As an American entrepreneur it’s really easy to develop tunnel vision and ignore economies around the globe. This insular thinking can potentially place a bottle neck on your growth, especially since the fastest growing economies are far from the U.S. border. But thankfully if you’re developing products on the web, it is now easier than ever to take advantage of the fastest growing economies.
A Goldman Sach’s economist, Jim O’Neil, coined the term BRIC in a 2001 research paper, claiming that the combined economies of Brazil, Russia, India, and China will eclipse the G7 economies by 2027.
In a more recent 2005 report by O’Neil and Goldman Sach’s, they noted a new group of countries, Next 11, that have high-potential for becoming world economic powers in the 21st century:
Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, Philippines, Turkey, S. Korea, and Vietnam.
There are three main reasons to look at these countries for growth:
People – Young and expanding populations. They will raise the level of wealth (rise of the middle class) and drive demand for discretionary spending.
Potential – The BRIC countries will eclipse the G7 growth within 15 years and the N-11 may rival the G7 by 2050.
Possibility – The BRIC and N-11 countries will likely outperform the traditionally strong economies of the 20th century.
If you’re thinking about ways to expand growth then I would recommend you focus on the untapped markets that include BRIC and Next 11 countries. Learn more: