Emerging and Growth-Leading Economies
Encyclopedia
Emerging and growth-leading economies (EAGLEs) are the key emerging economies that are expected to lead global growth in the next decade.
(GDP) in the next ten years is expected to be larger than the average of the G7 economies, excluding the United States
. This is a dynamic concept where country members can change over time according to their forecasted performance relative to developed economies. In a first approach ten economies, sorted by relevance, have been identified: China
, India
, Brazil
, Indonesia
, South Korea
, Russia
, Mexico
, Egypt
, Taiwan
and Turkey
.
that will become global leaders, as well as increasing lobbying of some countries to be included in the BRIC definition. However, many economists have argued that the BRIC
concept (Brazil, Russia, India and China) is outdated and have proposed alternative definitions. The EAGLEs concept is similar to other proposals in going beyond BRICs (such as the CIVETS
, Next 11 or 7 percent club) but its methodology differs from others’ in several ways:
There were several attempts over the years trying to implement the economic concept that will the best reflect the potential of emerging markets
in the coming years. After coining the BRIC concept by the Goldman Sachs
in 2001, there were other endeavors to find the best grouping acronym such as: CIVETS, Next Eleven
, 7 per cent club and the EAGLEs.
In January 2011, Goldman Sachs decided to re-define its current definition of Emerging Markets
and proposed a new term “Growth Markets”. The separation of Growth Markets from Emerging Markets is aimed to show the world’s most dynamic economies – those that are at least contributing 1 per cent to global growth (outside of the Developed World). In the first approach, eight economies have been identified and they were: BRIC economies plus Mexico
, South Korea
, Turkey
and Indonesia
. This particular shift in terminology was initially proposed by BBVA Research (later followed by Goldman Sachs) with the aim of switching from the existing static concept to something more dynamic, that could better indicate market potential.
(PPP). EAGLEs share will be slightly above 50% whereas the G7 share will only reach 14%. As reported by BBVA research, China will play a key role during this decade representing almost 30% of total world growth; 2.4 times more than the other three BRIC countries. India and Brazil are expected to be the second and third highest contributors, followed by Indonesia and South Korea. Each will contribute to world growth more than Russia
, and if combined they will be 1.5 times higher than Brazil. Next on the list is Mexico
whose contribution is envisioned to surpass that of Germany
or the UK, in spite of its current GDP size (adjusted by PPP) is only 53% and 71% respectively. Finally on the list there are: Egypt
, Taiwan
and Turkey
whose Incremental GDP is predicted to be substantially larger than other developed economies, i.e., Canada
, France
and Italy
.
EAGLEs: Size and Incremental GDP
Gross Domestic Product
(USD PPP 2010 Trillion, Constant Prices)
, Nigeria
, Poland
, Colombia
, South Africa
, Malaysia, Pakistan
, Vietnam
, Bangladesh
, Argentina
, Peru
, and the Philippines
. Altogether their Incremental GDP will be almost 8% of total world growth.
. The EAGLEs and the EAGLEs' Nest are in bold.
. Indeed, South Africa
is unquestionably a key African market but is it enough powerful to make it to a BRIC group? On the contrary, Egypt
could be considered to be a better take, even though its economy is relatively smaller but is expected to deliver more to the world’s growth in the coming years. Eventually, current political instability triggered black clouds above its economy that could result in losing its position as an EAGLE member.
regime. With recent changes in events, it is too early to assess its possible impact on the long term growth rate of this country. The experience of previous cases obviously offers only limited guidance, but it does suggest that the peaceful democratic transitions usually generate positive or neutral effects on growth. Possible fall out of the EAGLEs’ group is significant due to contractions in its activity but on the other hand falling out of Nest, would required a more severe shock which could only arise if the political transition will worsen triggering the collapse of the economy (e.g., civil war
).
(To delve deeper into the case of Egypt, refer to Economic Watch Can Egypt continue to be an EAGLE? BBVA Research 16/03/2011)
The EAGLEs concept
EAGLEs is a grouping acronym created in late 2010 by BBVA Research to identify all emerging economies, whose expected contribution to world’s gross domestic productGross domestic product
Gross domestic product refers to the market value of all final goods and services produced within a country in a given period. GDP per capita is often considered an indicator of a country's standard of living....
(GDP) in the next ten years is expected to be larger than the average of the G7 economies, excluding the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
. This is a dynamic concept where country members can change over time according to their forecasted performance relative to developed economies. In a first approach ten economies, sorted by relevance, have been identified: China
China
Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
, India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
, Brazil
Brazil
Brazil , officially the Federative Republic of Brazil , is the largest country in South America. It is the world's fifth largest country, both by geographical area and by population with over 192 million people...
, Indonesia
Indonesia
Indonesia , officially the Republic of Indonesia , is a country in Southeast Asia and Oceania. Indonesia is an archipelago comprising approximately 13,000 islands. It has 33 provinces with over 238 million people, and is the world's fourth most populous country. Indonesia is a republic, with an...
, South Korea
South Korea
The Republic of Korea , , is a sovereign state in East Asia, located on the southern portion of the Korean Peninsula. It is neighbored by the People's Republic of China to the west, Japan to the east, North Korea to the north, and the East China Sea and Republic of China to the south...
, Russia
Russia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
, Mexico
Mexico
The United Mexican States , commonly known as Mexico , is a federal constitutional republic in North America. It is bordered on the north by the United States; on the south and west by the Pacific Ocean; on the southeast by Guatemala, Belize, and the Caribbean Sea; and on the east by the Gulf of...
, Egypt
Egypt
Egypt , officially the Arab Republic of Egypt, Arabic: , is a country mainly in North Africa, with the Sinai Peninsula forming a land bridge in Southwest Asia. Egypt is thus a transcontinental country, and a major power in Africa, the Mediterranean Basin, the Middle East and the Muslim world...
, Taiwan
Taiwan
Taiwan , also known, especially in the past, as Formosa , is the largest island of the same-named island group of East Asia in the western Pacific Ocean and located off the southeastern coast of mainland China. The island forms over 99% of the current territory of the Republic of China following...
and Turkey
Turkey
Turkey , known officially as the Republic of Turkey , is a Eurasian country located in Western Asia and in East Thrace in Southeastern Europe...
.
EAGLEs and other economic concepts
As world economic growth rotates from developed to developing countries there has been increasing interest in identifying emerging marketsEmerging markets
Emerging markets are nations with social or business activity in the process of rapid growth and industrialization. Based on data from 2006, there are around 28 emerging markets in the world . The economies of China and India are considered to be the largest...
that will become global leaders, as well as increasing lobbying of some countries to be included in the BRIC definition. However, many economists have argued that the BRIC
BRIC
In economics, BRIC is a grouping acronym that refers to the countries of Brazil, Russia, India and China, which are all deemed to be at a similar stage of newly advanced economic development...
concept (Brazil, Russia, India and China) is outdated and have proposed alternative definitions. The EAGLEs concept is similar to other proposals in going beyond BRICs (such as the CIVETS
CIVETS
The CIVETS is an acronym for favored emerging markets coined in late 2009 by Robert Ward, Global Forecasting Director for the Economist Intelligence Unit . The term has also been used by HSBC's chief executive Michael Geoghegan...
, Next 11 or 7 percent club) but its methodology differs from others’ in several ways:
- It gives less relevance to economic size and population, which may be misleading.
- It focuses on the Incremental GDP (IGDP) economies will generate, instead of paying attention to the current or expected size of their GDP. This creates a situation where having big size or high growth rate is not enough on its own to be a key global player. It is a combination of both that really matters.
- The cut-off is explicit. In order to become an EAGLE member, each country’s expected Incremental GDP in the next 10 years needs to be greater than the one anticipated for the average of the G6 economies, G7 excluding the U.S.
- It is not a closed group and the concept is not linked to an acronym formed by a given set of countries.
- The results are based on a shorter horizon – 10 years – than the ones considered in other cases, ranging from 20 to 50 years.
There were several attempts over the years trying to implement the economic concept that will the best reflect the potential of emerging markets
Emerging markets
Emerging markets are nations with social or business activity in the process of rapid growth and industrialization. Based on data from 2006, there are around 28 emerging markets in the world . The economies of China and India are considered to be the largest...
in the coming years. After coining the BRIC concept by the Goldman Sachs
Goldman Sachs
The Goldman Sachs Group, Inc. is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients...
in 2001, there were other endeavors to find the best grouping acronym such as: CIVETS, Next Eleven
Next Eleven
The Next Eleven are eleven countries—Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, Philippines, South Korea, Turkey, and Vietnam — identified by Goldman Sachs investment bank and Jim O'Neill as having a high potential of becoming, along with the BRICS, the world's largest...
, 7 per cent club and the EAGLEs.
In January 2011, Goldman Sachs decided to re-define its current definition of Emerging Markets
Emerging markets
Emerging markets are nations with social or business activity in the process of rapid growth and industrialization. Based on data from 2006, there are around 28 emerging markets in the world . The economies of China and India are considered to be the largest...
and proposed a new term “Growth Markets”. The separation of Growth Markets from Emerging Markets is aimed to show the world’s most dynamic economies – those that are at least contributing 1 per cent to global growth (outside of the Developed World). In the first approach, eight economies have been identified and they were: BRIC economies plus Mexico
Mexico
The United Mexican States , commonly known as Mexico , is a federal constitutional republic in North America. It is bordered on the north by the United States; on the south and west by the Pacific Ocean; on the southeast by Guatemala, Belize, and the Caribbean Sea; and on the east by the Gulf of...
, South Korea
South Korea
The Republic of Korea , , is a sovereign state in East Asia, located on the southern portion of the Korean Peninsula. It is neighbored by the People's Republic of China to the west, Japan to the east, North Korea to the north, and the East China Sea and Republic of China to the south...
, Turkey
Turkey
Turkey , known officially as the Republic of Turkey , is a Eurasian country located in Western Asia and in East Thrace in Southeastern Europe...
and Indonesia
Indonesia
Indonesia , officially the Republic of Indonesia , is a country in Southeast Asia and Oceania. Indonesia is an archipelago comprising approximately 13,000 islands. It has 33 provinces with over 238 million people, and is the world's fourth most populous country. Indonesia is a republic, with an...
. This particular shift in terminology was initially proposed by BBVA Research (later followed by Goldman Sachs) with the aim of switching from the existing static concept to something more dynamic, that could better indicate market potential.
Results
According to BBVA research forecasts, world’s incremental GDP in the current decade is anticipated to grow over US$41 trillion adjusted by purchasing power parityPurchasing power parity
In economics, purchasing power parity is a condition between countries where an amount of money has the same purchasing power in different countries. The prices of the goods between the countries would only reflect the exchange rates...
(PPP). EAGLEs share will be slightly above 50% whereas the G7 share will only reach 14%. As reported by BBVA research, China will play a key role during this decade representing almost 30% of total world growth; 2.4 times more than the other three BRIC countries. India and Brazil are expected to be the second and third highest contributors, followed by Indonesia and South Korea. Each will contribute to world growth more than Russia
Russia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
, and if combined they will be 1.5 times higher than Brazil. Next on the list is Mexico
Mexico
The United Mexican States , commonly known as Mexico , is a federal constitutional republic in North America. It is bordered on the north by the United States; on the south and west by the Pacific Ocean; on the southeast by Guatemala, Belize, and the Caribbean Sea; and on the east by the Gulf of...
whose contribution is envisioned to surpass that of Germany
Germany
Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
or the UK, in spite of its current GDP size (adjusted by PPP) is only 53% and 71% respectively. Finally on the list there are: Egypt
Egypt
Egypt , officially the Arab Republic of Egypt, Arabic: , is a country mainly in North Africa, with the Sinai Peninsula forming a land bridge in Southwest Asia. Egypt is thus a transcontinental country, and a major power in Africa, the Mediterranean Basin, the Middle East and the Muslim world...
, Taiwan
Taiwan
Taiwan , also known, especially in the past, as Formosa , is the largest island of the same-named island group of East Asia in the western Pacific Ocean and located off the southeastern coast of mainland China. The island forms over 99% of the current territory of the Republic of China following...
and Turkey
Turkey
Turkey , known officially as the Republic of Turkey , is a Eurasian country located in Western Asia and in East Thrace in Southeastern Europe...
whose Incremental GDP is predicted to be substantially larger than other developed economies, i.e., Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
, France
France
The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...
and Italy
Italy
Italy , officially the Italian Republic languages]] under the European Charter for Regional or Minority Languages. In each of these, Italy's official name is as follows:;;;;;;;;), is a unitary parliamentary republic in South-Central Europe. To the north it borders France, Switzerland, Austria and...
.
EAGLEs: Size and Incremental GDP
Gross Domestic Product
Gross domestic product
Gross domestic product refers to the market value of all final goods and services produced within a country in a given period. GDP per capita is often considered an indicator of a country's standard of living....
(USD PPP 2010 Trillion, Constant Prices)
| Country | 2010 | 2020 | Incremental GDP |
|---|---|---|---|
| ' | 10.1 | 22.7 | 12.6 |
| ' | 4.0 | 7.6 | 3.6 |
| ' | 2.2 | 3.9 | 1.7 |
| ' | 1.0 | 2.0 | 0.9 |
| ' | 1.5 | 2.2 | 0.7 |
| ' | 2.2 | 2.8 | 0.6 |
| ' | 1.5 | 2.1 | 0.5 |
| ' | 0.5 | 0.9 | 0.4 |
| ' | 0.8 | 1.2 | 0.4 |
| ' | 1.0 | 1.4 | 0.4 |
| EAGLEs average | 2.5 | 4.6 | 2.1 |
| ' | 4.3 | 5.0 | 0.7 |
| ' | 2.9 | 3.4 | 0.4 |
| ' | 2.2 | 2.6 | 0.4 |
| ' | 1.3 | 1.7 | 0.3 |
| ' | 2.1 | 2.5 | 0.3 |
| ' | 1.8 | 1.9 | 0.2 |
| G6 average | 2.4 | 2.8 | 0.4 |
| ' | 14.6 | 18.2 | 3.6 |
| G7 average | 4.2 | 5.0 | 0.9 |
Watch list or the EAGLEs’ Nest
As part of the EAGLEs proposal, the EAGLEs’ Nest is a second set of countries with expected Incremental GDP in the next decade to be lower than the average of the G6 economies (G7 excluding the U.S.) but higher than Italy’s, the country which is anticipated to contribute least to global growth within the G7. The members are ThailandThailand
Thailand , officially the Kingdom of Thailand , formerly known as Siam , is a country located at the centre of the Indochina peninsula and Southeast Asia. It is bordered to the north by Burma and Laos, to the east by Laos and Cambodia, to the south by the Gulf of Thailand and Malaysia, and to the...
, Nigeria
Nigeria
Nigeria , officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in...
, Poland
Poland
Poland , officially the Republic of Poland , is a country in Central Europe bordered by Germany to the west; the Czech Republic and Slovakia to the south; Ukraine, Belarus and Lithuania to the east; and the Baltic Sea and Kaliningrad Oblast, a Russian exclave, to the north...
, Colombia
Colombia
Colombia, officially the Republic of Colombia , is a unitary constitutional republic comprising thirty-two departments. The country is located in northwestern South America, bordered to the east by Venezuela and Brazil; to the south by Ecuador and Peru; to the north by the Caribbean Sea; to the...
, South Africa
South Africa
The Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans...
, Malaysia, Pakistan
Pakistan
Pakistan , officially the Islamic Republic of Pakistan is a sovereign state in South Asia. It has a coastline along the Arabian Sea and the Gulf of Oman in the south and is bordered by Afghanistan and Iran in the west, India in the east and China in the far northeast. In the north, Tajikistan...
, Vietnam
Vietnam
Vietnam – sometimes spelled Viet Nam , officially the Socialist Republic of Vietnam – is the easternmost country on the Indochina Peninsula in Southeast Asia. It is bordered by China to the north, Laos to the northwest, Cambodia to the southwest, and the South China Sea –...
, Bangladesh
Bangladesh
Bangladesh , officially the People's Republic of Bangladesh is a sovereign state located in South Asia. It is bordered by India on all sides except for a small border with Burma to the far southeast and by the Bay of Bengal to the south...
, Argentina
Argentina
Argentina , officially the Argentine Republic , is the second largest country in South America by land area, after Brazil. It is constituted as a federation of 23 provinces and an autonomous city, Buenos Aires...
, Peru
Peru
Peru , officially the Republic of Peru , is a country in western South America. It is bordered on the north by Ecuador and Colombia, on the east by Brazil, on the southeast by Bolivia, on the south by Chile, and on the west by the Pacific Ocean....
, and the Philippines
Philippines
The Philippines , officially known as the Republic of the Philippines , is a country in Southeast Asia in the western Pacific Ocean. To its north across the Luzon Strait lies Taiwan. West across the South China Sea sits Vietnam...
. Altogether their Incremental GDP will be almost 8% of total world growth.
| Country | Average growth needed to become an EAGLE (2010–2020) |
The difference between required and forecasted growth |
|---|---|---|
| ' | 5.5 | 0.3 |
| ' | 4.4 | 0.9 |
| ' | 7.5 | 1.0 |
| ' | 5.6 | 1.4 |
| ' | 6.6 | 1.5 |
| ' | 5.2 | 1.6 |
| ' | 6.9 | 1.7 |
| ' | 6.2 | 1.8 |
| ' | 9.1 | 2.3 |
| ' | 9.4 | 2.7 |
| ' | 9.3 | 3.4 |
| ' | 7.8 | 3.5 |
Predictive lists of 50 largest economies by incremental GDP from 2010 to 2016
The following two tables are predictive lists of fifty largest economies by incremental GDP from 2010 to 2016 by International Monetary FundInternational Monetary Fund
The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
. The EAGLEs and the EAGLEs' Nest are in bold.
| Predictive List of Economies by Incremental Nominal GDP from 2010 to 2016 | Predictive List of Economies by Incremental GDP (PPP) from 2010 to 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Controversy
Arising controversy around the BRIC acronym entailed debate about the drawbacks assigned to a measurement of the economic significance for emerging marketsEmerging markets
Emerging markets are nations with social or business activity in the process of rapid growth and industrialization. Based on data from 2006, there are around 28 emerging markets in the world . The economies of China and India are considered to be the largest...
. Indeed, South Africa
South Africa
The Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans...
is unquestionably a key African market but is it enough powerful to make it to a BRIC group? On the contrary, Egypt
Egypt
Egypt , officially the Arab Republic of Egypt, Arabic: , is a country mainly in North Africa, with the Sinai Peninsula forming a land bridge in Southwest Asia. Egypt is thus a transcontinental country, and a major power in Africa, the Mediterranean Basin, the Middle East and the Muslim world...
could be considered to be a better take, even though its economy is relatively smaller but is expected to deliver more to the world’s growth in the coming years. Eventually, current political instability triggered black clouds above its economy that could result in losing its position as an EAGLE member.
The effects of the political turmoil in Egypt
The Egyptian economy has performed better than others in Africa over the last twenty years, driven mainly by a dynamic population and stable institutional environment (regarding policy and regulatory framework), guaranteed by the Hosni MubarakHosni Mubarak
Muhammad Hosni Sayyid Mubarak is a former Egyptian politician and military commander. He served as the fourth President of Egypt from 1981 to 2011....
regime. With recent changes in events, it is too early to assess its possible impact on the long term growth rate of this country. The experience of previous cases obviously offers only limited guidance, but it does suggest that the peaceful democratic transitions usually generate positive or neutral effects on growth. Possible fall out of the EAGLEs’ group is significant due to contractions in its activity but on the other hand falling out of Nest, would required a more severe shock which could only arise if the political transition will worsen triggering the collapse of the economy (e.g., civil war
Civil war
A civil war is a war between organized groups within the same nation state or republic, or, less commonly, between two countries created from a formerly-united nation state....
).
(To delve deeper into the case of Egypt, refer to Economic Watch Can Egypt continue to be an EAGLE? BBVA Research 16/03/2011)
Marketing
BBVA EAGLEs was presented on November 15, 2010. It has been referenced by the media world wide several times.See also
- Potential superpower
- Emerging marketsEmerging marketsEmerging markets are nations with social or business activity in the process of rapid growth and industrialization. Based on data from 2006, there are around 28 emerging markets in the world . The economies of China and India are considered to be the largest...
- Developed markets
- Next ElevenNext ElevenThe Next Eleven are eleven countries—Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, Philippines, South Korea, Turkey, and Vietnam — identified by Goldman Sachs investment bank and Jim O'Neill as having a high potential of becoming, along with the BRICS, the world's largest...
- CIVETSCIVETSThe CIVETS is an acronym for favored emerging markets coined in late 2009 by Robert Ward, Global Forecasting Director for the Economist Intelligence Unit . The term has also been used by HSBC's chief executive Michael Geoghegan...
- G7
- G8G8The Group of Eight is a forum, created by France in 1975, for the governments of seven major economies: Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. In 1997, the group added Russia, thus becoming the G8...
- G20
- 3G (countries)3G (countries)3G countries or Global Growth Generators countries are 11 countries economies which have been identified as sources of growth potential and of profitable investment opportunities.-Background:...
- IBSA Dialogue ForumIBSA Dialogue ForumThe IBSA Dialogue Forum is an international tripartite grouping for promoting international cooperation among these countries. It represents three important poles for galvanizing South-South cooperation and greater understanding between three important continents of the developing world namely,...
- BASIC countriesBASIC countriesThe BASIC countries are a bloc of four large developing countries – Brazil, South Africa, India and China – formed by an agreement on 28 November 2009...
+ Russia = BASICR
Media
Media, both national and international, have covered the new concept coined by BBVA Research on emerging economies called EAGLEs.- Países Eagles, países que crecerán por encima del G7 en los próximos anos. http://www.actibva.com/magazine/estudios-bbva/paises-eagles-paises-que-creceran-por-encima-del-g7-en-los-proximos-10-anos
- Eagles, Nuevo concepto de economías emergentes. http://www.capital.com.pa/?p=537
- Identifican a las EAGLE, con economías con mayor potencial de crecimiento. http://www.elmonetario.com.mx/
- El BBVA presenta a los EAGLE. http://www.infonomista.es/entorno/226-el-bbva-presenta-a-los-eagles
- ESADEgeo Center for Global Economy and Geopolitics http://www.esade.edu/research-webs/eng/esadegeo
- México, entre lideres emergentes BBVA http://www.eluniversal.com.mx/finanzas/83118.html
- BBVA: Los mercados del futuro.http://www.larepublica.com.uy/economia/432336-bbva-los-mercados-del-futuro
- Indonesia’s economy: Flying as high as an eagle http://www.thejakartaglobe.com/columnists/indonesias-economy-flying-as-high-as-an-eagle/424806
- South Africa urged to boost leadership skills for BRIC http://english.peopledaily.com.cn/90001/90777/90855/7272327.html
- Will Goldman’s new BRICwork stand up? http://blogs.reuters.com/davos/2011/01/17/will-goldmans-new-bricwork-stand-up/
- Should Egypt be the next Bric? http://blogs.ft.com/beyond-brics/2011/01/13/should-egypt-be-the-next-bric/
- S.Africa, not just another BRIC in the wall http://www.reuters.com/article/2010/12/29/us-safrica-bric-idUSTRE6BS1V720101229?pageNumber=2
Further readings
- Alicia García-Herrero, IESE Insight, Third Quarter The next emerging giants take flight
- Alicia García-Herrero and Stephen Schwartz,Indonesian Journal of Leadership, 15/08/2011 Indonesia's Economy set to fly like an Eagle
- Jeremy Gaunt. Reuters. 15/11/2010 What emerging animal are you?
- Bettina Wassener. The New York Times. 15/11/2010 New Term for Emerging Economies Is Suggested
- Jon Herskovitz. Reuters. 29/12/2010 Analysis: S.Africa, not just another BRIC in the wall
- The Economist. 26/11/2009 BRICS and BICIS
- James Newman. Business News Americas. 12/11/2010 BBVA adds its EAGLES to the BRIC, CIVETS debate – Regional
- Alicia García-Herrero, Daniel Navia, Mario Nigrinis. BBVA Research 15/12/2010 Why investors should focus on BBVA EAGLEs
- Alma Saavedra. El Economista. 16/11/2010 BBVA Research pone a volar EAGLES (only available in Spanish)
- Actibva. 17/11/2010 Paises EAGLEs: paises que crecerán por encima del G7 en los próximos 10 años (only available in Spanish)
- Globalasia. 18/11/2010 BBVA crea el concepto de países EAGLEs (only available in Spanish)
- Alicia Gonzalez. El Pais. 05/12/2010 Las 'águilas' toman el relevo (only available in Spanish)
- BBVA Research 16/03/2011 EAGLEs Quarterly Report 1Q 2011
- BBVA Research 09/06/2011 EAGLEs Quarterly Report 2Q 2011
- BBVA Research 09/09/2011 EAGLEs Quarterly Report 3Q 2011
- Alicia García-Herrero, Daniel Navia, José Ramón Perea. BBVA Research 16/03/2011 Can Egypt continue to be an EAGLE?
- Alicia García-Herrero, Daniel Navia, Mario Nigrinis. BBVA Research 15/11/2010 BBVA EAGLEs
- Alicia García-Herrero, Daniel Navia, Mario Nigrinis. BBVA Research 12/01/2011 Should South Africa be a BRIC?
- Alicia García-Herrero, Daniel Navia, Mario Nigrinis, Jose Ramón Perea, Alfonso Ugarte. BBVA Research 14/02/2011 Who are the EAGLEs? Driving Global Growth for the Next Ten Years
- Alicia García-Herrero, Daniel Navia, Mario Nigrinis. BBVA Research 15/12/2010 Why investors should focus on BBVA EAGLEs?
- BBVA Research 12/01/2011 Should South Africa be a BRIC?
External links
- KPMG Valores 09. Una Nueva Geometria Economica (only available in Spanish)
- Goldman Sachs:Building Better Global Economic BRICs November 2001
- Goldman Sachs:DreamingWith BRICs: The Path to 2050 October 2003
- Goldman Sachs:The N-11: More Than an Acronym March 2007
- Economist Intelligence Unit:cWorld economy: Beyond BRICS July 2010
- Economist Intelligence Unit:Another BRIC in the wall April 2008
- William Pesek Jr, Bloomberg,South Korea, Another `BRIC' in Global Wall December 2005
- Steve Johnson, Financial Times,Emerging Markets: Brics sceptics have their backs to the wall December 2006
- Economist Intelligence Unit:Land of Promise April 2007
- James Dunn, The Australian,Emerging markets put China, India in the shade August 2008
- China Martens, OutSourcing World,IBM Targets Russian Developers February 2006
- Beth Kowitt, CNNMoney, For Mr. BRIC, nations meeting a milestone June 2009
- Goldman Sachs, Asset Management: It is Time to Re-define Emerging Markets, 31 January 2011