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Economics
New Economy

What If Deglobalization Is Good for Emerging Markets?

A drill operates in a salt flat to access lithium at Liex's 3Q lithium mine project near Fiambala, Catamarca province, Argentina.

A drill operates in a salt flat to access lithium at Liex's 3Q lithium mine project near Fiambala, Catamarca province, Argentina.

Photographer: Anita Pouchard Serra/Bloomberg
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Four trends are set to shape the world in the decades ahead: energy cost differentials, rising wages in China, nearshoring supply chains, and remote work. For emerging countries with the right natural resources and institutions, that means an opportunity to accelerate up the income ladder. Potential beneficiaries include Argentina, Colombia, and Mexico, as well as Malaysia and the Philippines.

Why these countries? They combine most of the ingredients of success: access to cheap energy, an abundant labor force, free trade with large parts of the global economy, and the ability to attract talent.