An emerging market (EM, also an emerging country or an emerging economy) is a market that has some characteristics of a developed market, but does not fully meet its standards. This includes markets that may become developed markets in the future or were in the past. The term "frontier market" is used for developing countries with smaller, riskier, or more illiquid capital markets than "emerging". As of 2025, the economies of China and India are considered the largest emerging markets. The ten largest emerging economies by nominal GDP are 4 of the 9 BRICS countries (Brazil, Russia, India, and China) along with Mexico, South Korea, Indonesia, Turkey, Saudi Arabia, and Poland. The inclusion of South Korea, Poland, and sometimes Taiwan are debatable, given they are no longer considered emerging markets by the IMF and World Bank (for Korea and Taiwan). If we exclude South Korea, Poland and/or Taiwan, this list of top ten emerging markets would include Argentina and Thailand.
Emerging market economies' share of global PPP-adjusted GDP has risen from 27 percent in 1960 to around 53 percent by 2013. When countries "graduate" from their emerging status, they are referred to as emerged markets, emerged economies or emerged countries, where countries have developed from emerging economy status, but have yet to reach the technological and economic development of developed countries. According to a 2008 article in The Economist, many people find the term "emerging markets" outdated, but no alternate term has gained wide use. Emerging market hedge fund capital reached a record new level in the first quarter of 2011 of $121 billion.
