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Pakistan in the NEXT-11 group of leading economic growth in 21st century

NEXT-11 economic growth
NEXT-11 economic growth

From around the world, the leading global institutions chosen 22 countries independently which will lead the economic growth in the 21st century. Currently, these countries are accounting almost 75% of the worlds GDP while 70% of its total population. It is applicable to have knowledge of the fact that all of these 22 countries account for a straight 10% of the countries in the World Bank’s global database. The most encouraging news for Pakistanis is that Pakistan itself has also been included and considered a premier among the 22 in leading global economic growth in 21st century’s timeline.

Way back in 2005, the nation was recorded to having produce almost all financial indicators as green and heading towards more elevated position; Pakistan was inducted into the list known as the NEXT-11, a cluster of the 11 countries that were to lead economic growth in the near future – Egypt, Mexico, Bangladesh, Vietnam, Philippines, South Korea, Turkey, Indonesia, Pakistan, Iran and Nigeria – as termed by the leading financial institutions and researchers in the world.

These countries are expected to lead matters right behind the G-7 nations – Germany, Japan, USA, Canada, France, and UK with exception of BRIC countries as well – Russia, India, China, and Brazil. For Pakistani’s, it is among the rare and honored privileges to be considered among the leading nations in the world.

Since its creation in 1986, the G-7 has been quite influential both on regional as well as international policies regarding education, carbon emission, healthcare and other environmental sustaining measures.  Unlike the G-7, BRIC was initiated in 2001 to create a shift in global economic power – taking scope outside of G-7 influence towards other developing nations in the world.

BRIC countries, combined, comprises for more than a quarter of the global mass and represents 40% of world’s population and it is quite likely that BRIC will overtake the G-7 countries, in bulk, by the year 2027. Predicted is also the scenario that the NEXT-11 will likely become the world’s biggest economies within 21st century following up BRIC and G-7 nations. The selection process of all NEXT-11 countries was based on the measures such as investment policies, macroeconomic stability, length of economy and a potential economic growth in the future.

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