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EMERGING ECONOMIES: BY ROLAND UWAKWE

 Development economists have over the years used different categorization to delimit stages of development among the nations of the world, such terms as “developed”, “less developed”, and developing”  Countries, have continued to appear in most academic works and the annual reports of global bodies like the IMF and the World Bank.

 The Center for Knowledge Societies, defines emerging economies as those regions of the world that are experiencing rapid “infomationalization” under conditions of limited or partial industrialization. This is to say that emerging economies are markets whose economies have not yet reached first world status but have, in a macroeconomic sense, outpaced their developing counterparts.

The United States of America, Western Europe and Japan are considered as developed economies, these are countries that WW. Rostow described as having gotten to the age of high mass consumption. Among the emerging markets are the BRICS countries, (Brazil, Russia, India, China, and South Africa), MINT: (Mexico, Indonesia, Nigeria and Turkey), the CIVETS (Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa) etc.
Notwithstanding the above, the biggest emerging economies are: Argentina, Brazil, China, India, Indonesia, Mexico, Poland, South Africa, South Korea, and Turkey, others on the second category are Egypt, Iran, Nigeria, Pakistan, Russia, Saudi Arabia, Taiwan and Thailand. Though there are no uniform economic policies in these countries, nevertheless they have all shown some level of economic advancements that in no distant time countries like China, India and Argentina would join the class of developed nations.
The international economic development is not static; hence any nation can aspire to join the league of powers in their regions if the right economic policies are put in place for economic prosperity. Any nation that intends to maximize this prosperity must also maintain political stability; this is because political stability is the bases upon which to measure the progress among nations.

By divine calculation Nigeria has been privileged to be among these group of nations who are said to emerging economies, therefore, her leaders must strive to develop both micro and macro-economic plans that will sustain what nature had already put in place, the nation’s vision 20, 2020 which hopes to situate Nigeria amongst the 20 developed economics in the world by 2020 must be sustained.

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