The emerging risk for global business in 2013 is the risk of missing out on the next emerging markets.
Having lived through the “BRIC” explosion as the global risk manager of a multi-national technology company, I understand why so much attention was paid to the emerging economies of Brazil, Russia, India and China through much of the past decade. The impact of the business opportunity created for many organizations was amazing.
However, the BRIC countries’ economies are maturing. I am therefore amazed at how little one hears in our industry regarding what is next! Clearly, globalization continues at a stunning pace.
If the first round of massive and rapid globalization produced four juggernauts of economic development that most companies were desperate to tap into and at times struggled to manage, shouldn’t more attention be paid NOW to round 2?
Dialogue with economists and academics supports attention to this subject today. While there are arguments for and against certain favorites based on politics, scale and headlines of the day, there appears to be a fair amount of consensus around Mexico, Indonesia, S. Korea and Turkey. Shall we call them MIKT? Are we ready?