ADVANCED VS EMERGING MARKETS: A DECADE OF CONTRIBUTION TO GLOBAL ECONOMIC GROWTH (2014–2024)

Hamdullah Azimi; Mohammad Yusuf Saleh; Imam Ali Sadid

ADVANCED VS EMERGING MARKETS: A DECADE OF CONTRIBUTION TO GLOBAL ECONOMIC GROWTH (2014–2024)

Abstract

Purpose- The purpose of this study is to examine and compare the contributions of advanced economies and emerging market and developing economies (EMDEs) to global nominal GDP from 2014 to 2024. Specifically, it analyzes decade-long growth patterns, structural economic shifts, and regional dynamics in order to assess the evolving distribution of global economic power and its implications for international policy and economic governance. Methodology- This study employs a quantitative research design based on secondary data collected from the IMF, World Bank, and UNCTAD. Descriptive statistics, comparative analysis, and graphical visualization techniques are applied to evaluate GDP contributions and trends, while countries are classified into advanced and emerging categories in line with IMF criteria. Findings- The findings reveal that although advanced economies still account for just over half of global nominal GDP, emerging markets have been steadily narrowing the gap. The United States and China together contribute 43% of global GDP, underscoring their systemic importance. Asia has emerged as the primary growth hub, combining the strength of both advanced and emerging economies, while Latin America, Africa, and parts of the Middle East continue to lag despite their demographic potential. Conclusion- The study concludes that the global economic landscape is becoming increasingly multipolar, with emerging economies gaining greater influence alongside advanced economies. This transformation highlights the need for inclusive global policy frameworks, stronger institutional cooperation, and sustainable development strategies to promote balanced and equitable growth across regions.

Keywords

References

Asian Development Bank (ADB). (2023). Asian Development Outlook 2023: Enabling Growth Through Digitalization. https://www.adb.org/publications/asian-development-outlook-2023
Baldwin, R. (2016). The great convergence: Information technology and the new globalization. Harvard University Press.
Bekaert, G., Harvey, C. R., & Mondino, T. (2023). Emerging equity markets in a globalized world. Emerging Markets Review, 56, 101034. https://doi.org/10.1016/j.ememar.2023.101034
Bremmer, I. (2010). The end of the free market: Who wins the war between states and corporations? Penguin.
Furman, J. (2024). Eight Questions—and Some Answers—on the US Fiscal Situation. Aspen Economic Strategy Group, Aspen Institute.
Ghemawat, P. (2018). The new global road map: Enduring strategies for turbulent times. Harvard Business Review Press. https://doi.org/10.1057/s41267-019-00267-z
International Monetary Fund. (2014–2024). World Economic Outlook Reports (Annual Editions). https://www.imf.org/en/Publications/WEO
International Monetary Fund. (2024). World Economic Outlook: Steady but slow—Global economy in transition. https://www.imf.org/en/Publications/WEO/Issues/2024/04/16/world-economic-outlook-april-2024

International Monetary Fund. (2023). World Economic Outlook: Navigating Global Divergences. https://www.imf.org/en/Publications/WEO
Kharas, H., & Gill, I. S. (2015). The Middle-Income Trap Turns Ten. Brookings Institution. https://www.brookings.edu/articles/the-middle- income-trap-turns-ten/
Kose, M. A., Ohnsorge, F., & Sugawara, N. (2021). A decade after the global recession: Lessons and challenges for emerging markets. Brookings Institution. https://www.brookings.edu/articles/a-decade-after-the-global-recession-lessons-and-challenges-for-emerging- markets/
Ma, G., Roberts, I. and Kelly, G. (2017). Rebalancing China's Economy: Domestic and International Implications. China & World Economy, 25, 1-31. https://doi.org/10.1111/cwe.1218s4
OECD. (2020). OECD Economic Surveys: Indonesia 2020. https://www.oecd.org/economy/surveys/indonesia-economic-snapshot/
Organisation for Economic Co-operation and Development. (2014–2023). OECD Economic Outlook (Various Issues). https://www.oecd.org/economic-outlook/
Reinhart, C. M., & Rogoff, K. S. (2009). This time is different: Eight centuries of financial folly. Princeton University Press.
Rodrik, D. (2015). Premature deindustrialization. Journal of Economic Growth, 21(1), 1–33. https://doi.org/10.1007/s10887-015-9122-3
Rubaj, P. (2023). Emerging markets as key drivers of the global economy. https://www.um.edu.mt/library/oar/handle/123456789/117335
Schwab, K. (2020). The global competitiveness report 2020: How countries are performing on the road to recovery. World Economic Forum. https://www.weforum.org/reports/the-global-competitiveness-report-2020
Statista. (2024). Gross domestic product (GDP) of the largest economies worldwide in 2024. https://www.statista.com/statistics/268173/countries-with-the-largest-gross-domestic-product-gdp/
Subramanian, A., & Felman, J. (2019). India’s great slowdown: What happened? What’s the way out? Center for International Development Working Paper No. 370, Harvard University. https://www.hks.harvard.edu/centers/cid/publications/faculty-working-papers/india-great- slowdown
UNCTAD. (2023). World Investment Report 2023: Investing in Sustainable Energy for All. United Nations https://unctad.org/publication/world-investment-report-2023
United Nations Conference on Trade and Development. (2014–2024). World Investment Reports. https://unctad.org/publication/world- investment-report
World Bank. (2014–2024). GDP (Current US$) by Country. https://data.worldbank.org/indicator/NY.GDP.MKTP.CD
World Economic Forum. (2020). The global competitiveness report 2020: How countries are performing on the road to recovery. https://www.weforum.org/reports/the-global-competitiveness-report-2020
World Bank. (2022). India Country Economic Update – April 2022: Recovery Amid Uncertainty. https://www.worldbank.org/en/country/india/publication/country-economic-update-april-2022
World Bank. (2023). Saudi Arabia Economic Monitor: Sustaining Reforms Amid Global Uncertainty. https://www.worldbank.org/en/country/saudiarabia/publication/economic-monitor
World Bank. (2024). Global Economic Prospects: Slowing Growth, Rising Risks. https://www.worldbank.org/en/publication/global-economic- prospects

Details

Primary Language

English

Subjects

Finance

Journal Section

Research Article

Authors

Hamdullah Azimi
0000-0002-0237-6349
Afghanistan

Mohammad Yusuf Saleh
0009-0007-9147-2386
Afghanistan

Imam Ali Sadid
0009-0008-5773-4634
Afghanistan

Publication Date

December 31, 2025

Submission Date

March 9, 2025

Acceptance Date

September 15, 2025

Published in Issue

Year 2025 Volume: 14 Number: 2

IZ

https://izlik.org/JA83ZH95PX

Cite

RIS / Bibtex

APA

Azimi, H., Saleh, M. Y., & Sadid, I. A. (2025). ADVANCED VS EMERGING MARKETS: A DECADE OF CONTRIBUTION TO GLOBAL ECONOMIC GROWTH (2014–2024). Journal of Business Economics and Finance, 14(2), 105-117. https://izlik.org/JA83ZH95PX

AMA

1.Azimi H, Saleh MY, Sadid IA. ADVANCED VS EMERGING MARKETS: A DECADE OF CONTRIBUTION TO GLOBAL ECONOMIC GROWTH (2014–2024). JBEF. 2025;14(2):105-117. https://izlik.org/JA83ZH95PX

Chicago

Azimi, Hamdullah, Mohammad Yusuf Saleh, and Imam Ali Sadid. 2025. “ADVANCED VS EMERGING MARKETS: A DECADE OF CONTRIBUTION TO GLOBAL ECONOMIC GROWTH (2014–2024)”. Journal of Business Economics and Finance 14 (2): 105-17. https://izlik.org/JA83ZH95PX.

EndNote

Azimi H, Saleh MY, Sadid IA (December 1, 2025) ADVANCED VS EMERGING MARKETS: A DECADE OF CONTRIBUTION TO GLOBAL ECONOMIC GROWTH (2014–2024). Journal of Business Economics and Finance 14 2 105–117.

IEEE

[1]H. Azimi, M. Y. Saleh, and I. A. Sadid, “ADVANCED VS EMERGING MARKETS: A DECADE OF CONTRIBUTION TO GLOBAL ECONOMIC GROWTH (2014–2024)”, JBEF, vol. 14, no. 2, pp. 105–117, Dec. 2025, [Online]. Available: https://izlik.org/JA83ZH95PX

ISNAD

Azimi, Hamdullah - Saleh, Mohammad Yusuf - Sadid, Imam Ali. “ADVANCED VS EMERGING MARKETS: A DECADE OF CONTRIBUTION TO GLOBAL ECONOMIC GROWTH (2014–2024)”. Journal of Business Economics and Finance 14/2 (December 1, 2025): 105-117. https://izlik.org/JA83ZH95PX.

JAMA

1.Azimi H, Saleh MY, Sadid IA. ADVANCED VS EMERGING MARKETS: A DECADE OF CONTRIBUTION TO GLOBAL ECONOMIC GROWTH (2014–2024). JBEF. 2025;14:105–117.

MLA

Azimi, Hamdullah, et al. “ADVANCED VS EMERGING MARKETS: A DECADE OF CONTRIBUTION TO GLOBAL ECONOMIC GROWTH (2014–2024)”. Journal of Business Economics and Finance, vol. 14, no. 2, Dec. 2025, pp. 105-17, https://izlik.org/JA83ZH95PX.

Vancouver

1.Hamdullah Azimi, Mohammad Yusuf Saleh, Imam Ali Sadid. ADVANCED VS EMERGING MARKETS: A DECADE OF CONTRIBUTION TO GLOBAL ECONOMIC GROWTH (2014–2024). JBEF [Internet]. 2025 Dec. 1;14(2):105-17. Available from: https://izlik.org/JA83ZH95PX