An emerging country is one whose economy is not yet fully developed yet either was in the recent past or very likely will be in the near future. Emerging countries are also known as emerging economies because the emphasis is on their economic development. There are some emerging countries that you have probably heard of and some that may be less familiar. Nevertheless, pay attention to these countries – you probably buy food that was grown there or wear clothes that were made there. You will probably hear more about these countries soon.
There are several different indices by which a country is measured as being emerging. The most recognized of these indices is the International Monetary Fund, which monitors economic development around the world and provides monetary assistance to developing countries.
Some of the most rapidly emerging countries include Brazil, Turkey, Russia, India, and China. Other emerging countries include the oil-rich countries of Bahrain, Saudi Arabia, Iran, Kuwait, the United Arab Emirates, Qatar, Oman, and Iraq. Many of these countries are immensely wealthy because of their oil exports, yet that wealth does not come from a well-developed private sector and job growth. Because these countries depend almost exclusively on a single resource – oil – for their growth, a collapse in oil prices could set their economics back decades.
Other emerging countries are found in Eastern Europe, in the former Soviet Union – Latvia, Romania, Bulgaria, the Czech Republic, Hungary, Slovenia, and Slovakia. Because of their experiences under communism, they are less developed than countries in Western Europe and are still developing their economies to catch up. However, the European Union aims to increase equity across European countries, particularly those that were part of the Soviet Union, to help improve the economic outlook and quality of life for the past Soviet countries. Kazakhstan is a former Soviet country that is located in Central Asia rather than Europe, and it is also an emerging country.
There are many emerging countries in other parts of the world, including Africa (countries such as Algeria, Tunisia, Morocco, and South Africa), South Asia (Indonesia, Sri Lanka, Bangladesh), South America (Argentina, Chile, Colombia), and the South Pacific.
Many emerging countries have poor records of human rights, and critics claim that their governments are placing economic growth ahead of the well-being of its citizens. The governments of several emerging countries are known to engage in systemic human rights violations.
There are emerging countries all across the globe, but the countries that are emerging the fastest are Brazil, Turkey, Russia, India, and China.