The 5 Countries Entrepreneurs Should Pay Attention To Due To Their Impending Economic Boom
The countries that make up the acronym, BRICS (Brazil, Russia, India, China and South Africa), have re-shaped the global economic order to the point that by the year 2025, China will have outgrown the US market to become number one.
According to Coface, a French credit firm, these countries are now old news. There's a new acronym to watch: the countries that make up the PPICS (Peru, Philippines, Indonesia, Colombia and Sri Lanka).
Over the past five years or so, despite the economic stress around the world, these economies have established strong economic performances by reforming corporate, banking and macroeconomic sectors to provide production and financial expansion. As a result, there are numerous opportunities in these countries for budding entrepreneurs looking for a competitive edge.
These countries can't really compare to what the BRICS have accomplished, or the status of their population and power when they first became emerging economies. However, the PPICS are growing, and in five years time will have a very high return and scale of investment, which is when entrepreneurs should make a move.
If you study the history of the BRICS and analyze their growth prospects and reform, you will realize and come to know that the increase in business startups is now 40 times faster in BRICS nations than in any other country, according to international accounting and consulting network UHY.
Now, I am not saying rush into investing in the PPICS with the hopes that they, too, will provide startups a faster growth rate. I'm simply pinpointing the immense potential for these countries over the next 10 years.
How and why? It's simple: Government incentives and a desire for economic growth encourages small- and medium-sized businesses and startups to invest in emerging economies now more than ever. This, in turn, drives competition, growth and job creation, lifting the economies up the ladder even further.
The PPICS may not have the same population or resources as the BRICS, but their geographical position, in addition to trade liberalization and progress in market reforms, should make them a great business opportunity in the next five to 10 years.
Therefore, budding entrepreneurs should be looking into all kinds of possibilities and opportunities. As an entrepreneur, you want to look into all options in order to discover the best, most cost-effective and profitable market to work or expand in.
Keeping an eye on these economies can only help, and the best moment to enter a market is when an economy is performing effectively and efficiently. So learn about these countries, keep tabs on their growth and analyze your options.
Photo via We Heart It