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While markets like China and India are showing signs of slowdown, frontier markets continue to be an attractive destination for adventurous investors.
Before an economy is categorized as an "emerging market", it is usually considered a "frontier market". Frontier markets are often characterized by underdeveloped infrastructures, weak legal systems and illiquid capital markets.
As such, they are considered much riskier than most investment classes. However, they often offer extraordinary growth opportunities that eclipse those offered by the more developed EMs.
In a recent report, Citi's Andrew Howell identifies 15 "Frontier" markets that will provide big returns for investors for decades, according to Business Insider.
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Argentina
Long-term GDP growth rate: 4.1 per cent
GDP per capita: $10,675
GDP: $435.2 billion
Population: 40.8 million
Adult literacy rate: 98 per cent
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Bangladesh
Long-term GDP growth rate: 7.5 per cent
GDP per capita: $764
GDP: $115.0 billion
Population: 150.5 million
Adult literacy rate: 56 per cent
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Egypt
Long-term GDP growth rate: 6.3 per cent
GDP per capita: $2,810
GDP: $231.9 billion
Population: 82.5 million
Adult literacy rate: 66 per cent
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Ghana
Long-term GDP growth rate: N/A
GDP per capita: $1,546
GDP: $38.6 billion
Population: 25.0 million
Adult literacy rate: 67 per cent
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Iraq
Long-term GDP growth rate: 7.6 per cent
GDP per capita: $3,325
GDP: $108.6 billion
Population: 32.7 million
Adult literacy rate: 78 per cent
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Kazakhstan
Long-term GDP growth rate: 4.5 per cent
GDP per capita: $11,115
GDP: $180.1 billion
Population: 16.2 million
Adult literacy rate: 100 per cent
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Kenya
Long-term GDP growth rate: N/A
GDP per capita: $868
GDP: $36.1 billion
Population: 41.6 million
Adult literacy rate: 87 per cent
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Mongolia
Long-term GDP growth rate: 6.9 per cent
GDP per capita: $3,127
GDP: $8.8 billion
Population: 2.8 million
Adult literacy rate: 97 per cent
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Nigeria
Long-term GDP growth rate: 8.4 per cent
GDP per capita: $1,521
GDP: $247.1 billion
Population: 162.5 million
Adult literacy rate: 61 per cent
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Pakistan
Long-term GDP growth rate: 4.9 per cent
GDP per capita: $1,155
GDP: $204.1 billion
Population: 176.7 million
Adult literacy rate: 56 per cent
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Romania
Long-term GDP growth rate: 3.5 per cent
GDP per capita: $8,645
GDP: $185.3 billion
Population: 21.4 million
Adult literacy rate: 98 per cent
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Sri Lanka
Long-term GDP growth rate: 6.6 per cent
GDP per capita: $2,795
GDP: $58.8 billion
Population: 21.0 million
Adult literacy rate: 91 per cent
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Ukraine
Long-term GDP growth rate: 3.7 per cent
GDP per capita: $3,604
GDP: $162.9 billion
Population: 45.2 million
Adult literacy rate: 100 per cent
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Venezuela
Long-term GDP growth rate: 4.3 per cent
GDP per capita: $10,525
GDP: $309.8 billion
Population: 29.4 million
Adult literacy rate: 95 per cent
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Vietnam
Long-term GDP growth rate: 7.4 per cent
GDP per capita: $1,370
GDP: $121.6 billion
Population: 88.8 million
Adult literacy rate: 93 per cent