The surging growth of many emerging markets is changing the structure of the global economy. The trend is accelerating such that the term ‘emerging’ will increasingly cease to apply to many countries and a shift in categorization will be required.
A powerful combination of macro trends is driving the long term rise of EMs. These include the emergence of a vast new middle class, mainly in Asia, of around 4 billion people by 2030; rapid urbanization; the gradual move by many EMs from export-led to consumption-led growth; and an emphasis on the production of higher value-added products.
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