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25 most open economies in the emerging world

September 13, 2013 08:39 IST

25 most open economies in the emerging world

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There are some countries that have lots of restrictions on cross-border trade, while there are others that have far less controls.

Let's have a look at some of the most open economies in the emerging markets.

Source: The Economist

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Image: Kremlin Beklemishevskaya Tower, also known as Moskvoretskaya, in central Moscow, Russia.
Photographs: Sergei Karpukhin/Reuters
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Turkey

Rank in openness: 1

Turkey, one of the fastest growing economies in the world, is a major manufacturer of ships, construction materials, consumer electronics and home appliances. It has the most open market in the emerging world.

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Image: A view of Istanbul's financial district, Turkey.
Photographs: Murad Sezer/Reuters
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25 most open economies in the emerging world

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South Africa

Rank in openness: 2

South Africa, one of the fastest growing economies in Africa, is a major producer of minerals, diamonds and foodstuff. It has far less restrictions than many other markets.

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Image: A shopper walks past a Foschini store at a shopping centre in Lenasia in Johannesburg, South Africa.
Photographs: Siphiwe Sibeko/Reuters

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25 most open economies in the emerging world

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Argentina

Rank in openness: 3

Argentina, one of the fastest growing economies in Latin America, has high standard of living and per capita income. The country is rich in natural resources, agriculture and less capital controls.

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Image: Overview of Buenos Aires' 9 de Julio Avenue with the Obelisk in the background, Argentina.
Photographs: Enrique Marcarian/Reuters

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25 most open economies in the emerging world

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Brazil

Rank in openness: 4

Brazil, one of the fastest growing economies in the world, is a major global manufacturing powerhouse.

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Image: Tourists take pictures with the Rodrigo de Freitas Lagoon in the background in Rio de Janeiro, Brazil.
Photographs: Ricardo Moraes/Reuters
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25 most open economies in the emerging world

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Chile

Rank in openness: 5

Chile, one of the most stable and prosperous nations in South America, has high per capita income and is also constantly ranked high in Human Development Index.

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Image: A view of Santiago City, Chile.
Photographs: Victor Ruiz Caballero/Reuters

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25 most open economies in the emerging world

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Colombia

 Rank in openness: 6

Colombia, which has huge business relations with the United States, depends on petrochemical products, coffee and textile industry to power its economic engine.

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Image: A view of illuminated Christmas decorations at Monserrate church in Bogota, Colombia.
Photographs: John Vizcaino/Reuters

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25 most open economies in the emerging world

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Mexico

Rank in openness: 7

Mexico, which also has huge business relations with the United States, has opened up many sectors to the private sector, including ports, railroads, telecommunications and electricity generation.

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Image: Ice skaters on a rink in Mexico City's historic Zocalo Square.
Photographs: Edgard Garrido/Reuters

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25 most open economies in the emerging world

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Peru

Rank in openness: 8

Peru, one of the fastest-growing economies in the world, is a major exporter of copper, gold, zinc, textiles, chemicals and pharmaceuticals.

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Image: People walk in the main plaza in Cuzco, Peru.
Photographs: Mariana Bazo/Reuters
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Venezuela

Rank in openness: 9

Venezuela, which has huge reserves of oil and gas, is one of the biggest economies in South America.

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Image: People have a drink at 360, a three-tiered rooftop bar, in Caracas, Venezuela.
Photographs: Jorge Silva/Reuters

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25 most open economies in the emerging world

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Saudi Arabia

Rank in openness: 10

Saudi Arabia, one of the biggest producers of oil and gas, has recently taken measures to open up its economy.

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Image: Kingdom Tower in Riyadh, Saudi Arabia.
Photographs: Ali Jarekji/Reuters

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Egypt

Rank in openness: 11

Egypt, one of the biggest economies in Africa, is struggling to boost its trade due to internal disturbances.

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Image: A view of Nile River in Cairo, Egypt.
Photographs: Aladin Abdel Naby/Reuters
Tags: Egypt , Africa

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Bangladesh

Rank in openness: 12

Bangladesh, a major exporter of textiles, has a more open economy than India.

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Image: People carry masks during a rally to celebrate Pohela Boishakh, the first day of Bengali new year, in Dhaka, Bangladesh.
Photographs: Andrew Biraj/Reuters

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India

Rank in openness: 13

India, one of the fastest growing economies in the world, is struggling to open up its markets due to political pressures.

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Image: Tourists carry earthen pitchers on their heads as they participate in Matka Race at Ladera village near Bikaner in Rajasthan.
Photographs: Stringer/Reuters
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Indonesia

Rank in openness: 14

Indonesia, one of the fastest growing economies in the world, is having a tough time in controlling its falling currency.

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Image: A view of Jakarta, Indonesia.
Photographs: Supri/Reuters
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Malaysia

Rank in openness: 15

Malaysia, one of the fastest growing economies in the world, is a major global trade hub.

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Image: A view of Petronas Twin Towers in Kuala Lumpur, Malaysia.
Photographs: Bazuki Muhammad/Reuters
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Pakistan

Rank in openness: 16

Pakistan, one of the major exporters of textiles and dry food, is facing tough economic situation due to internal disturbances.

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Image: Men walk with camels during sunset by the sea in Karachi, Pakistan.
Photographs: Athar Hussain/Reuters
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The Philippines

Rank in openness: 17

The Philippines, a major outsourcing destination, is projected to be the largest economy in the Southeast Asian region by 2050.

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Image: A view of Manila's Makati financial district in the Philippines.
Photographs: Cheryl Ravelo/Reuters

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Thailand

Rank in openness: 18

Thailand, a major tourist destination, has taken measures in recent years to open up its economy.

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Image: A skytrain passes over vehicles on road in Bangkok, Thailand.
Photographs: Kerek Wongsa/Reuters
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Vietnam

Rank in openness: 19

Vietnam, which has a GDP per capita of $1328.60, is projected to become the 35th-largest economy in the world by 2025.

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Image: An aerial view of Ho Chi Minh City in Vietnam.
Photographs: Kham/Reuters
Tags: Vietnam , GDP

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Algeria

Rank in openness: 20

Algeria, which has huge reserves of oil and gas, has major trade relations with Spain, France, Italy and the United States.

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Image: Coastguards cross the bay of the Mediterranean port of Algiers, Algeria.
Photographs: Zohra Bensemra/Reuters

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Russia

Rank in openness: 21

Russia, which has huge reserves of oil and gas, is one the biggest economies in the world.

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Image: A woman walks on the platform as a train arrives at Mayakovskaya metro station, which was built in 1938, in Moscow, Russia.
Photographs: Lucy Nicholson/Reuters
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China

Rank in openness: 22

China, the fastest growing economy in the world, is a global manufacturing powerhouse.

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Image: A view of the city skyline from the Zhongfu Building in Beijing, China.
Photographs: Jason Lee/Reuters
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Ukraine

Rank in openness: 23

Ukraine, whose biggest import is natural gas, has major trading relations with the European Union, Russia, Belarus and Kazakhstan.

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Image: Cars move down a street in central Kharkiv, Ukraine.
Photographs: Gleb Garanich/Reuters

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Hungary

Rank in openness: 24

Hungary, whose private sector accounts for more than 80 per cent of GDP, is a big manufacturer of processed foods, textiles and pharmaceuticals.

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Image: Parliament building is reflected on the icy Danube river in Budapest, Hungary.
Photographs: Laszlo Balogh/Reuters
Tags: Hungary , GDP

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Poland

Rank in openness: 25

Poland, which was badly hit by the 2008 global economic crisis, has taken several measures in recent years to open up its market.


Image: A view of Warsaw, Poland.
Photographs: Kacper Pempel/Reuters
Tags: Poland

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