11 countries have been recognized as having a high potential of becoming some of the largest economies in the 21st century. The prediction was made by Goldman Sachs investment bank together with Jim O’Neil, an economist who penned a research paper concerning the same. The countries are recognized for having laid the foundation for future economic growth. These eleven countries include also known as N-11 include Egypt, Bangladesh, Pakistan, Philippines, Vietnam, Indonesia, Nigeria, Mexico, Iran, South Korea, and Turkey.
Bangladesh boasts a population of 150,039,000 and it had a Human Development Index (HDI) of 0.570 as of 2015. The GDP in 2014 amounted to $620.3 billion while the GDP per capita was valued at $3,840. Bangladesh is a developing country classified as a lower-middle-income economy. The last few decades has seen Bangladesh cultivate a stable democracy and the rule of law, factors which are conducive to economic growth. Parallel with its growing population has been the emergence of a large consumer market and an increase in productivity due to the availability of labor. For Bangladesh to bridge the gap towards a developed economy, it will have to reduce reliance on primary exports and implement solutions to food shortage and climate change.
Egypt, with a population of 88,200,000, is considered a lower-middle-income economy. The country has a medium human development, and its HDI stood at 0.690 in 2015. Egypt had a GDP of $943.1 billion and a GDP per capita of $11,443 in 2014. The country has experienced a 4% annual growth of its GDP in the last two years. The government has laid down strong fiscal policies including management of the civil service’s wage bill, reduction of subsidies, and an increase in interest rates as a measure against inflation. The economy is however challenged by a growing public debt, unemployment rates, and falling oil prices in the global market.
With a population of 237,641,000, Indonesia is an emerging economy in Asia. The country’s HDI stood at 0.684 in 2015, and it is classified as a lower-middle-income economy. Indonesia recorded a GDP of $2,685.9 billion and a GDP per capita of $9,635 in 2014. The country is a participant of the G-20 as well as the Association of South Asian Nations (ASEAN) and Asia-Pacific Economic Cooperation (APEC). Indonesia has witnessed rapid growth in the past few years by promoting regional trade and facilitating economic freedom.
Iran boasts a population of 78,192,200 and an economy only second to Saudi Arabia in the Middle East and North Africa region. Classified as an upper-middle-income economy, Iran had an HDI of 0.690 in 2015. In 2014, the country’s GDP was valued at $1,334.3 billion with a GDP per capita of $17,114. As a member of OPEC, Iran’s economy is highly dependent on oil revenues. The government has implemented a diversification framework geared to stimulate growth in the private sector as well as other economic areas in the face of volatile oil prices.
Other ‘Next Eleven’ Countries
Classified as upper-middle-income economies as well as their populations are Mexico (123,337,000) and Turkey (73,723,000).The lower-middle-income economies are Philippines (103,387,000), Nigeria (174,507,539), Pakistan (182,490,721), and Vietnam (93,388,000). South Korea, with a population of 50,004,441) is the only country on the list with an advanced economy. These countries, along with the BRIC (Brazil, Russia, India, and China), have been projected to challenged the global economic dominance of the G7 countries.