An emerging market is a country that has some characteristics of a developed market, but does not meet standards to be a developed market.[1] This includes countries that may become developed markets in the future or were in the past.[2] The term "frontier market" is used for developing countries with slower economies than "emerging".[3][4] The economies of China and India are considered to be the largest.[5] According to The Economist, many people find the term outdated, but no new term has gained traction.[6]Emerging market hedge fund capital reached a record new level in the first quarter of 2011 of $121 billion.[7] The four largest emerging and developing economies by either nominal or PPP-adjusted GDP are the BRIC countries (Brazil, Russia, India and China). The next five largest markets are South Korea (though, considered a developed market), Mexico, Indonesia, Turkey, and Saudi Arabia. Iran is also considered an emerging market.[8]
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