TORONTO, April 19 /CNW/ - The latest findings from the Grant Thornton
International Business Report (IBR) have identified Mexico, Indonesia,
Pakistan, and Turkey as the next generation of emerging economies set to have
significant impacts on the world economy. These countries may match or even
overtake some of the commonly identified BRIC economies (Brazil, Russia, India
and China) which are expected to join the global economic powers.
Although these economies are unlikely to match India or China in
strength, they certainly have the potential to rival Brazil and Russia in
terms of economic strength.
According to Alex MacBeath, Executive Partner & CEO of Grant Thornton LLP
in Canada and global leader of privately held business services for Grant
Thornton International: "Indonesia and Pakistan, with their large populations,
have the potential to grow their labour-intensive exports and could capitalize
on the process of low-cost production that mainland China has so successfully
Mr. MacBeath points out that Mexico, with the world's 14th largest
economy, is benefiting from its close trading ties with Canada and the U.S.
through the North American Free Trade Agreement (NAFTA). "Mexico is
well-placed to play a more significant role in the Americas. Turkey is also
expanding robustly and is on the path to making the transition to a modern
industrial economy and is set to increase its influence in Western Europe and
the Middle East."
According to Hector Perez from Salles, Sainz-Grant Thornton in Mexico:
"The reason for such an outstanding performance from the Mexican economy
during 2006 was the unprecedented macroeconomic stability, a steady Mexican
peso and a low inflation rate of 4%.
"Mexico is an export-oriented economy, dominated by a mixture of industry
and agriculture. It is the biggest exporter in Latin America
(US$250.3 billion) and the 15th in the world, as well as the only member of
the Organisation for Economic Co-operation and Development (OECD) in the
region. Furthermore, Mexico received the highest figure of foreign direct
investment headed to Latin America and is top of the list in terms of per
capita GDP. It is one of the most open economies in Latin America and has
signed 12 free trade agreements with 43 countries. There is no doubt that it
will be one of the top emerging markets in coming years."
Hendra Winata from the Grant Thornton firm in Indonesia commented: "The
Indonesian economy continues to strengthen with the help of a vigorous policy
reform agenda aimed at reviving investment and easing inflationary pressures.
As a result the country's growth target of 6% looks very achievable.
"Indonesian commodities have also seen strong demand from both increased
household consumption and externally from mainland China, India and the
Eurozone. Although it is expected that Indonesia's economic recovery will
remain on track, any global economic slowdown would be one of the main
challenges for the country to resolve."
Aykut Halit from Arkan & Ergin Grant Thornton in Turkey commented:
"Turkish economic growth rates over the past five years have averaged 7.5%
with foreign trade averaging 26% a year. These rates are unprecedented and
reflect the great potential of Turkey brought forward thanks, among other
things, to continued political stability over the same period. Foreign direct
investment has come in at record levels from Europe, North America and the
Middle East as have many international banks. Turkey is also set to be boosted
by becoming a full member of the European Union in the near future."
Notes to editors
Grant Thornton International started a major annual survey of the
attitudes and expectations of small and medium-sized businesses in 1992 called
the European Business Survey (EBS). In 2003 the research project was widened
to an international perspective covering medium-sized businesses and renamed
the International Business Owners Survey (IBOS).
In 2007, the survey's name was changed from IBOS to the International
Business Report (IBR). The IBR survey draws upon 15 years of trend data for
original EBS participants and 5 years for original IBOS countries. 15 year
trend data is available for: France, Germany, Greece, Ireland, Italy, the
Netherlands, Poland, Spain, Sweden, Turkey and the UK, while 5 year trend data
is available for Australia, Canada, Hong Kong, India, Japan, Mexico,
Singapore, South Africa and the US.
Grant Thornton International will donate US$5 to UNICEF for every
completed IBR questionnaire. In 2007 this will result in a donation of over
The research was conducted by Experian Business Strategies Limited and
Harris Interactive. All figures were correct at time of going to press. To
find out more about IBR and to obtain details of IBR reports and results
please visit www.internationalbusinessreport.com.
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