As the West continues to be embroiled in sovereign debt crisis and economic malaise, the world's gravitas has been quietly shifting towards the emerging economies.
A BBVA research report "EAGLEs Flash" dated 24 July 2012 Click here outlines how fast the corporations of the so-called EAGLEs (Emerging And Growth Leading Economies) have expanded-
"EAGLEs are not only the largest contributors to global growth; their corporations are also becoming world-class players. In this year Fortune Global 500 ranking EAGLEs corporations’ revenue peaked up to 22% of total revenue reported. Their stronger relevance is even more dramatic when considering that in 2005 their share was only 7%".
"Among EAGLEs, Chinese companies are the ones with the largest current share of revenues, 14%, followed by Korean, Brazilian and Russian with a share around 2% each. Meanwhile G7’s corporations share decreased to 64% from 80% in 2005. US companies led the decline with a reduction of almost 9 percentage points".
"State Owned Enterprises (SOE) in oil business, utilities and finance lead the EAGLEs ranking, with the exception of two electronics private companies in Korea and Taiwan. These sectorial and ownership facts highlight the strategic role of commodities as well as banking in the growth agenda".
Clearly amongst the EAGLEs, China dwarfs the rest. This is reflected not only in the share of global corporate revenues reported but even more significantly in the overarching role of commodities in their growth, largely driven by China's breakneck resource-intensive demand in recent years.
In a Third Quater 2011 Issue 10 research report "On Wings of EAGLEs, The Nex Emerging Giants Take Flight", BBVA also identified a dozen other countries to watch in the so-called EAGLEs’ Nest. Common across all EAGLEs are the rise of the consumer middle class, and
vast infrastructural requirements. Click here for this BBVA report.
The growing importance of the emerging economies is captured in my earlier analysis "Rise of the TIMBIs" – Jack A Goldstone in Foreign Policy" dated 15 January, 2012 . Click here
A further BBVA update (September 2012) showcases the latest rise of the Philippines as a smaller EAGLE.
Download BBVA Research Update – Can the Philippines become a EAGLE

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