with a population exceeding 170 million, it will soon eclipse India as the world’s most populous nation. Nigeria is projected to add over 90 million people in a 25-year period—more than twice as much as India. Of course, these numbers are somewhat misleading because they only tell part of an important story: Nigeria has severe income inequality. The top 10% control about 70% of income and over one third of Nigerians live below $1 per day. However, Nigeria has experienced rapid economic growth in recent years due to strong GDP growth driven by rising oil prices and an expanding services sector that accounts for roughly two-thirds of GDP.
5) Ethiopia
At 8.1%, Ethiopia is projected to be one of Africa’s fastest growing economies over the next decade. The growth will continue to be led by services as manufacturing, agriculture and construction lag behind. Additionally, Ethiopia is becoming a major player in African manufacturing; with much lower wages than many other markets on the continent, companies have been flocking to Ethiopian factories for years. Ethiopia’s economy is on a roll. The country has good prospects because it can capitalise on regional demand that will arise from neighbouring countries’ economic growth, particularly energy-rich Sudan and Kenya as well as Somalia which recently elected a new government. Ethiopia also benefits from domestic demand, especially given its strategic location at a crossroads between north and south.
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