Emerging Markets as Key Drivers of the Global Economy

Abstract

Purpose: Rapid economic and demographic development of emerging markets signifies that their importance in the world economy is growing steadily in the 21st century, as evidenced by their growing share of world GDP. These markets are undoubtedly becoming the main centres of the world economy. Countries such as China, India, and Brazil have brought cutting-edge innovations to the world rendering the global market increasingly competitive. The aim of the publication is to present the factors determining the dynamic development of emerging markets and their current and future importance in the global economy. Design/Methodology: The methodology used in the publication is based on the analysis of literature and statistical sources, presentation of available international reports relating to the problem of the role and importance of emerging markets in the modern world. This topic is extended by statistical analyses and descriptive descriptions of presented economic problems. Findings: The role and importance of the current leaders of global economic growth is declining and the countries in question are encountering a diminishment in rankings pertaining to global significance. There is no doubt that, in the near future, the economies of emerging countries will be the main driving force of global economic growth. The article confirms this thesis by presenting relevant substantive arguments. Practical implications: The publication has a very up-to-date theoretical and practical dimension, and its conclusions can be applied both theoretically, in the sense of continuing research, as well as practically in relation to business activities in the markets of emerging countries. Originality/value: The publication analyses and forecasts the current and future importance of emerging market countries in terms of their role and importance in the global economy. It is an important voice in the debate on the changing balance of power in the world in economic, demographic and social dimensions.