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Africa is the world’s second largest, and second most populous continent, with a population of 1.2 billion+. It is noted as the world’s last untapped economic frontier, with 54 sovereign states and 10 non-sovereign territories. 

Africa’s growth outlook remains positive, boosted by expected increases in commodity prices and domestic demand. Domestic demand has consistently driven its growth. Meanwhile, better macroeconomic management, increased diversification and an improved business environment will maintain its growth resilience.


With a population of 1.3 billion, China is the second largest economy. Since initiating market reforms in 1978, China has shifted from a centrally-planned to a market-based economy and has experienced rapid economic and social development. GDP growth has averaged nearly 10 percent a year, making it the fastest sustained expansion by a major economy in history. This has lifted more than 800 million people out of poverty.


India is developing into an open-market economy, with a population of 1.3 billion.

The country's growth averaged nearly 7% per year from 1997 to 2017. Its diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services.

The outlook for India's long-term growth is moderately positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy.


With a population of 144 million, Russia is an upper middle income, mixed economy . It's primarily an energy exports revenue driven growth economy. The poverty rate in Russia, has increased marginally, while the share of the vulnerable population continues to grow.  After surviving a recent recession, the Russian economy returned to modest growth. Current growth composition remains similar to the pre-crisis one, driven mostly by mineral resource extraction and non-tradable sectors.


With a population of 204 million, Brazil is the world’s eighth-largest economy.

Government spending growth pushed public debt to 78% of GDP. The economy has also been affected by multiple corruption scandals involving private companies and government officials.

From 2000 to 2012, Brazil was one of the fastest growing major economies in the world, with an average annual GDP growth rate of over 5%.

After experiencing a recession the economy recently started to recover with a small % GDP growth, compared to the same period of the previous year, officially exiting the recession.

Its diverse economy makes it a favorite spot for equity investors, and its generally high interest rates and transparent monetary policy make it a favorite among fixed income investors worldwide

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