Which countries have made it to the list of the up-and-coming economy? How does the United Arab Emirates stand out in this context from the rest of the world?
The world is subjected to rapid expansion and the growth rate is meant to increase in the coming years. While political stability and good governance are some of the factors that are responsible for an upsurge in the economy, the emergence of blockchain technology has brought with it new levels of enthusiasm.
The United Arab Emirates is recognized as a forerunner in developing economies with India, Thailand, and Qatar also securing a place in the list. The CEO world magazine 2020 report outlines about 8 countries with developing economies that are poised to grow at a double rate in the future.
- United Arab Emirates
The United Arab Emirates has come a long way from being a fishing village to acting as an entrepot to the gulf region. Blessed with futuristic roadwork, skyscrapers, modern airports, and world-class facilities, the nation has changed the rules of growth and development. With good governance and scope of economic reform, the oil-rich surroundings have made UAE one of the wealthiest nations across the world on the cusp of economical success.
Brazil has emerged as a powerful economic force to reckon with in recent times. Long known for its natural wonders like the Amazon rainforest and colorful culture, the nation is fueled by healthy economic growth. Also, considered as the fifth-largest country in the world by population, Brazil’s economic dynamism has led the country to foray into the world stage. A rapidly growing service sector in the city of Sao Paulo has made the country one of the leading giants of the developing economy.
One of the fastest-growing economies in the world India has secured the third rank on our list. The reason for the accelerated growth in the nation relies on the back of private consumption. The country is also part of the BRIC and is regarded as the emerging national economy. With modern infrastructure, growth of private capital, along with a service sector that contributes 60 percent to the overall GDP, India is a major force to reckon with in the economical prowess.
Qatar is often regarded as the richest country in the world due to the high per capita income. One of the major reasons that contribute to the growing economy of Qatar is petroleum and liquified natural gas industries. The national economy of the country has strengthened due to the rapidly improving financial structure and continuous social development. The nation also to strike a balance between economic growth and natural habitat by fostering investments in the environmental sector.
Another name that pops into the mind when speaking of growing economies is China. The communist nation exerts a more planned market-based economy. The unleashed growth of China expanded at 10% of gross domestic product and helped more than 800 million people to lift themselves out of poverty. With a colossal economy and upsurge in growth rate, China remains one of the top nations on the world stage.
Thailand is another country that has made it to the list of the up-and-coming economy. The Thai government has recently launched the national e-payment system along with upgrading the strong manufacturing and biotechnology base. Another sector that contributes majorly to Thailand’s economy is Tourism. The unprecedented growth in tourism and exports of manufacturing goods has helped in fostering the economy further.
The economic growth of Egypt has been steady in recent years making it one of the developing nations in the world. With an expansion in tourism, construction, ICT, gas, and manufacturing, the nation’s growth is expected to reach more than 6 percent in the coming years that will help in easing down financial pressures.
Talking about growing economies and not mention Japan? The nation has a high overall score with respect to up-and-coming economy due to the various sectors present. With entrepreneurship taking a lead in the country, Japan has set high standards for political and economic stability.