Half of CEOs based in developed markets believe that emerging economies are more important to their company's future, as do 68 per cent of CEOs who are themselves based in emerging markets, according to a Pricewaterhouse Coopers survey.
PwC surveyed 1,258 business leaders in 60 countries from September to December 2011, and conducted further in-depth interviews with 38 CEOs.
Let's see which countries CEOs think are the most important for overall growth.
Click NEXT to see where India ranks...
India among 10 countries that will see most growth
India
How many CEOs think India is most important: 14 per cent
Global ranking: 4
Almost a third of CEOs globally believe that their biggest opportunities for growth lie in developing new products and services to differentiate themselves and remain competitive.
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India among 10 countries that will see most growth
How many CEOs think China is most important: 30 per cent
Global ranking: 1
Thirty per cent are determined to expand share in existing markets. Above all, CEOs are looking to grow outside their home base, and are simultaneously building local capabilities in each of their important markets.
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India among 10 countries that will see most growth
The United States
How many CEOs think the US is most important: 22 per cent
Global ranking: 2
They are extending operational footprints, building strategic alliances and creating networks that include research and development, manufacturing and services support.
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India among 10 countries that will see most growth
Brazil
How many CEOs think Brazil is most important: 15 per cent
Global ranking: 3
Building manufacturing capacity, for example, is important for many CEOs in each of their key markets, so China faces increasing competition as CEOs reach further afield.
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India among 10 countries that will see most growth
Germany
How many CEOs think Germany is most important: 12 per cent
Global ranking: 5
Emerging economies are an increasingly important source of growth for most CEOs, whether these markets are close to home or 5,000 miles away.
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India among 10 countries that will see most growth
Russia
How many CEOs think Russia is most important: 8 per cent
Global ranking: 6
Yet developed and emerging economies alike are considered destinations that CEOs believe are critical for their organisations.
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India among 10 countries that will see most growth
The United Kingdom
How many CEOs think the UK is most important: 6 per cent
Global ranking: 7
Over 60 different economies were named by CEOs as key overseas markets. Solid growth and rising domestic spending power in more economies around the world, like Indonesia, Colombia and Turkey, for example, are propelling CEOs past a mindset focused solely on the BRICs.
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India among 10 countries that will see most growth
How many CEOs think France is most important: 5 per cent
Global ranking: 8
The US and Germany were among the economies identified by the most CEOs, and mentioned as economies where they are expanding capabilities.
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India among 10 countries that will see most growth
How many CEOs think Japan is most important: 5 per cent
Global ranking: 9
Nearly equal numbers of CEOs from developed and emerging markets identified the two countries as important.
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India among 10 countries that will see most growth
Australia
How many CEOs think Australia is most important: 4 per centGlobal ranking: 10
China presents a different picture of diversification: it's important to 37 per cent of CEOs based in developed economies versus 24 per cent of CEOs based in emerging economies.
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