Spot the Difference: What Defines an Emerging Economy?

In global markets the terms “emerging markets” or “emerging economy” are used broadly to describe countries that have lower income levels per citizen and generally experience a lower standard of living compared to a “developed” country. China has been the poster child for emerging economies over the past 25 years, as the country has seen massive growth and changes in its economy: GDP has grown from US$360 billion in 1992 to over US$8 trillion today.

 The World Bank’s definition of an emerging economy is one that has per capita income levels below US$15k over the past 3 years (New Zealand’s is US$37k).  China is currently at US$15k -  while in line with the threshold, this number masks the underlying data; there are currently over 40 million Chinese citizens that earn more than the average New Zealander! Click here to read more. 

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