emerging markets: pathways to selection

(A division of Pythhos Technology (P) Ltd.)

A perspective from Boston Analytics

Emerging Markets: Pathways to Selection

February 2016

Agenda

Definition and Key Characteristics of Emerging Markets

Top 10 Fastest Growing Emerging Markets 2005 vs 2014

Conclusion

1

Appendix

Executive Summary

Agenda



Conclusion

2

Appendix

Executive Summary

Exe

cu

tive

Su

mm

ary

Executive Summary

■ Emerging markets, due to their rapid economic growth and expansion, offer a wealth of opportunities in

trade and foreign direct investment

■ These markets are dynamic however. While the largest markets as measured by their GDP has

remained almost the same over the last decade, the list of the fastest growing markets has changed

dramatically. The three fastest growing markets in 2005 were China, Kuwait and Kazakhstan, whereas in

2015 they were India, China and Nigeria

■ The specific opportunity which exists within any given emerging market differs however by industry and

product type. While India, China and Nigeria may currently be the fastest growing markets, they may not

be the most attractive for promoting a luxury product, or the easiest in which to work as an importer or

foreign direct investor

■ BA believes when prioritizing countries, it is vital to study a wide variety of factors, from macro-economic,

to industry, business, and product category specific factors. The value and importance of each factor

also needs to be considered and applied as weights to the overall assessment. Finally, a balance needs

to be established between a short-term and long–term view, as short term opportunities are often

overestimated, while long term opportunities are often underestimated

3

Agenda



Conclusion

4

Appendix

Executive Summary

The term ‘emerging markets’ is associated with progress, growth, and

opportunity

5

Defin

itio

n a

nd

Ke

y C

ha

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ristics o

f E

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An emerging market is a country in the process of rapid growth and development

with lower per capita incomes and less mature capital markets than developed

countries. Emerging markets are countries that are restructuring their economies

along market-oriented lines and offer a wealth of opportunities in trade, technology

transfers, and foreign direct investment

A frontier market is a subset or category of emerging markets. A frontier market is

one with little or less market liquidity, marginally developed capital markets, and

lower per capita incomes vis à vis other emerging markets. However, as frontier

markets have yet to undergo as much meaningful economic development, the

potential for rapid growth and outsized returns make these markets interesting as

they boast even greater long-term growth potential

Definition of Emerging Markets

Typical Characteristics of Emerging Markets

Rapid economic growth

Large population base

Transitional societies that are undertaking domestic

economic and political reforms

Regional economic powerhouses

Increasing local and foreign investment

Typical Characteristics of Frontier Markets

Rapid economic growth owing to early stage of

economic development

Higher growth potential than other emerging markets

due to faster rates of urbanization

The youth represent a majority of population

Low labor cost

Low debt-to-GDP

Note:

(1) For more detail on definition and the countries selected for this analysis, please refer to appendix

Sources:

(A) IMF

(B) MSCI

(C) Forbes

(D) International Banker

(E) Wall Street Journal

(F) BA Analysis

Notes:

(A) Includes 32 countries; out of 32 countries listed as ‘Advanced’ as per IMF based on multiple parameters such as per-capita income level, export diversification, degree of

integration into the global financial system, human development index , etc. It includes the USA and Canada in North America, most nations in Western Europe, Japan,

Australia, New Zealand, etc.

(B) Set of 38 countries used for the purposes of this analysis. Please see the appendix for the methodology used to arrive at these 38

(C) 132 countries including other emerging markets and the rest of the world

(D) GDP Market Prices (Constant 2005 US$). 2014 data or latest available (where 2014 data is not available)

(E) 2014 GDP Per Capita PPP (Constant 2011 US $) or latest available; PPP = Purchasing Power Parity

(F) Growth has been considered for GDP (constant prices at National currency)

Source:

(1) IMF World Economic Outlook Database, April 2015

(2) World Bank Data

13.5

As a group, their collective GDP is small, but their projected growth

rate is higher

6

Defin

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GDP CAGR Growth (%)GDP – 2014(D)

($ T)(D) 2009‒2014(1) 2015‒2020(1)

37.5

17.6

1.5 2.3

4.0 3.7

3.9

GDP Per Capita

PPP 2014(E)

41,009

22,554

11,809

Advanced

Markets(A)

Key Emerging

Markets(B)

Other Markets(C)

Demographic Dynamics of Different Countries

4.4

Agenda

7


Top 10 Emerging Markets 2005 vs 2014

Conclusion

Macroeconomic Indicators

Demographic Indicators

Business Indicators

Appendix

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In terms of size, the largest emerging markets in 2014 were the same

as those in 2005 with only slight changes in their ranking

Top 10 Countries by GDP(1) - 2014

2,269

898

892

866

834

764

483

328

304

286

China

South Korea

Brazil

Mexico

India

Russia

Turkey

Saudi Arabia

Poland

Indonesia

5,270

1,598

1,239

1,206

1,069

1,000

673

523

472

428

China

India

South Korea

Brazil

Mexico

Russia

Turkey

Saudi Arabia

Indonesia

Poland

Top 10 Countries by GDP(1) - 2005

■ The most dramatic change in ranking is India, which moved from fifth position to second from 2005 to 2014

GDP in $ bn GDP in $ bn

Note:

(1) GDP at Market Prices (Constant 2005 US$)

(2) Please see the appendix for the list of countries considered for this analysis

Sources:

(A) IMF

(B) World Bank 8

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However, when considering growth rates, 6 out of the 10 fastest

growing emerging markets in 2005 were not among the top 10 in 2014

Top 10 Fastest Growing(1) Countries - 2014

11.35%

10.08%

9.70%

9.28%

9.20%

8.40%

7.67%

7.55%

7.49%

7.26%

China

Kuwait

Kazakhstan

India

Argentina

Turkey

Pakistan

Vietnam

Qatar

Saudi Arabia

7.29%

7.27%

6.31%

6.13%

6.06%

5.99%

5.98%

5.02%

4.74%

4.57%

India

China

Nigeria

Philippines

Bangladesh

Malaysia

Vietnam

Indonesia

Pakistan

United Arab Emirates


■ The average growth of the top 10 in 2005 was 8.8%. However, in 2014 for the same set of countries the average growth

was only 3.9%

■ Globally, countries grew at an average growth rate of approximately 3.1% in 2014 while the average growth of the top

10 markets in 2014 was 5.9%

Note:

(1) Y-o-Y GDP Parentage Change; GDP at Market Prices (Constant 2005 US$)

Sources:

(A) World Bank Data

(B) IMF Data

Y-o-Y % change Y-o-Y % change

Markets that did not

make top ten in 2014Markets that were not in

top ten in 2005

9

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In terms of growth, not only have the rankings changed, the change

has been dramatic for some


11.4%

10.1%

9.7%

9.3%

9.2%

8.4%

7.7%

7.5%

7.5%

7.3%

China

Kuwait

Kazakhstan

India

Argentina

Turkey

Pakistan

Vietnam

Qatar

Saudi Arabia

7.3%

7.3%

6.3%

6.1%

6.1%

6.0%

6.0%

5.0%

4.7%

4.6%

India

China

Nigeria

Philippines

Bangladesh

Malaysia

Vietnam

Indonesia

Pakistan

UAE


2005 Y-o-Y % change Rank (2)

2005 20141

2

3

4

5

6

7

8

9

10

4

1

32

22

11

18

8

16

7

21

2014 Y-o-Y % change

2

38

13

1

34

20

9

7

14

17

Rank (2)

2005 20141

2

3

4

5

6

7

8

9

10

■ Such dramatic changes overtime contribute to the perception of emerging markets being volatile and for some,

therefore too risky for investment

Note:

(1) Y-o-Y GDP Parentage Change; GDP at Market Prices (Constant 2005 US$)

(2) Rank among emerging markets

Sources:

(A) World Bank Data

(B) IMF Data 10

The reasons countries dropped in their rankings in terms of economic

growth from 2004 to 2015 vary by country…

Kazakhstan

■ Kazakhstan is experiencing slower

economic growth in 2014 due to negative

supply- and demand-side effects, caused

primarily by lower output in the oil industry,

weaker external demand for Kazakhstan’s

metal products by China and Russia, and

weaker domestic demand

Argentina

■ The country’s economy

contracted as consumer

spending and exports

fell, both in part to high

inflation

Turkey

■ Turkey’s economic activity has

slowed mainly due to political

uncertainty and geopolitical

tensionsKuwait, Qatar, Saudi Arabia

■ As a whole, GCC

economies, including

Kuwait, Qatar, and Saudi

Arabia are suffering from

low oil prices and high fiscal

spending

Sources:

(A) World Bank

(B) Wall Street Journal

(C) Reuters

Drop Outs: Countries in top ten fastest growing in 2005, but not on list in 2014

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11

Sources:

(A) African Economic Outlook

(B) Wall Street Journal

(C) Reuters

(D) News articles

Indonesia

■ Economic growth is

attributed to exports

of primary

commodities such

as coal and rubber

to large markets,

notably China, apart

from oil and gas

exports

Malaysia

■ Malaysia’s economic growth is

attributed to resilient domestic

demand and private-sector

investments that have helped

cushion slowing exports of the

trade-reliant country

…while economic diversification has helped accelerate growth for

most of the new entrants to the top 10 fastest growing list in 2014

Bangladesh

■ Bangladesh’s GDP growth is a result of

deregulation of the economy, trade

openness, and development of the

financial sector

Nigeria

■ Nigeria GDP growth

accelerated over the

decade with the non-

oil sector being the

main driver of growth

■ Services contributed

~57%, mainly retail

and wholesale trade,

real estate,

information and

communication

Vietnam

■ Vietnam’s economic growth is primarily

supported by exports mainly by foreign

companies, which increased 15 percent in

2014, as disbursed foreign direct

investment rose 7 percent

UAE

■ Economic growth in

UAE is attributed to

diversification of

income sources, and

reduction of oil-

reliance

■ Sectors such as

financial services,

logistics and tourism

helped in stabilizing

and growing the

economy

Accelerators: Countries not in top ten fastest growing in 2005, but on 2014 list

Philippines

■ Growth in the Philippines’ GDP has been

driven in part by the growing business

process outsourcing and overseas

remittances

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0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

CAGR 2009-11 CAGR 2012-14 CAGR 2015-17 Average CAGR for the

period 2009-2017

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While short term growth rates can be volatile, longer term growth

rates are still generally higher than the global average

Change in CAGR of GDP(1) over time for 15 fastest growing emerging markets (2)

Note:

(1) CAGR of GDP at Constant Prices National Currency

(2) Top 15 countries basis 2012-2014 CAGR, with the exception of Ecuador which we have excluded because of drastic reduction in its GDP growth rate in future years. We have

considered Pakistan instead, as it is also amongst the Top 10 fastest growing economies in 2015-2017

Sources:

(1) IMF Data

(2) News Publications, such as The Guardian etc.

4.3%5.2% 3.6%5.9% 5.3% 3.8%5.5%7.9% 6.1%6.2%7.3% 7.7% 5.6%6.4%

13

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%8.4%

1.6 0.7 0.6 0.4 0.3 1.2 0.3 0.7 0.5 1.8 1.0 0.6 1.5 0.6

Standard Deviation

5.7

3.4% Global CAGR 2009-2017

■ The growth of oil exporting countries such as, Nigeria, UAE, Kazakhstan, Colombia and Malaysia are expected to

decline due to lower oil prices. Markets highly dependent on oil revenue, such as Nigeria and UAE are projected to

experience the maximum impact

Agenda

14



Conclusion



Business Indicators

Appendix

14%

11%

46%

32%

37%

59%

4%

-2% -100

900

1900

2900

3900

4900

Bill

ion U

SD

China India

10%8% 13% 7% 10% 11% 5% 6%

35%

24% 25%

16% 21% 15% 29% 27%

57%

48% 52%

71% 72%81%

73%64%

-1%

20%9%

6%

-4% -6% -7%

3%

-50

50

150

250

350

450

550

Indonesia UAE Malaysia Nigeria Philippines Pakistan Bangladesh Vietnam

Bill

ion U

SD

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A look at private consumption can provide yet another perspective.

Other countries may emerge as more attractive when private

consumption as a % of GDP is better understood

Note:

(1) The scale for India and China is different from the scale for rest of the top 10 countries

(2) GDP at Market Prices (Constant 2005 US$)

Sources:

(A) World Bank

GDP(2) composition by Private Consumption, Government Expenditure and Investments -2014

15

■ In China, private consumption as a % of GDP is ~37% as compared to 50% or higher in most other emerging markets

Government Expenditure Investment Private Consumption Net Exports

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Note:

(1) Household final consumption expenditure per capita(1) (constant 2005 US$)

(2) GDP Per Capita, PPP-2014 (Constant 2011 at US$)

(3) Qatar, Kuwait, Saudi Arabia, Argentina are not included owing to lack of data available

(4) Sri Lanka data is as per latest available

Sources:

(A) World Bank

Consumption patterns change with increase in income

16

Bangladesh

Brazil

Chile

China

Colombia Croatia

Czech Republic

Ecuador

EgyptHungary

India

Indonesia

Kazakhstan Malaysia

Mexico

Morocco

Nigeria

Oman

Pakistan

Peru

Philippines

Poland

Romania

Russia

South Africa

South Korea

Sri Lanka Thailand

Turkey

Ukraine

UAE

Vietnam

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

-1,000 1,000 3,000 5,000 7,000 9,000 11,000 13,000

Household

fin

al consum

ption e

xpenditure

per

capita

(1)-

2014

GDP Per Capita, PPP-2014(2)

Spending on Basic

necessity (e.g., Food)

Spending on Durables Spending on Luxury items

■ As wealth increases, so does the ability and propensity to buy certain products grows

Countries in green are the top 10 fastest growing in 2014 (y/y growth)

Similarly, GDP per capita or consumption per household can be a

better indicator of a market opportunity than the size of the economy

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Note: Household final consumption expenditure per capita (constant 2005 US$) - 2014

Source: (1) World Bank

Household final consumption expenditure per capita (constant 2005 US$)

17

In some cases, household or personal consumption has grown over

the past nine years, while in others, it has declined or been volatile

300

500

700

900

1,100

1,300

1,500

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

11,000

21,000

31,000

2,000

3,000

4,000

UAE

Malaysia

China

PhilippinesIndonesia

Bangladesh

Nigeria Pakistan

VietnamIndia

■ For all the countries listed above, apart from Malaysia, the growth rate of household consumption has been higher than

the GDP growth rate for the past 5 years

■ However, household consumption growth rate has just been marginally higher in the last year in China and Indonesia

■ Only UAE’s per capita household expenditure has dipped, for rest of the countries it has increased over the decade

■ China, Malaysia have shown a rapid increase in their household consumption, while others have shown a gradual

increase, apart from Nigeria and Pakistan which have been unstable

Sector India China Nigeria Philippines Bangladesh Vietnam Indonesia Pakistan

Clothing & Footwear 6% 9% 4% 3% 5% 4% 4% 5%

Education 4% 7% 2% 4% 4% 4% 3% 2%

Energy 8% 5% 2% 7% 6% 6% 6% 8%

Financial Services 0% 1% 0% 2% 0% 1% 0% 0%

Food and Beverages 45% 36% 57% 47% 55% 53% 49% 50%

Health 5% 7% 11% 2% 3% 3% 2% 2%

Housing 12% 6% 13% 15% 10% 5% 12% 14%

ICT(2) 3% 9% 1% 3% 2% 4% 3% 2%

Personal Care 2% 0% 0% 3% 2% 2% 2% 2%

Transport 5% 6% 6% 8% 4% 7% 9% 7%

Water Utility 0% 1% 0% 1% 0% 0% 0% 0%

Others 10% 13% 4% 6% 9% 10% 11% 8%

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Amongst the top ten fastest growing emerging markets(3), most of the

consumption has been concentrated on food and beverages

Share of Household Consumption by sector(1)

■ Nigeria ranks highest among its peers in household consumption of Food & Beverages and Healthcare, while China

ranks highest in household consumption of Clothing & Footwear, Education

Note: (1) Percentage of Annual Household Consumption 2010 by Sector and Consumption Segment in $PPP

(2) Information Communication Technology (ICT)

(3) 2014: Malaysia and UAE are not included in the list of countries owing to lack of available information on share of household consumption by Sector

(4) The color coding in the above heat map is vis-à-vis peers countries for the particular sector

Sources: (A) Global Consumption Database World Bank

9% 6% 6% 5% 4% 4% 4% 3%High Low

18

Agenda

19



Conclusion



Business Indicators

Appendix

To further complicate matters, when it comes to “ease of doing

business”, the top 10 fastest growing emerging markets(1) range widely

“Ease of Doing Business” amongst selected emerging markets (2)(3)(4)

■ Out of the top 10 fastest growing emerging economies in 2014, only Malaysia and UAE rank in the top 30 countries

globally in terms of ease of doing business, the others rank lower than 83 Note:

(1) As measured in 2014

(2) Economy Rankings of Ease of Doing Business (June 2015)

(3) The total number of countries ranked by World Bank for Ease of Doing Business include 189 countries

(4) See appendix for rationale for list of countries included

Sources:

(A) World Bank

Ease of Doing

Business

Global

Ranking

Ranking -

Selected

Emerging

Economies

Ease of Doing

Business

Global

Ranking

Ranking -

Selected

Emerging

Economies

Ease of Doing

Business

Global

Ranking

Ranking -

Selected

Emerging

Economies

South Korea 4 1 Russia 51 14 Kuwait 101 27

Malaysia 18 2 Colombia 54 15 Philippines 103 28

Poland 25 3 Turkey 55 16 Sri Lanka 107 29

UAE 31 4 Greece 60 17 Indonesia 109 30

Czech Republic 36 5 Qatar 68 18 Brazil 116 31

Romania 37 6 Oman 70 19 Ecuador 117 32

Mexico 38 7 South Africa 73 20 Argentina 121 33

Croatia 40 8 Tunisia 74 21 India 130 34

Kazakhstan 41 9 Morocco 75 22 Egypt 131 35

Hungary 42 10 Saudi Arabia 82 23 Pakistan 138 36

Chile 48 11 Ukraine 83 24 Nigeria 169 37

Thailand 49 12 China 84 25 Bangladesh 174 38

Peru 50 13 Vietnam 90 26

Extremely Easy Moderately Easy Somewhat Easy Somewhat Difficult Moderately Difficult Extremely Difficult

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Top 10 fastest growing

economy 2014

20

Agenda



Conclusion

21

Appendix

Executive Summary

Given the number of variables which need to be considered to prioritize and

track emerging markets, BA recommends firms develop an indexed approach

based on their specific interests and then track markets overtime

22

1

2

Conduct Preliminary Assessment

Define the basic criteria which need to be met to be considered as a

potential market

Develop a list of countries which meet the basic criteria

Identify any other countries to be included in the final list based on other

specific hypotheses or for unique strategic reasons

Shortlist Attractive Countries

Determine prioritization criteria considering macroeconomic, business related,

industry related (e.g., demographic if a consumer facing company) and product

specific variables

Determine availability of data, develop proxies if necessary and standardize to

enable comparison

Weight criteria in terms of importance

Apply weights and score each country using a prioritization model

Identify shortlist of attractive countries

Profile Countries

Profile short-listed countries, detailing market environment for concerned products

Incorporate data which could not be included in prioritization model, e.g., due to lack of standardization, inability to quantify, etc.

Study the entry and expansion strategies of others to learn from them and better set expectations

Confirm or revise findings from Prioritization Model

3

Track Countries

Identify means to automate analysis, e.g., via real-time streams of data into model and/or periodic meaningful updates

Identify changes in ranking overtime and why, being careful to distinguish between trends and blips

Conduct scenario analysis so that you can quickly and easily alter of change your course of action, if need be

4

Recommended steps to prioritization and monitoring emerging market opportunities

Prioritization Model Example

Con

clu

sio

n

Agenda



Conclusion

23

Appendix

Executive Summary

The definition of emerging vs. frontier markets differs according to

the source

Sources:

(A) FTSE Emerging Markets

(B) MSCI Emerging Markets Indices

(C) Dow Jones Indexes

(D) S&P Emerging Market Indices

Emerging and frontier/pre-emerging markets as identified by various sources

FTSE MSCI Dow Jones S&P

EmergingPre-emerging/

Frontier Emerging Pre-emerging/ Frontier Emerging Pre-emerging/ Frontier Emerging Pre-emerging/ Frontier

Brazil Bahrain Brazil Argentina Mauritius Brazil Argentina Romania Brazil Argentina Nigeria

Chile Bangladesh Chile Bahrain Morocco Chile Bahrain Serbia Chile Bahrain Oman

China Botswana China Bangladesh Niger China Bangladesh Slovakia China Bangladesh Pakistan

Colombia Bulgaria Colombia Benin Nigeria Colombia Bulgaria Slovenia Colombia Botswana Panama

Czech Republic Côte d’Ivoire Czech Republic Botswana Oman Czech Republic Croatia Sri Lanka Czech Republic Bulgaria Qatar

Egypt Croatia Egypt Bulgaria Pakistan Egypt Cyprus Tunisia Egypt Côte d'Ivoire Romania

Hungary Cyprus Greece Burkina Faso Palestine Hungary Estonia Ukraine Hungary Croatia Slovakia

India Estonia Hungary Croatia Romania IndiaFYR

MacedoniaUAE India Cyprus Slovenia

Indonesia Ghana India Estonia Saudi Arabia Indonesia Jordan Vietnam Indonesia Ecuador Sri Lanka

Malaysia Jordan Indonesia Ghana Senegal Malaysia Kazakhstan Malaysia EstoniaTrinidad and

Tobago

Mexico Kenya Malaysia Guinea-Bissau Serbia Mexico Kenya Mexico Ghana Tunisia

Pakistan Lithuania Mexico Ivory Coast Slovenia Morocco Kuwait Morocco Jamaica Ukraine

Peru Macedonia Peru Jamaica Sri Lanka Peru Latvia Peru Jordan UAE

Philippines Malta Philippines Jordan Togo Philippines Lebanon Philippines Kazakhstan Vietnam

Poland Mauritius Poland Kazakhstan Togo Poland Lithuania Poland Kenya Zambia

Russia Morocco Qatar KenyaTrinidad and

TobagoRussia Malta Russia Kuwait

South Africa Nigeria Russia Kuwait Tunisia South Africa Mauritius South Africa Latvia

Taiwan Oman Saudi Arabia Lebanon Ukraine South Korea Nigeria Taiwan Lebanon

Thailand Qatar South Africa Lithuania Vietnam Taiwan Oman Thailand Lithuania

Turkey Romania South Korea Mali Zimbabwe Thailand Pakistan Turkey Mauritius

UAE Serbia Taiwan Bosnia and

Herzegovina

Turkey Qatar Namibia

Thailand

Turkey

UAE

54 Countries are listed as frontier or pre-emerging markets by the four

sources. However, the total number of emerging and frontier/pre-emerging

markets is 75 countries

Ap

pe

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ix

24

For the purposes of this paper, BA has considered only those

emerging or frontier markets with a GDP >$40 Billion in 2014

Sources:

(1) FTSE Emerging Markets

(2) MSCI Emerging Markets Indices

(3) Dow Jones Indexes

(4) S&P Emerging Market Indices

BA’s Methodology for identifying markets for this paper

Country included in analysis: 38 countries

Argentina Indonesia Romania

Bangladesh Kazakhstan Russia

Brazil Kuwait Saudi Arabia

Chile Malaysia South Africa

China Mexico South Korea

Colombia Morocco Sri Lanka

Croatia Nigeria Thailand

Czech Republic Oman Tunisia

Ecuador Pakistan Turkey

Egypt Peru Ukraine

Greece Philippines United Arab Emirates

Hungary Poland Vietnam

India Qatar

■ BA used the following approach to determine the list of countries to be included in this analysis

− The universe was comprised of emerging or frontier markets by FTSE, MSCI, Dow Jones and S&P Emerging Market

Indices

− Only those markets with GDP greater than $40 Billion where included (Countries with GDP below $40 billion ehere

excluded as these are small markets and do not have similar opportunity as the bigger markets)

■ As a result 38 countries were considered for our analysis

Ap

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25

-20

-10

0

10

20

30

40

50

-4

-2

0

2

4

6

8

10

12

0

1

2

3

4

5

6

7

0

2

4

6

8

10

12

0

2

4

6

8

10

12

14

16

-25

-20

-15

-10

-5

0

5

10

15

20

GDP growth rate vs. private consumption growth rate for top 10

emerging economies (1/2)

Note:

GDP Growth Rate Private Consumption Growth Rate

Sources:

(1) World Bank Data

China India Indonesia

Malaysia Nigeria UAE

. .

Ap

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26

0

1

2

3

4

5

6

7

8

9

GDP Private Consumption

-2

0

2

4

6

8

10

12

14


0

1

2

3

4

5

6

7

8


GDP growth rate vs. private consumption growth rate for top 10

emerging economies (2/2)

Bangladesh Pakistan Philippines

Vietnam

0

2

4

6

8

10

12


Note:

GDP Growth Rate Private Consumption Growth Rate

Sources:

(1) World Bank Data

. .

Ap

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27

To learn more about Boston Analytics’ expertise in emerging markets, please contact us.

Contact: Kimberlee Luce

Designation: Senior Vice President

Email ID: [email protected]