15 countries that offer risky but high returns

While markets like China and India are showing signs of slowdown, frontier markets continue to be an attractive destination for adventurous investors.

Before an economy is categorized as an "emerging market", it is usually considered a "frontier market". Frontier markets are often characterized by underdeveloped infrastructures, weak legal systems and illiquid capital markets.

As such, they are considered much riskier than most investment classes. However, they often offer extraordinary growth opportunities that eclipse those offered by the more developed EMs.

In a recent report, Citi's Andrew Howell identifies 15 "Frontier" markets that will provide big returns for investors for decades, according to Business Insider.

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Argentina

Long-term GDP growth rate: 4.1 per cent

GDP per capita: $10,675

GDP: $435.2 billion

Population: 40.8 million

Adult literacy rate: 98 per cent

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Bangladesh

Long-term GDP growth rate: 7.5 per cent

GDP per capita: $764

GDP: $115.0 billion

Population: 150.5 million

Adult literacy rate: 56 per cent

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Egypt

Long-term GDP growth rate: 6.3 per cent

GDP per capita: $2,810

GDP: $231.9 billion

Population: 82.5 million

Adult literacy rate: 66 per cent

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Ghana

Long-term GDP growth rate: N/A

GDP per capita: $1,546

GDP: $38.6 billion

Population: 25.0 million

Adult literacy rate: 67 per cent

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Iraq

Long-term GDP growth rate: 7.6 per cent

GDP per capita: $3,325

GDP: $108.6 billion

Population: 32.7 million

Adult literacy rate: 78 per cent

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Kazakhstan

Long-term GDP growth rate: 4.5 per cent

GDP per capita: $11,115

GDP: $180.1 billion

Population: 16.2 million

Adult literacy rate: 100 per cent

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Kenya

Long-term GDP growth rate: N/A

GDP per capita: $868

GDP: $36.1 billion

Population: 41.6 million

Adult literacy rate: 87 per cent

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Mongolia

Long-term GDP growth rate: 6.9 per cent

GDP per capita: $3,127

GDP: $8.8 billion

Population: 2.8 million

Adult literacy rate: 97 per cent

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Nigeria

Long-term GDP growth rate: 8.4 per cent

GDP per capita: $1,521

GDP: $247.1 billion

Population: 162.5 million

Adult literacy rate: 61 per cent

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Pakistan

Long-term GDP growth rate: 4.9 per cent

GDP per capita: $1,155

GDP: $204.1 billion

Population: 176.7 million

Adult literacy rate: 56 per cent

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Romania

Long-term GDP growth rate: 3.5 per cent

GDP per capita: $8,645

GDP: $185.3 billion

Population: 21.4 million

Adult literacy rate: 98 per cent

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Sri Lanka

Long-term GDP growth rate: 6.6 per cent

GDP per capita: $2,795

GDP: $58.8 billion

Population: 21.0 million

Adult literacy rate: 91 per cent

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Ukraine

Long-term GDP growth rate: 3.7 per cent

GDP per capita: $3,604

GDP: $162.9 billion

Population: 45.2 million

Adult literacy rate: 100 per cent

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Venezuela

Long-term GDP growth rate: 4.3 per cent

GDP per capita: $10,525

GDP: $309.8 billion

Population: 29.4 million

Adult literacy rate: 95 per cent

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Vietnam

Long-term GDP growth rate: 7.4 per cent

GDP per capita: $1,370

GDP: $121.6 billion

Population: 88.8 million

Adult literacy rate: 93 per cent