Friday, October 23rd, 2015
In today’s interconnected global economy, there’s no such thing as a growing market that no one’s heard of yet. Information travels fast and export opportunities don’t stay secret for very long, but nonetheless, there are markets “where more attention needs to be paid,” according to IHS Chief Economist Nariman Behravesh. Below are five that he thinks are worth highlighting for companies seeking export-driven growth.
“India is an economy whose growth rate certainly is holding up fairly well,” Behravesh said, noting that companies might consider placing more emphasis on India and less emphasis on China moving forward. “Sort of a rebalancing of interests, I guess, in favor of India, I would strongly recommend because India is going to be expanding fairly rapidly. It’s a smaller economy than China’s but it’s growing more rapidly.”
Similar to India, Vietnam presents another “not as big, but growing nicely” supplement to China’s volatility, according to Behravesh. It currently also happens to be one of the top export growth markets for the U.S. plastics industry, according to SPI.
3. Bangladesh and 4. Sri Lanka
“Economies like Bangladesh and Sri Lanka are poor but they’re coming up on the development scale,” Behravesh said. The Asian Development Bank estimated that Bangladesh could see 7.6-percent growth in 2016, while it also noted that in Sri Lanka, a January election resolved some uncertainty for investors and in 2016 the nation could see 7.0-percent growth.
Indonesia is the fourth most populous country in the world. Economically it’s been relatively successful as well. “It’s been growing a fairly steady 4 or 5 percent,” Behravesh said. “That’s another one that I think companies should pay more attention to.”
For more global insights like these, join Behravesh for his presentation at the Global Plastics Summit, Oct. 28-30 in Chicago.