written by Matt Prutting
To date, businesses have tended to focus on the larger global economies such as the BRICs, (Brazil, Russia, India and China), as opportunities for growth via an expanding middle class. But the pace of growth in BRIC has inevitably slowed as with other developed economies. However, countries such as Egypt, Columbia, South Africa, Vietnam, Turkey, and Indonesia show strong promise for businesses looking to expand to emerging markets.
These countries feature steadily rising economies characterized by increasing middle class populations. This is exactly the type of dynamic population base that points to a spike in domestic consumption and the potential to expand business opportunities. An excellent article from Business without Borders highlights some of the economic and cultural factors that prove to be advantages and risks for these six countries.
One thing that is certain is that businesses hoping to expand their global reach will have to familiarize themselves with emerging markets. As businesses steadily prepare to capitalize on a massive expansion of the consumer class, there is a plethora of new information and intelligence that needs to be gathered and deciphered to fit specific business models. A focus on countries with a growing middle class allows us to familiarize ourselves with areas that may increase consumption and pinpoint the opportunities for increased market share.