These 10 emerging markets will dominate the global economy in the next decade
Callum BurroughsFeb 21, 2019, 01.58 PM
Indian Prime Minister Narendra Modi, left, talks with Chinese President Xi Jinping at the signing ceremony by foreign ministers during the BRICS summit in Goa, India, Sunday, Oct. 16, 2016.AP Photo/Manish Swarup
Most of the top 10 fastest growing emerging market economies are in Asia, in line with expectations that the region is the future of the global economy.
India claimed top spot in the rankings compiled by Oxford Economics.
The rankings take into account factors beyond just GDP figures and also look at funding availability and workforce growth.
Rankings of the biggest growth stars in emerging markets sees India take top spot in the next decade, according to Oxford Economics.
Figures compiled by the research firm indicate that Asian economies will be the most successful emerging markets by 2028 with only one South American country and no African countries in thhe top 10.
Oxford Economics cites the need for emerging markets to undergo rapid capital accumulation through domestic financing to succeed alongside strong GDP and robust total factor productivity (TFP) growth.
A sizeable export sector is seen as a key factor in avoiding the middle-income trap - wherein countries get stuck at one size for long periods of time - with the main way of aiding this coming from investment in innovation.
According to Oxford Economics, capital deepening stems from investment, the bulk of which has to be financed by domestic saving.
Here are the 10 fastest growing emerging market economies: