Ever since the economist Jim O’Neill coined the Bric acronym in 2001, all eyes have been directed towards Brazil, Russia, India and China. The emerging economies haven’t disappointed in fulfilling their destiny, as they have been accelerating towards full modernisation at a fantastic rate.
For a long while, they have been seen as the only distinct bloc on the global scene, but times are changing –prosperity is coming to other parts of the world, most significantly in Asia.
According to the latest Legatum Institute’s Prosperity Index, a “new generation of Asian “Tiger Cub” countries has emerged, with Indonesia, Malaysia, Thailand and Vietnam appearing in the top half of 2012’s rankings.
These countries have undergone significant developments in recent years, which are finally paying off. Additionally, increasing levels of foreign direct investment have afforded stability in these regions.
In particular, Indonesia and Malaysia have seen the highest levels of foreign direct investment, with $8.6 billion (approximately £5.4 billion) and $8.1 billion (£5.1 billion) respectively being pumped into both countries last year.
Thailand, which is an export-led economy, has a thriving tourism industry facilitating growth, while Malaysia’s positive output is largely the result of solid industrial expansion.
Jeffrey Gedmin, president and chief executive of the independent public policy institution, said that he was encouraged to see so many promising economies “coming to the fore” in this year’s index.
“However, GDP alone can never offer a complete view of prosperity,” he added. “In order for these Tiger Cubs to fulfil their full potential and continue to scale the global prosperity rankings, leaders in these countries must overcome the barriers that remain – encouraging tolerance, providing top quality education and distributing wealth more equally among citizens.”
All of which will encourage more investment in these economies, boost opportunities for further development and increase incentives for international movers looking for a career change to head over to Asia for a new life.