As the global economy continues to shift and diversify, emerging markets are becoming powerhouses of innovation, labor, and opportunity. From demographic advantages to technology booms, several countries are poised to reshape the global economic landscape in the coming decade.
For CEOs, investors, and strategists looking to stay ahead, here are the top 10 emerging markets you need to watch from now through 2035.
The Infographic
1. India: The Digital Giant in the Making
India is on track to become the world’s third-largest economy by 2030. The country boasts a rapidly growing middle class, a massive young workforce, and a thriving tech ecosystem. With government-backed initiatives like “Make in India” and digital infrastructure investments, India is becoming a magnet for global businesses in sectors such as IT, manufacturing, e-commerce, and pharmaceuticals.
Key Drivers:
Expanding digital infrastructure
Booming startup ecosystem
Strong domestic consumption
2. Vietnam: Asia’s Manufacturing Powerhouse
Vietnam has emerged as a key manufacturing alternative to China, especially in electronics and textiles. Thanks to robust trade agreements, low labor costs, and political stability, global brands are shifting operations to Vietnam. It’s also investing heavily in digital transformation.
Key Drivers:
Free trade agreements (e.g., CPTPP, EVFTA)
Young and educated workforce
Rising FDI in technology and production
3. Indonesia: Digital Growth Meets Demographic Strength
Indonesia, the largest economy in Southeast Asia, is benefiting from a young population, expanding internet access, and strong domestic demand. E-commerce, fintech, and digital banking are experiencing explosive growth, while infrastructure projects are making logistics more efficient.
Key Drivers:
270+ million population
Rising middle class
National digital economy strategy
4. Nigeria: Africa’s Fintech & Agriculture Frontier
Nigeria, Africa’s most populous country, is becoming a hotbed for fintech innovation and agribusiness development. With increasing foreign investment, improvements in digital payments, and a diversified economy beyond oil, Nigeria is an emerging force in Sub-Saharan Africa.
Key Drivers:
Youthful, tech-savvy population
Expanding fintech startups
Strategic resource reserves
5. Bangladesh: The New Apparel Giant
Once underestimated, Bangladesh has grown into the second-largest garment exporter in the world. Its steady GDP growth, economic liberalization, and digital expansion are drawing attention from global investors.
Key Drivers:
Low-cost skilled labor
Export-driven manufacturing
Expanding digital services sector
6. Mexico: North America’s Nearshoring Star
With supply chains shifting closer to home, Mexico is benefiting from nearshoring and the USMCA agreement. Sectors like automotive, electronics, and aerospace are thriving, thanks to proximity to the U.S. and an increasingly skilled workforce.
Key Drivers:
Strategic trade location
Manufacturing base
Strong U.S. trade ties
7. Philippines: Outsourcing & Remittances Boom
The Philippines remains a top destination for BPO services, and its growing remittance-driven economy is supporting strong consumer demand. Infrastructure investments and digital government initiatives are enhancing long-term growth prospects.
Key Drivers:
English-speaking, skilled workforce
Government infrastructure push
Expanding digital economy
8. Kenya: East Africa’s Innovation Hub
Kenya has made a name for itself through mobile banking innovations like M-Pesa, and continues to attract investment in agriculture, ICT, and clean energy. As a regional logistics hub, Kenya is pivotal in East Africa’s economic growth.
Key Drivers:
Tech innovation ecosystem
Expanding infrastructure (e.g., Lamu Port, SGR)
Political and economic stability
9. Egypt: Strategic Gateway Between Africa & Europe
Egypt’s strategic location near the Suez Canal gives it immense trade leverage. With a young population, government reforms, and expanding industrial zones, Egypt is becoming a manufacturing and logistics hub for the EMEA region.
Key Drivers:
Government-led economic reform
Rebounding tourism and services
Infrastructure and zone development
10. Colombia: A Rising Star in Latin America
Colombia is gaining recognition for its stable macroeconomic policies, business-friendly reforms, and diversified sectors—ranging from agriculture to tech and energy. Peace initiatives and infrastructure investment are driving foreign investor confidence.
Key Drivers:
Strong economic institutions
Growing energy exports
Agricultural and tech innovation
Final Thoughts: Why CEOs Should Care
For global CEOs and business leaders, the next decade will be shaped not only by traditional economic powerhouses but also by agile, tech-savvy, and resource-rich emerging markets. Diversifying supply chains, tapping into new consumer bases, and staying resilient against geopolitical shocks require looking beyond the familiar.
These top 10 emerging markets offer opportunities not just for cost arbitrage—but for innovation, sustainability, and strategic long-term growth.
Sources & References:
World Bank Economic Outlook
McKinsey Global Institute Reports
IMF World Economic Outlook (2024–2025)
UNCTAD Investment Trends
Deloitte Emerging Market Trends
