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61-442: When countries "graduate" from their emerging status, they are referred to as emerged markets , emerged economies or emerged countries , where countries have developed from emerging economy status, but have yet to reach the technological and economic development of developed countries. In the 1970s, "less developed countries" (LDCs) was the common term for markets that were less "developed" (by objective or subjective measures) than

122-693: A Master of Arts (MA) degree in economics from Sheffield University in 1978. He earned his PhD degree in economics from the University of Surrey in 1982, with a thesis titled An empirical investigation into the OPEC surplus and its disposal . On the 16 January 2024, O’Neill was granted an honorary Doctorate of Letters by the University of Hull . Early in his career, O'Neill worked at Bank of America and Marine Midland Bank . In 1988, he joined Swiss Bank Corporation where he became SBC's chief of global research. He joined Goldman Sachs in 1997 and he

183-483: A macroeconomic sense, outpaced their developing counterparts. Individual investors can invest in emerging markets by buying into emerging markets or global funds. If they want to pick single stocks or make their own bets they can do it either through ADRs (American depositor Receipts – stocks of foreign companies that trade on US stock exchanges) or through exchange traded funds (exchange traded funds or ETFs hold basket of stocks). The exchange traded funds can be focused on

244-677: A market emerges is now well understood and can easily be modeled. In 2009, Dr. Kvint published this definition: "an emerging market country is a society transitioning from a dictatorship to a free-market-oriented-economy, with increasing economic freedom, gradual integration with the Global Marketplace and with other members of the GEM (Global Emerging Market), an expanding middle class, improving standards of living, social stability and tolerance, as well as an increase in cooperation with multilateral institutions" In 2008 Emerging Economy Report,

305-835: A mild, generally humid climate, influenced by the North Atlantic Current . Western Europe is a heatwave hotspot, exhibiting upward trends that are three-to-four times faster compared to the rest of the northern midlatitudes. Western European languages mostly fall within two Indo-European language families: the Romance languages , descended from the Latin of the Roman Empire ; and the Germanic languages , whose ancestor language ( Proto-Germanic ) came from southern Scandinavia . Romance languages are spoken primarily in

366-505: A new economic concept, to identify key emerging markets. This classification is divided into two sets of developing economies. As of 2014, the groupings are as follows: EAGLEs (emerging and growth-leading economies): Expected Incremental GDP in the next 10 years to be larger than the average of the G7 economies, excluding the US. NEST : Expected Incremental GDP in the next decade to be lower than

427-467: A particular country (e.g., China, India) or region (e.g., Asia-Pacific, Latin America). The FTSE International Emerging Markets Index calculates how emerging a company is, and have helped many companies that are on low status emerge. They have been reported by many countries, including China , India , and Brazil . Also referred to as "emerged economy" or "emerged country". Emerging markets share

488-595: A traditional, market capitalization weighted method for country allocation. As of March end 2016, the EMBI Global's market capitalization was $ 692.3bn. For country inclusion, a country's GNI per capita must be below the Index Income Ceiling (IIC) for three consecutive years to be eligible for inclusion to the EMBI Global. J.P. Morgan defines the Index Income Ceiling (IIC) as the GNI per capita level that

549-584: Is A-/A3/A- (inclusive) or above for three consecutive years. J.P. Morgan has introduced what is called an "Index Income Ceiling" (IIC), defined as the income level that is adjusted every year by the growth rate of the World GNI per capita, provided by the World Bank as "GNI per capita, Atlas method (current US$ ) annually". Once a country has GNI per capita below or above the IIC level for three consecutive years,

610-418: Is a British economist best known for coining BRIC , the acronym that stands for Brazil , Russia , India , and China —the four once rapidly developing countries that he predicted would challenge the global economic power of the developed G7  economies. He is also a former chairman of Goldman Sachs Asset Management and former Conservative government minister. O'Neill was Commercial Secretary to

671-735: Is a multilingual thesaurus maintained by the Publications Office of the European Union . In this thesaurus, the countries of Europe are grouped into sub-regions. The following countries are included in the sub-group Western Europe: The Western European and Others Group is one of several unofficial Regional Groups in the United Nations that act as voting blocs and negotiation forums. Regional voting blocs were formed in 1961 to encourage voting to various UN bodies from different regional groups. The European members of

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732-779: Is a system devised by the United Nations Statistics Division (UNSD) which divides the countries of the world into regional and subregional groups, based on the M49 coding classification . The partition is for statistical convenience and does not imply any assumption regarding political or other affiliation of countries or territories. In the UN geoscheme, the following countries are classified as Western Europe: The CIA classifies seven countries as belonging to "Western Europe": The CIA also classifies three countries as belonging to "Southwestern Europe": EuroVoc

793-446: Is adjusted every year by the growth rate of the World GNI per capita, Atlas method (current US$ ), provided by the World Bank annually. An existing country may be considered for removal from the index if its GNI per capita is above the Index Income Ceiling (IIC) for three consecutive years as well as the country's long term foreign currency sovereign credit rating (the available ratings from all three agencies: S&P, Moody's & Fitch)

854-421: Is an alternative classification determined by Citigroup analysts as being countries with the most promising growth prospects for 2010–2050. These consist of Indonesia, Egypt, seven other emerging countries, and two countries not previously listed before, specifically Iraq and Mongolia . There has been disagreement about the reclassification of these countries, among others, for the purpose of acronym creation as

915-576: Is an enthusiastic football fan and played for the Bank of America's first team in London. He is a lifelong follower of Manchester United F.C. and served as a non-executive director from 2004 to 2005, before the club was returned to private ownership. On 2 March 2010, the Red Knights , a group of wealthy Manchester United fans believed to include O'Neill, confirmed interest in a possible takeover of

976-781: Is the general trend in the world, countries can also move from "more developed" to "less developed". Originally coined in 1981 by then World Bank economist Antoine Van Agtmael, the term is sometimes loosely used as a replacement for emerging economies , but really signifies a business phenomenon that is not fully described or constrained by such; these countries are considered to be in a transitional phase between developing and developed status. Examples of emerging markets include many countries in Africa, most countries in Eastern Europe, some countries of Latin America, some countries in

1037-843: The Carolingian Empire in the west, and in particular the Great Schism between Eastern Orthodoxy and Roman Catholicism , enhanced the cultural and religious distinctiveness between Eastern and Western Europe. After the conquest of the Byzantine Empire , center of the Eastern Orthodox Church, by the Muslim Ottoman Empire in the 15th century, and the gradual fragmentation of the Holy Roman Empire (which had replaced

1098-637: The Carolingian Empire ), the division between Roman Catholic and Protestant became more important in Europe than that with Eastern Orthodoxy. In East Asia , Western Europe was historically known as taixi in China and taisei in Japan, which literally translates as the " Far West ". The term Far West became synonymous with Western Europe in China during the Ming dynasty . The Italian Jesuit priest Matteo Ricci

1159-563: The Czech Republic , and city-states such as Singapore have transitioned from emerging to "emerged". These emerged markets tend to be characterized by higher incomes and relatively stable political schemes, compared to those categorized as emerging markets. Various sources list countries as "emerging economies" as indicated by the table below. A few countries appear in every list (BRICS, Mexico, Turkey, South Africa). Indonesia and Turkey are categorized with Mexico and Nigeria as part of

1220-793: The East–West Schism divided Christianity into Western Christianity and Eastern Christianity . This split Europe in two, with Western Europe primarily under the Catholic Church , and Eastern Europe primarily under the Eastern Orthodox Church . Ever since the Reformation in the 16th century, Protestantism has also been a major denomination in Europe, with Eastern Protestant and Eastern Catholic denominations also emerging in Central and Eastern Europe . During

1281-736: The Industrial Revolution , the concepts of " Eastern Europe " and "Western Europe" were more regularly used. The distinctiveness of Western Europe became most apparent during the Cold War , when Europe was divided for 40 years by the Iron Curtain into the Western Bloc and Eastern Bloc , each characterised by distinct political and economical systems. Prior to the Roman conquest, a large part of Western Europe had adopted

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1342-499: The MINT economies. While there are no commonly agreed upon parameters on which the countries can be classified as "Emerging Economies", several firms have developed detailed methodologies to identify the top performing emerging economies every year. While often treated as one group, emerging market economies are diverse in their factor endowments as well as real, financial, and external linkages. In November 2010, BBVA Research introduced

1403-597: The Philippines , South Korea , Turkey , and Vietnam , arguing they would be among the world's largest economies in the 21st century. He later used the term MIKT for Mexico, Indonesia, South Korea, and Turkey, and MINT for Mexico , Indonesia , Nigeria , and Turkey . O'Neill retired from the firm in 2013. He is on the International Advisory Board of the Centre for Rising Powers at

1464-811: The Roman Empire . The Western Roman Empire and the Eastern Roman Empire controlled the two divergent regions between the 3rd and the 5th centuries. The division between these two was enhanced during late antiquity and the Middle Ages by a number of events. The Western Roman Empire collapsed , starting the Early Middle Ages . By contrast, the Eastern Roman Empire, mostly known as the Greek or Byzantine Empire , survived and even thrived for another 1000 years. The rise of

1525-841: The U.S. President , Franklin D. Roosevelt , and the Premier of the Soviet Union , Joseph Stalin . Post-war Europe was divided into two major spheres: the Western Bloc , influenced by the United States , and the Eastern Bloc , influenced by the Soviet Union . With the onset of the Cold War, Europe was divided by the Iron Curtain . This term had been used during World War II by German Propaganda Minister Joseph Goebbels and, later, Count Lutz Schwerin von Krosigk in

1586-833: The United Kingdom . It was further revisited in 1954 at the Paris Conference , when the Western European Union was established. It was declared defunct in 2011 after the Treaty of Lisbon , and the Treaty of Brussels was terminated. When the Western European Union was dissolved, it had 10 member countries. Additionally, it had 6 associate member countries, 7 associate partner countries and 5 observer countries. The United Nations geoscheme

1647-562: The University of the Andes (Colombia) , and other universities of the Emerging Multinationals Research Network and beyond. The report launched the emerging economies "E20+1" grouping, that includes the top 20 emerging economies plus China. These economies are selected based on nominal gross domestic product (GDP) per capita, share in global trade and poverty levels. In the 2020 report, EMI published

1708-606: The CIA classification a little more liberally and including "South-Western Europe", would give the following calculation of Western Europe's population. The Hague is the seat of government The climate of Western Europe varies from Mediterranean in the coasts of Italy , Portugal and Spain to alpine in the Pyrenees and the Alps . The Mediterranean climate of the south is dry and warm. The western and northwestern parts have

1769-678: The Center for Knowledge Societies defines emerging economies as those "regions of the world that are experiencing rapid informationalization under conditions of limited or partial industrialization ". It appears that emerging markets lie at the intersection of non-traditional user behavior, the rise of new user groups and community adoption of products and services, and innovations in product technologies and platforms. More critical scholars have also studied key emerging markets like Mexico and Turkey. Thomas Marois (2012, 2) argues that financial imperatives have become much more significant and has developed

1830-701: The Middle East, Russia and some countries in Southeast Asia. Emphasizing the fluid nature of the category, political scientist Ian Bremmer defines an emerging market as "a country where politics matters at least as much as economics to the markets". The research on emerging markets is diffused within management literature. While researchers such as George Haley , Vladimir Kvint , Hernando de Soto , Usha Haley , and several professors from Harvard Business School and Yale School of Management have described activity in countries such as India and China, how

1891-764: The Treasury in the Second Cameron Ministry from May 2015 to September 2016. He chaired the UK's Independent Review into Antimicrobial Resistance from 2014 to 2016. He was the chairman of the Council of Chatham House , the Royal Institute of International Affairs from 2018 to 2021. O'Neill grew up in Gatley and attended Burnage Comprehensive . He obtained a Bachelor of Arts (BA) degree in 1977 and

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1952-547: The University of Cambridge, the QFINANCE Strategic Advisory Board, and board of Bruegel . On 2 July 2014, he was appointed by UK Prime Minister David Cameron to head an international commission to investigate global antimicrobial resistance . In 2018, Lord O'Neill published the book Superbugs: An Arms Race Against Bacteria co-written with Anthony McDonnell and Will Hall. In 2015, he

2013-572: The ancient Mediterranean world, the Roman Empire (both Western and Eastern ), and medieval " Christendom ". Beginning with the Renaissance and the Age of Discovery , roughly from the 15th century, the concept of Europe as "the West " slowly became distinguished from and eventually replaced the dominant use of "Christendom" as the preferred endonym within the area. By the Age of Enlightenment and

2074-700: The average of the G6 economies (G7 excluding the US) but higher than Italy's. Other emerging markets The Emerging Market Bond Index Global (EMBI Global) by J.P. Morgan was the first comprehensive EM sovereign index in the market, after the EMBI+. It provides full coverage of the EM asset class with representative countries, investable instruments (sovereign and quasi-sovereign), and transparent rules. The EMBI Global includes only USD-denominated emerging markets sovereign bonds and uses

2135-609: The country eligibility will be determined. The Emerging Markets Index by MasterCard is a list of the top 65 cities in emerging markets. The following countries had cities featured on the list: Launched in 2016 by Lourdes Casanova , Anne Miroux, at Emerging Markets Institute, at the Samuel Curtis Johnson Graduate School of Management , Cornell University , the Emerging Market Multinationals Report analyzes

2196-530: The developed countries such as the United States, Japan, and those in Western Europe . These markets were supposed to provide greater potential for profit but also more risk from various factors like patent infringement . This term was replaced by emerging market . The term is misleading in that there is no guarantee that a country will move from "less developed" to "more developed"; although that

2257-597: The different milestones of the E20 countries. In 2021, launched the EMI Ranking of the 500 largest companies by revenue (EMNC 500R), the 500 largest by market capitalization (500MC), and the 200 best ESG performer companies (200ESG). In 2022, the report released D-ESG ranking of the E20+1. The D-ESG ranking assesses countries based on their economic growth (D) and ESG performances. "Global Growth Generators", or 3G (countries) ,

2318-481: The dynamics of emerging markets owing to their peculiarity. The following table lists the GDP (PPP) projections of the 30 largest emerging economies for the year of 2024 (unless otherwise stated). Members of the G-20 major economies are in bold. Western Europe Western Europe is the western region of Europe . The region's extent varies depending on context. The concept of "the West" appeared in Europe in juxtaposition to "the East" and originally applied to

2379-401: The economic characteristics such as low income, high growth economies that use market liberalization as their main means of growth. Of course, emerging economies can develop out of such emerging status, entering the post-emerging stage. When emerging markets are promoted from their economic status, they are referred to as emerged markets. Countries like Israel , Poland , South Korea , Taiwan ,

2440-417: The economic performance of the emerging economies and emerging market multinationals (EMNCs), exploring among others the foreign investment, revenues, valuation and other business data of these firms with the help of the EMI research team. The second part of the report includes chapters by EmNet at the OECD Development Centre , International Finance Corporation at the World Bank Group , the business school at

2501-415: The fall of the Iron Curtain in 1989. West Germany peacefully absorbed East Germany , in the German reunification . Comecon and the Warsaw Pact were dissolved, and in 1991, the Soviet Union ceased to exist. Several countries which had been part of the Soviet Union regained full independence. In 1948 the Treaty of Brussels was signed between Belgium , France , Luxembourg , the Netherlands and

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2562-463: The financial world. Binder says that in the future investors will not necessarily think of the traditional classifications of " G10 " (or G7 ) versus "emerging markets". Instead, people should look at the world as countries that are fiscally responsible and countries that are not. Whether that country is in Europe or in South America should make no difference, making the traditional " blocs " of categorization irrelevant. Guégan et al. (2014) also discuss

2623-421: The following characteristics: At the beginning of the 2010s, more than 50 countries, representing 60% of the world's population and 45% of its GDP, matched these criteria. Among them, the BRICs. The term "rapidly developing economies" is being used to denote emerging markets such as The United Arab Emirates, Chile and Malaysia that are undergoing rapid growth. In recent years, new terms have emerged to describe

2684-448: The four decades of the Cold War , the definition of East and West was simplified by the existence of the Eastern Bloc . A number of historians and social scientists view the Cold War definition of Western and Eastern Europe as outdated or relegating. During the final stages of World War II , the future of Europe was decided between the Allies in the 1945 Yalta Conference , between the British Prime Minister , Winston Churchill ,

2745-402: The group are: In addition, Australia , Canada , Israel and New Zealand are members of the group, with the United States as observer. Using the CIA classification strictly would give the following calculation of Western Europe's population. All figures based on the projections for 2018 by the Population Division of the United Nations Department of Economic and Social Affairs . Using

2806-542: The highest gross domestic product in Europe and the largest financial surplus of any country, Luxembourg has the world's highest GDP per capita, and Germany has the highest net national wealth of any European state. Switzerland and Luxembourg have the highest average wage in the world, in nominal and PPP , respectively. Norway ranks highest in the world on the Social Progress Index . Jim O%27Neill, Baron O%27Neill of Gatley#Next Eleven Terence James O'Neill, Baron O'Neill of Gatley (born 17 March 1957)

2867-488: The idea of 'emerging finance capitalism' – an era wherein the collective interests of financial capital principally shape the logical options and choices of government and state elites over and above those of labor and popular classes. Julien Vercueil recently proposed an pragmatic definition of the "emerging economies", as distinguished from "emerging markets" coined by an approach heavily influenced by financial criteria. According to his definition, an emerging economy displays

2928-567: The largest developing countries such as BRIC (Brazil, Russia, India, and China), along with BRICET (BRIC + Eastern Europe and Turkey), BRICS (BRIC + South Africa), BRICM (BRIC + Mexico), MINT (Mexico, Indonesia, Nigeria and Turkey), Next Eleven (Bangladesh, Egypt, Indonesia, Iran, Mexico, Nigeria, Pakistan, the Philippines, South Korea, Turkey, and Vietnam) and CIVETS (Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa). These countries do not share any common agenda, but some experts believe that they are enjoying an increasing role in

2989-531: The last days of the war; however, its use was hugely popularised by Winston Churchill, who used it in his famous "Sinews of Peace" address on 5 March 1946 at Westminster College in Fulton, Missouri : From Stettin in the Baltic to Trieste in the Adriatic an iron curtain has descended across the Continent. Behind that line lie all the capitals of the ancient states of Central and Eastern Europe . Warsaw , Berlin , Prague , Vienna , Budapest , Belgrade , Bucharest and Sofia ; all these famous cities and

3050-427: The newly developed La Tène culture . As the Roman domain expanded, a cultural and linguistic division appeared between the mainly Greek -speaking eastern provinces, which had formed the highly urbanised Hellenistic civilisation , and the western territories, which in contrast largely adopted the Latin language. This cultural and linguistic division was eventually reinforced by the later political east–west division of

3111-528: The populations around them lie in what I must call the Soviet sphere, and all are subject, in one form or another, not only to Soviet influence but to a very high and in some cases increasing measure of control from Moscow. Although some countries were officially neutral , they were classified according to the nature of their political and economic systems. This division largely defines the popular perception and understanding of Western Europe and its borders with Eastern Europe . The world changed dramatically with

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3172-408: The protection of regional and minority languages are recognised political goals in Western Europe today. The Council of Europe Framework Convention for the Protection of National Minorities and the Council of Europe's European Charter for Regional or Minority Languages set up a legal framework for language rights in Europe. Western Europe is one of the richest regions of the world. Germany has

3233-660: The relevance of the terminology "emerging country" comparing the credit worthiness of so-called emerging countries to so-called developed countries. According to their analysis, depending on the criteria used, the term may not always be appropriate. The 10 Big Emerging Markets (BEM) economies are (alphabetically ordered): Argentina, Brazil, China, India, Indonesia, Mexico, Poland, South Africa, South Korea and Turkey. Egypt, Iran, Nigeria, Pakistan, Russia, Saudi Arabia, Taiwan, and Thailand are other major emerging markets . Newly industrialized countries are emerging markets whose economies have not yet reached developed status but have, in

3294-430: The southern and central part of Western Europe, Germanic languages in the northern part (the British Isles and the Low Countries ), as well as a large part of Northern and Central Europe . Other Western European languages include the Celtic group (that is, Irish , Scottish Gaelic , Manx , Welsh , Cornish and Breton ) and Basque , the only currently living European language isolate . Multilingualism and

3355-411: The world economy and on political platforms. Lists of emerging (or developed) markets vary; guides may be found in such investment information sources as EMIS (a Euromoney Institutional Investor Company), The Economist , or market index makers (such as MSCI ). In an Opalesque.TV video, hedge fund manager Jonathan Binder discusses the current and future relevance of the term "emerging markets" in

3416-426: Was appointed as the head of global economics research in 2001. In 2010, he headed Goldman Sachs's Division of Asset Management where O'Neill managed over $ 800 billion in assets. His new appointment was regarded as a symbol of Goldman's "efforts to reposition itself for Wall Street 's post- crisis era", one in which Goldman Sachs is " bullish " about the fact that emerging markets are "the future". In 2011, he

3477-500: Was created a Life Peer as Baron O'Neill of Gatley , of Gatley in the County of Greater Manchester , and took up an unpaid post in HM Government as the Commercial Secretary to the Treasury . In this role O'Neill's primary role was to work on the Northern Powerhouse project and to help reinvigorate trade with China . Following the resignation of David Cameron as Prime Minister his successor, Theresa May , kept O'Neill in post. In 2016, O'Neill resigned over concerns that May

3538-431: Was included in the 50 Most Influential ranking of Bloomberg Markets magazine. O'Neill coined the term " BRIC " in 2001 in "The World Needs Better Economic BRICs" in a Goldman Sachs's "Global Economic Paper" series, on the four emerging "BRIC" economies Brazil , Russia , India , and China . He later used the term "The Next Eleven" for Bangladesh , Egypt , Indonesia , Iran , Mexico , Nigeria , Pakistan ,

3599-439: Was not committed to the Northern Powerhouse project, making him the first member of May's ministry to resign. O'Neill sat in the House of Lords as a Conservative life peer from 28 May 2015 to 23 September 2016. After leaving the Conservatives, he then sat as a non-affiliated member of the House of Lords 23 September 2016 to 9 October 2017, and he has sat as a member of the crossbenchers since 9 October 2017. O'Neill

3660-451: Was one of the first writers in China to use the Far West as an Asian counterpart to the European concept of the Far East . In Ricci's writings, Ricci referred to himself as "Matteo of the Far West". The term was still in use in the late 19th and early 20th centuries. Christianity is the largest religion in Western Europe. According to a 2018 study by the Pew Research Center , 71.0% of Western Europeans identified as Christians. In 1054,

3721-621: Was seen with the BRICS. Estimating the demand for products or services in emerging markets and developing economies can be complex and challenging for managers. These countries have unique commercial environments and may be limited in terms of reliable data, market research firms, and trained interviewers. Consumers in some of these countries may consider surveys an invasion of privacy. Survey respondents may try to please researchers by telling them what they want to hear rather than providing honest answers to their questions. However some companies have dedicated their entire business units for understanding

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