A new concept for a new economic intelligence is born!
By Terence Tse, Mark Esposito & Khaled Soufani
Our article is dedicated to provide a working definition of these markets, which we call “Fast-Expanding Markets” (FEMs). The need to coin a new term for such markets is increasingly urgent, as commonly used terms are deficient. For instance, “emerging economies” or “developed markets”, whilst popular, focus only on markets at the country level. In contrast, the term FEM is far more encompassing, as it is not restricted to traditionally defined boundaries, such as geographical, industrial or firm boundaries. It is sufficiently general to refer to any rapidly growing opportunity, with the market as a focal point, regardless of whether that market exists on a supranational, national, regional, industry, cluster or firm level. While it is possible to argue that the term is too broad or unspecific to pinpoint real economic drivers and determinants of growth, it is exactly this unique characteristic that allows managers and policy makers to find new sources of wealth and prosperity. In short, thinking along the lines of FEM frees our minds from the restrictions and boundaries of geographies or industries, and enables us to consider markets from new perspectives and to find new ways of achieving economic growth.