Conclusion: What Can Emerging Markets Do to Favor the Future?

Ali Zafar ()

Chapter Chapter 7 in Emerging Markets in a World of Chaos, 2023, pp 187-192 from Springer

Abstract: Abstract The path forward among emerging markets is long, and many challenges await. In 2023, the population of the 10 emerging market economies (EM10) was several times higher than Western populations. By 2050, 8 out of the 10 largest economies are projected to be emerging markets and the middle classes will be mostly concentrated in these countries. There is a changing world order and an evolving global monetary and financial system, with a changing role of the dollar, and there is uncertainty regarding geopolitics and climate. The EM10 will be major drivers of global growth and consumption. China will continue to rise despite challenges, while India will continue to be a strong economy, though it will not be the next China. Indonesia is promising. The growth and development prospects for Saudi Arabia, Brazil, Turkey, and Mexico are positive with some obstacles. Russia may remain somewhat resilient but decline as sanctions continue. South Africa and Argentina can continue to face governance and macro pressures but have the potential for change. Success will be contingent on reforms and the right policy mix to avoid the middle-income trap. Emerging markets should also contribute to global public goods and to multilateralism more generally even though they are not a homogenous bloc with a mix of converging and diverging interests. There is a case for a more optimistic reading of the future than many pessimistic scenarios. Humanity has overcome challenges in the past and can do so in the future.

Keywords: Global growth; BRICS; Debt; Climate change (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1007/978-3-031-29949-0_7

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