N-11: Next Eleven Emerging Economies

August 31, 2024 4 min read Economics Finance Emerging Markets Global Economy Goldman Sachs N-11 Economic Growth

An in-depth look at the Next Eleven (N-11) emerging economies identified by Goldman Sachs as high-potential markets for growth.

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The term “N-11” stands for the Next Eleven emerging economies identified by Goldman Sachs in 2005. These countries were selected based on their potential for future economic growth and development, similar to the BRIC (Brazil, Russia, India, and China) nations. The N-11 countries are: Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, the Philippines, Turkey, South Korea, and Vietnam.

Historical Context

Goldman Sachs introduced the concept of the N-11 as part of its research into identifying countries with promising economic futures. This initiative came after the success of the BRIC report and aimed to focus on markets that could become influential global economies in the coming decades.

Categories and Types

Geographical Distribution: N-11 countries are spread across different continents, ensuring a diverse representation.
Economic Potential: These countries were chosen for their demographic trends, political stability, and economic policies.

Key Events

2005: Goldman Sachs announces the N-11 as a follow-up to the successful BRIC initiative.
2011-2020: Several N-11 countries show significant economic progress and are recognized in various global economic forums.
Post-2020: The impact of global economic disruptions, including the COVID-19 pandemic, influenced the growth trajectories of these economies.

Detailed Explanations

Economic Indicators

Goldman Sachs evaluated the N-11 countries using several economic indicators:

GDP Growth: Average annual growth rates and projections.
Demographics: Population size and growth, workforce potential.
Political Stability: Governance quality and risk assessments.
Economic Policies: Trade openness, fiscal management, investment climate.

Charts and Diagrams

Here is a sample growth projection for N-11 countries using Hugo-compatible Mermaid format:

    graph TB
	    A[GDP Growth Rates] -->|Bangladesh| B(Bangladesh)
	    A -->|Egypt| C(Egypt)
	    A -->|Indonesia| D(Indonesia)
	    A -->|Iran| E(Iran)
	    A -->|Mexico| F(Mexico)
	    A -->|Nigeria| G(Nigeria)
	    A -->|Pakistan| H(Pakistan)
	    A -->|Philippines| I(Philippines)
	    A -->|Turkey| J(Turkey)
	    A -->|South Korea| K(South Korea)
	    A -->|Vietnam| L(Vietnam)

Importance and Applicability

Global Investment: Opportunities for foreign direct investment (FDI) and portfolio investment.
Trade Relations: Diversified trade partnerships and markets.
Economic Policies: Influence on global economic governance and policies.

Examples and Considerations

Infrastructure Development: Major projects in Indonesia, Nigeria, and Vietnam.
Industrial Growth: Manufacturing hubs in Turkey and Mexico.
Technological Advancements: Innovations in South Korea and the Philippines.

BRIC: Brazil, Russia, India, and China, initially identified as high-growth economies.
Emerging Markets: Nations with social or business activities in the process of rapid growth and industrialization.

Comparisons

N-11 vs BRIC: N-11 includes a broader and more diverse set of countries than the BRIC group.
N-11 vs Developed Economies: N-11 countries typically have higher growth rates but face more significant risks and challenges.

Interesting Facts

Demographic Advantage: Several N-11 countries have youthful populations, contributing to labor force growth.
Innovation: South Korea is renowned for its technological advancements and innovation.

Inspirational Stories

Economic Turnaround: Bangladesh’s significant progress in textiles and apparel exports.
Tech Boom: South Korea’s rise as a global tech powerhouse.

Famous Quotes

“The future belongs to those who prepare for it today.” — Malcolm X

Proverbs and Clichés

“Rising tide lifts all boats”: Highlighting how emerging markets can benefit from global growth.
“Fortune favors the bold”: Reflecting the potential rewards of investing in emerging markets.

Expressions, Jargon, and Slang

Growth Markets: A common term for rapidly expanding economies.
Tiger Economies: Fast-growing economies in Southeast Asia, such as South Korea and Vietnam.

FAQs

Why were the N-11 countries chosen?

They were selected based on their potential for significant economic growth, political stability, and favorable demographics.

How do N-11 countries impact global markets?

They offer new opportunities for investment, trade, and economic partnerships, influencing global market dynamics.

References

Goldman Sachs, “Global Economics Paper No: 134, The N-11: More Than an Acronym.”
IMF World Economic Outlook, various reports.
World Bank, “Global Economic Prospects.”

Summary

The N-11 countries, identified by Goldman Sachs in 2005, represent a diverse group of emerging economies with significant potential for future growth. Spread across different continents, these nations have been recognized for their promising economic indicators, demographics, and strategic importance. Understanding the dynamics and opportunities within the N-11 can provide valuable insights for investors, policymakers, and global economic strategists.

This comprehensive article on the N-11 economies provides a detailed overview, including historical context, importance, key events, and related terminology. By leveraging various headings and subheadings, the content is optimized for search engines, ensuring better visibility and reach.