3G Countries | |
|---|---|
| Type | Growth potential economies |
| Members | |
3G (Global Growth Generating) countries are 11 countries which have been identified as sources of growth potential and of profitable investment opportunities.
3G Countries | |
|---|---|
| Type | Growth potential economies |
| Members | |
3G (Global Growth Generating) countries are 11 countries which have been identified as sources of growth potential and of profitable investment opportunities.
Prepared in February 2011, a Citigroup report [1] prepared by analysts Willem Buiter (Chief Economist) and Ebrahim Rahbari claimed that BRICS (BRIC plus South Africa) countries have "outlived their usefulness". "We hold the view that categories emerging markets, advanced economies, developing countries, BRICS, Next Eleven or the Growth Markets are all labels belonging to classification schemes that either have outlived their usefulness or are unlikely to ever have any," the two analysts said. So, long run continues growths are important, although some of the eleven countries identified are poor today and have decades of catch-up growth to look forward to. [2]
The grouping based on a weighted average of six growth drivers:
| Country | GDP/capita (2018) [3] | GDP/capita (US$; %) [4] | Growth (Avg. %) | 3G Index |
|---|---|---|---|---|
 Bangladesh | $4,561 | 4 | 6.3 | 0.39 |
 China | $18,066 | 16 | 5.0 | 0.81 |
 Egypt | $13,526 | 13 | 5.0 | 0.37 |
 India | $7,783 | 7 | 7.1 | 0.71 |
 Indonesia | $13,121 | 10 | 5.6 | 0.70 |
 Iraq | $17,429 | 8 | 6.1 | 0.58 |
 Mongolia | $12,989 | 8 | 6.3 | 0.63 |
 Nigeria | $6,059 | 5 | 6.9 | 0.25 |
 Philippines | $8,859 | 8 | 5.5 | 0.60 |
 Sri Lanka | $13,777 | 11 | 5.9 | 0.33 |
 Vietnam | $7,378 | 7 | 6.4 | 0.86 |
Note: China and India highlighted in gold with bold text as also BRIC countries. Bigger index means better conditions. GDP per capita measured at 2018 PPP USD. Average growth is average growth in forecast of real GDP per capita measured at 2018 PPP USD.
The most promising growth prospects countries are Vietnam, Bangladesh, China, Egypt, India, Indonesia, Iraq, Mongolia, Nigeria, Philippines, and Sri Lanka. China and India as BRIC countries are 3G countries, but not for Brazil and Russia. Developing Asia and Africa will be fastest growing regions until 2050, driven by population and income growth, so all 3G countries came from two continents (Asia with nine countries and Africa with two) and none came from the other continents. [5] Vietnam has the highest Global Growth Generators Index among the 11 major economies, and China is second with 0.81, followed by India's 0.71. This holds Vietnam as the world's highest potential source of high growth and profitable investment opportunities. [6]
As of October 2011, based on a report from the HSBC Trade Confidence Index (TCI) and HSBC Trade Forecast there are four countries with significant trade volume growth, i.e. Egypt, India, Vietnam and Indonesia with growth expected at least 7.3 percent per year until 2025. [7]
The economy of Indonesia is a mixed economy with dirigiste characteristics, and it is one of the emerging market economies in the world and the largest in Southeast Asia. As an upper-middle income country and member of the G20, Indonesia is classified as a newly industrialized country. Indonesia nominal GDP reached 20.892 quadrillion rupiah in 2023, it is the 16th largest economy in the world by nominal GDP and the 7th largest in terms of GDP (PPP). Indonesia's internet economy reached US$77 billion in 2022, and is expected to cross the US$130 billion mark by 2025. Indonesia depends on the domestic market and government budget spending and its ownership of state-owned enterprises. The administration of prices of a range of basic goods also plays a significant role in Indonesia's market economy. However, micro, medium and small companies contribute around 61.7% of the economy and significant major private owned companies and foreign companies are also present
The economy of Laos is a lower-middle income developing economy. Being a socialist state, the Lao economic model resembles the Chinese socialist market and/or Vietnamese socialist-oriented market economies by combining high degrees of state ownership with openness to foreign direct investment and private ownership in a predominantly market-based framework.
The economy of Malaysia is an emerging and developing, upper-middle income, highly industrialised, mixed economy. It ranks the 36th largest in the world in terms of nominal GDP, however, when measured by purchasing power parity, its GDP climbs to the 30th largest. Malaysia is forecasted to have a nominal GDP of nearly half a trillion US$ by the end of 2024. The labour productivity of Malaysian workers is the third highest in ASEAN and significantly higher than Indonesia, Vietnam, and the Philippines.
The economy of Pakistan is categorized as a developing economy. It ranks as the 24th-largest based on GDP using purchasing power parity (PPP) and the 46th largest in terms of nominal GDP. With a population of 241.5 million people as of 2023, Pakistan's position at per capita income ranks 161st by GDP (nominal) and 138th by GDP (PPP) according to the International Monetary Fund (IMF).
The economy of the Republic of the Congo is a mixture of subsistence hunting and agriculture, an industrial sector based largely on petroleum extraction and support services. Government spending is characterized by budget problems and overstaffing. Petroleum has supplanted forestry as the mainstay of the economy, providing a major share of government revenues and exports. Nowadays the Republic of the Congo is increasingly converting natural gas to electricity rather than burning it, greatly improving energy prospects.
The Economy of Switzerland is one of the world's most advanced and a highly-developed free market economy. The economy of Switzerland has ranked first in the world since 2015 on the Global Innovation Index and third in the 2020 Global Competitiveness Report. According to United Nations data for 2016, Switzerland is the third richest landlocked country in the world after Liechtenstein and Luxembourg. Together with the latter and Norway, they are the only three countries in the world with a GDP per capita (nominal) above US$90,000 that are neither island nations nor ministates. Among OECD nations, Switzerland holds the 3rd-largest GDP per capita. Switzerland has a highly efficient and strong social security system; social expenditure stood at roughly 24.1% of GDP.
The economy of Vietnam is a developing mixed socialist-oriented market economy. It is the 33rd-largest economy in the world by nominal gross domestic product (GDP) and the 26th-largest economy in the world by purchasing power parity (PPP). It is a lower-middle income country with a low cost of living. Vietnam is a member of the Asia-Pacific Economic Cooperation, the Association of Southeast Asian Nations and the World Trade Organization.
The category of newly industrialized country (NIC), newly industrialized economy (NIE) or middle income country is a socioeconomic classification applied to several countries around the world by political scientists and economists. They represent a subset of developing countries whose economic growth is much higher than that of other developing countries; and where the social consequences of industrialization, such as urbanization, are reorganizing society.
The world economy or global economy is the economy of all humans in the world, referring to the global economic system, which includes all economic activities conducted both within and between nations, including production, consumption, economic management, work in general, financial transactions and trade of goods and services. In some contexts, the two terms are distinct: the "international" or "global economy" is measured separately and distinguished from national economies, while the "world economy" is simply an aggregate of the separate countries' measurements. Beyond the minimum standard concerning value in production, use and exchange, the definitions, representations, models and valuations of the world economy vary widely. It is inseparable from the geography and ecology of planet Earth.
The economy of Asia comprises about 4.7 billion people living in 50 different nations. Asia is the fastest growing economic region, as well as the largest continental economy by both GDP Nominal and PPP in the world. Moreover, Asia is the site of some of the world's longest modern economic booms.
An emerging market is a market that has some characteristics of a developed market, but does not fully meet its standards. This includes markets that may become developed markets in the future or were in the past. The term "frontier market" is used for developing countries with smaller, riskier, or more illiquid capital markets than "emerging". As of 2006, the economies of China and India are considered to be the largest emerging markets. According to The Economist, many people find the term outdated, but no new term has gained traction. Emerging market hedge fund capital reached a record new level in the first quarter of 2011 of $121 billion. Emerging market economies’ share of global PPP-adjusted GDP has risen from 27 percent in 1960 to around 53 percent by 2013. The ten largest emerging economies by nominal GDP are 4 of the 9 BRICS countries along with Mexico, South Korea, Indonesia, Turkey, Saudi Arabia, and Poland. The inclusion of South Korea, Poland, and sometimes Taiwan are questionable given they are no longer considered emerging markets by the IMF and World Bank If we ignore those three, the top ten would include Argentina and Thailand.
BRIC is a term describing the foreign investment strategies grouping acronym that stands for Brazil, Russia, India, and China. The separate BRICS organisation would go on to become a political and economic organization largely based on such grouping. The grouping has been rendered as "the BRICs", "the BRIC countries", "the BRIC economies", or alternatively as the "Big Four".
The economy of the European Union is the joint economy of the member states of the European Union (EU). It is the second largest economy in the world in nominal terms, after the United States, and the third largest at purchasing power parity (PPP), after China and the US. The European Union's GDP is estimated to be $19.40 trillion (nominal) in 2024 or $28.04 trillion (PPP), representing around one-sixth of the global economy. Germany has the biggest national GDP of all EU countries, followed by France and Italy. In 2022, the social welfare expenditure of the European Union (EU) as a whole was 27.2% of its GDP.
The Asian Century is the projected 21st-century dominance of Asian politics and culture, assuming certain demographic and economic trends persist. The concept of Asian Century parallels the characterisation of the 19th century as Britain's Imperial Century, and the 20th century as the American Century.
The economy of Guangdong is one of the most prosperous in China. Guangdong is located in southern China, bordering on Fujian Province to the east, Hunan Province to the north, Guangxi Autonomous Region to the west and the special administrative regions of Hong Kong and Macau to the south. It is also the largest economy of a sub-national entity in terms of GDP in all of Asia and 3rd largest sub-national entity in the world.
The 2010 BRIC summit took place in Brasília, Brazil on April 15, 2010. This was the second BRIC summit after Yekaterinburg in 2009. The meeting took place between the four heads of government from the BRIC states following bilateral meetings in the prior days.
CIVETS is an acronym for six emerging market countries identified for their rapid economic development: Colombia, Indonesia, Vietnam, Egypt, Turkey, and South Africa. The term was coined in 2009 by Robert Ward of the Economist Intelligence Unit to describe nations demonstrating particularly strong growth potential. Common characteristics include "diverse and dynamic" economies, "young, growing population[s]", and "relatively sophisticated financial systems".
The economy of Central America is the eleventh-largest economy in Latin America, behind Brazil, Mexico, Argentina and Colombia. According to the World Bank, the nominal GDP of Central America reached 204 billion US dollar in 2010, as recovery from the crisis of 2009, where gross domestic product (GDP) suffered a decline to 3.8%. The major economic sectors are agriculture and tourism, although the industrial sector has shown strong growth, mainly in Panama.