Brazil, Russia, India and China – better known by the acronym BRIC – have powered ahead economically over the past decade and are forecast to become much larger emerging travel markets. GDP growth in the BRIC countries, with a combined population of almost 3 billion or 40% of the world’s people, is expected to continue producing high single digit annual growth rates. Each market has an expanding middle and upper class as affluence increases. Goldman Sachs argue that the BRIC countries could be among the four most dominant economies by the year 2050.
In addition, several other smaller economies, including the Middle East, are exhibiting rates of economic growth significantly ahead of the current and forecast growth in more mature western economies. As a consequence most consumer goods and service sectors are targeting the potential of the new emerging economies for increased sales.