The new new emerging markets

from Fortune Magazine,

The BRICS were the story of the past two decades. But smaller, fast growing economies may be the next big thing.

The so-called frontier markets, a term that dates back to the early 1990s, when an arm of the World Bank drew a distinction between the mainstream emerging markets and other far-flung economies where markets were illiquid, infrastructure was almost nonexistent, and economic development was in its very early stages. Today these economies across Africa, Southeast Asia, and South America present the same challenges for investors that BRIC countries (Brazil, Russia, India, and China) did more than a decade ago. They also offer the same potential for explosive growth and stock returns.

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