Peru is among the first in a list of ten countries set to take over as emerging economies from the powerful BRICS nations, a French credit body has said.
"After 10 years of frenetic growth, the BRICS [Brazil, Russia, India, China and South Africa] are slowing down sharply," the French trade credit and insurance group Coface said on Tuesday.
In a report entitled "Coface identifies 10 emerging countries hot on the heels of the BRICS," the organization said that average economic growth by the BRICS this year would be 3.2 percentage points less than the average in the past decade.
But "at the same time, other emerging countries are accelerating their development," Coface said.
Among them, a ‘top 10’ emerges with good production prospects and sufficient financing to support expansion. Coface divided these 10 new emerging economies it has identified into two groups.
The top five includes Peru, the Philippines, Indonesia, Colombia and Sri Lanka, which boast "strong potential confirmed by a sound business environment," Coface said.
These five nations "have a sound business climate (A4 or B), similar to that of the BRIC countries today."
The second group comprises Kenya, Tanzania, Zambia, Bangladesh and Ethiopia. However, these countries are marked by "very difficult or extremely difficult business environments which could hamper their growth prospects," it added.