Pakistan among top 10 emerging markets of the future

BMI Research, a financial market analysis firm, has recently identified ten emerging markets from the Asia and Africa region that are set to become new drivers of economic growth over the next ten years. Pakistan also made the cut on the list which also includes Bangladesh, Ethiopia, Egypt, Kenya, Indonesia, Myanmar, Nigeria, Philippines and Vietnam.

The report says that construction and manufacturing will play an important role in driving the economies of these countries. Pakistan, Bangladesh, and Myanmar will specifically see a strong growth in the manufacturing industry. All these countries are set to see the construction sector thrive, particularly to assist urban growth and the manufacturing industry. Mining and Gas industry will play a far smaller role than they have in the past years, while the commodity-driven model is not expected to make a comeback.

Pakistan, whose current primary sector is agribusiness with textile and rice being the key exports, is expected to become a manufacturing hub in the coming years. In the beginning of BMI’s forecast period the textile and automotive sector showed a faster growth. The domestic manufacturing investment is expected to be boosted considering the lower energy prices and an improved domestic energy supply.

“Pakistan will develop as a manufacturing hub in the coming years, with the textile and automotive sectors posting the fastest growth at the beginning of our forecast period. Domestic manufacturing investment will be boosted by the windfall from lower energy prices compared to the last decade, and improved domestic energy supply.”