Short Briefings on Long Term Thinking - Baillie Gifford

Emerging markets: the next engines of global growth

Jun 3, 2025
Andrew Keiller, a partner at Baillie Gifford and an expert in emerging markets, dives into the transformative shifts reshaping the global economy. He discusses the surging demand for commodities and the explosive growth of the middle class in developing nations. Keiller highlights standout companies like lithium miner SQM and AI chipmaker SK Hynix, which are perfectly positioned to benefit from these trends. The potential of companies like Kazakhstan's super-app, Kaspi.kz, also showcases how digital innovation is revolutionizing the market landscape.
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INSIGHT

Emerging Markets Trade Shift

  • Emerging markets now trade about half their exports with each other, up from a quarter in 2000.
  • This shift means emerging economies grow more by their own momentum, less tied to Western cycles.
ADVICE

Design for Local Needs

  • Design products for emerging market neighbors, not just Western preferences.
  • This leads to innovations suited to local infrastructure, climates, and payment systems.
INSIGHT

Raw Material Powerhouse

  • Emerging markets control key raw materials like lithium and cobalt needed for green energy.
  • These economies are poised to be suppliers of necessity to Western countries targeting climate goals.
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