Economists today have their eyes on India and China. These two countries are set to become economic superpowers in another decade or so.
Such is the case with around 45 other countries that are now in the phase between the tags ‘developing’ and ‘developed’ nations. While the United Arab Emirates, Chile and Malaysia are not far behind other developed countries with the label ‘rapidly developing economies’; Brazil, India, China, Russia are called the BRIC countries, and along with Mexico and South Korea, these countries are making leaps and bounds towards commercialization and technological advancement.
In the 2008 Emerging Economy Report, the Center for Knowledge Societies, India; defines Emerging Economies as those “regions of the world that are experiencing rapid informationalization under conditions of limited or partial industrialization.”