2024-10-17 00:29:00
S&P Global expects emerging markets to play a crucial role in shaping the global economy, contributing about 65% of growth by 2035. Even with expansion, many emerging markets have not addressed some issues, such as tax issues. On the bright side, many countries will benefit from the energy transition and changes in supply chain pathways, which should create opportunities to take advantage of abundant natural resources, large workforces and manufacturing capabilities.
Emerging economies will grow, on average, 4.06%, compared to 1.59% for advanced economies, S&P Global forecasts in a report released this Wednesday. By 2023, India will consolidate as the world’s third-largest economy, behind the United States and mainland China. Indonesia and Brazil will appear in eighth and ninth place respectively.
Over the next decade, emerging markets will be strategically positioned to drive global economic growth through the expansion of their home markets and to benefit from the reconfiguration of supply, trade and investment chains,” said Yann Le Pallec, Head of Services S&P global ratings.
S&P Global expects emerging countries to have a unique path to decarbonization. “Increasing electricity demand, abundant resources and decreasing technology costs will drive the transition to renewable energy,” estimates S&P.
By 2040, these markets are expected to develop nearly 6,000 gigawatts of clean energy projects, requiring more than $5 billion in investments, the agency projects.
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