An
emerging market is a country that has some characteristics of a
developed market, but does not meet standards to be a developed market. This includes countries that may become developed markets in the future or were in the past. The term "
frontier market" is used for developing countries with slower economies than "emerging". The economies of
China and
India are considered to be the largest. According to
The Economist, many people find the term outdated, but no new term has gained traction. Emerging market hedge fund capital reached a record new level in the first quarter of 2011 of $121 billion. The four largest emerging and developing economies by either
nominal or
PPP-adjusted GDP are the
BRIC countries (
Brazil,
Russia,
India and
China). The next five largest markets are
South Korea,
Mexico,
Indonesia,
Turkey, and
Saudi Arabia.
Iran is also considered an emerging market.