Photograph by Dado Galdieri/Bloomberg

The Top 20 Emerging Markets

  1. Global Emerging Markets
    1

    Global Emerging Markets

    Investors have been pouring money into emerging markets—to the tune of $50 billion last year for mutual funds that invest in developing countries, according to EPFR Global. But not all emerging markets are created equal. Bloomberg Market magazine ranked the top 20, based on more than a dozen criteria. The data come from Bloomberg's own financial-market statistics, IMF forecasts, and the World Bank. The countries were also rated on areas of particular interest to foreign investors: the ease of doing business, the perceived level of corruption, and economic freedom. Asian nations dominated the top of the list, followed by Latin America. Surprisingly, off-the-beaten-path destinations in Africa also had a strong showing, even outscoring some members of the European Union.

    Photograph by Dado Galdieri/Bloomberg
  2. 20. Philippines
    2

    20. Philippines

    GDP growth, 2013 to 2017: 20.4%

    Inflation rate: 4.1%


    Government debt as % of GDP: 36.8

    Ease of doing business, rank: 138

    Total score: 38.1

    Photograph by Nigel Hicks
  3. 19. Morocco
    3

    19. Morocco

    GDP growth, 2013 to 2017: 27.7%

    Inflation rate: 2.5%

    Government debt as % of GDP: 57.8

    Ease of doing business, rank: 97

    Total score: 39.0

    Photograph by Simeone Huber
  4. 18. Hungary
    4

    18. Hungary

    GDP growth, 2013 to 2017: 15.6%

    Inflation rate: 3.1%

    Government debt as % of GDP: 75.7

    Ease of doing business, rank: 54

    Total score: 40.0

    Photograph by SIME/eStock Photo
  5. 17. Brazil
    5

    17. Brazil

    GDP growth, 2013 to 2017: 22.3%

    Inflation rate: 4.7%

    Government debt as % of GDP: 57.3

    Ease of doing business, rank: 130

    Total score: 40.1

    Photograph by Brunno Pessoa
  6. 16. Mexico
    6

    16. Mexico

    GDP growth, 2013 to 2017: 17.5%

    Inflation rate: 3.1%

    Government debt as % of GDP: 43.1

    Ease of doing business, rank: 48

    Total score: 42.1

    Photograph by SIME/eStock Photo
  7. 15. South Africa
    7

    15. South Africa

    GDP growth, 2013 to 2017: 19.9%

    Inflation rate: 4.9%

    Government debt as % of GDP: 43.9

    Ease of doing business, rank: 39

    Total score: 42.9

    Photograph by SIME/eStock Photo
  8. 14. Zambia
    8

    14. Zambia

    GDP growth, 2013 to 2017: 31.3%

    Inflation rate: 5.3%

    Government debt as % of GDP: 28.8

    Ease of doing business, rank: 94

    Total score: 43.0

    Photograph by Yvette Cardozo
  9. 13. Namibia
    9

    13. Namibia

    GDP growth, 2013 to 2017: 22.3%

    Inflation rate: 5.0%

    Government debt as % of GDP: 30.0

    Ease of doing business, rank: 87

    Total score: 44.4

    Photograph by Heeb Photos/eStock Photo
  10. 12. Poland
    10

    12. Poland

    GDP growth, 2013 to 2017: 21.2%

    Inflation rate: 2.5%

    Government debt as % of GDP: 54.2

    Ease of doing business, rank: 55

    Total score: 47.1

    Photograph by SIME/eStock Photo
  11. 11. Colombia
    11

    11. Colombia

    GDP growth, 2013 to 2017: 21.9%

    Inflation rate: 3.0%

    Government debt as % of GDP: 29.2

    Ease of doing business, rank: 45

    Total score: 48.4

    Photograph by Claudia Uripos/eStock Photo
  12. 10. Indonesia
    12

    10. Indonesia

    GDP growth, 2013 to 2017: 31.3%

    Inflation rate: 4.6%

    Government debt as % of GDP: 20.0

    Ease of doing business, rank: 128

    Total score: 49.1

    Photograph by Getty Images
  13. 9. Russia
    13

    9. Russia

    GDP growth, 2013 to 2017: 26.6%

    Inflation rate: 6.5%

    Government debt as % of GDP: 11.6

    Ease of doing business, rank: 112

    Total score: 49.9

    Photograph by SIME/eStock Photo
  14. 8. Chile
    14

    8. Chile

    GDP growth, 2013 to 2017: 24.2

    Inflation rate: 3.0

    Government debt as % of GDP: 12.9

    Ease of doing business, rank: 37

    Total score: 50.8

    Photograph by Cavan Images
  15. 7. Turkey
    15

    7. Turkey

    GDP growth, 2013 to 2017: 21.2%

    Inflation rate: 5.4%

    Government debt as % of GDP: 36.3

    Ease of doing business, rank: 71

    Total score: 51.0

    Photograph by Bruno Ehrs/Corbis
  16. 6. Malaysia
    16

    6. Malaysia

    GDP growth, 2013 to 2017: 21.8%

    Inflation rate: 2.5%

    Government debt as % of GDP: 54.6

    Ease of doing business, rank: 12

    Total score: 51.4

    Photograph by International Photobank/eStock Photo
  17. 5. Czech Republic
    17

    5. Czech Republic

    GDP growth, 2013 to 2017: 21.1%

    Inflation rate: 2.0%

    Government debt as % of GDP: 45.5

    Ease of doing business, rank: 65

    Total score: 53.8

    Photograph by SIME/eStock Photo
  18. 4. Peru
    18

    4. Peru

    GDP growth, 2013 to 2017: 27.4%

    Inflation rate: 2.1%

    Government debt as % of GDP: 17.2

    Ease of doing business, rank: 43

    Total score: 58.1

    Photograph by MIVA Stock/eStock Photo
  19. 3. Thailand
    19

    3. Thailand

    GDP growth, 2013 to 2017: 25.9%

    Inflation rate: 2.7%

    Government debt as % of GDP: 49.4

    Ease of doing business, rank: 18

    Total score: 58.7

    Photograph by Wolfgang Steiner
  20. 2. South Korea
    20

    2. South Korea

    GDP growth, 2013 to 2017: 22.9%

    Inflation rate: 2.9%

    Government debt as % of GDP: 27.3

    Ease of doing business, rank: 8

    Total score: 67.4

    Photograph by eStock Photo
  21. 1. China
    21

    1. China

    GDP growth, 2013 to 2017: 45.9%

    Inflation rate: 3.0%

    Government debt as % of GDP: 14.9

    Ease of doing business, rank: 91

    Total score: 77.5

    Click here to learn how we crunched the numbers. For more stories from Bloomberg Markets, click here.

    Photograph by Getty Images