Service Patterns and Management Initiatives in Newly Emerging Economies of the World

Abstract

There was a significant change in the direction of the economy as a whole beginning around the year 2000 and lasting for the next two decades. Total GDP in emerging markets has overtaken that of developed nations during the last several years, with “Emerging Asia and, in particular, China and India, at the vanguard. Developing markets have also witnessed unprecedented growth in trade and investment, with their share in global trade volume rising from 32% in 2000, to 46% in 2019. Also, in 2000, emerging economies attracted only 15% of FDI; this proportion has increased to 46% in 2019. The majority of the world's annual GDP growth has come from this area thus far. Economic downturns have hit all regions as a consequence of the COVID-19 pandemic, with far-reaching impacts on society and the economy.” There are signs of economic revival, but they will not materialise until the vaccines are produced and utilised as planned. When it comes to the global economic recovery, China and other Rising Asian countries are among the frontrunners. Yet, doubt remains because of the erratic speed and limited extent of vaccine rollouts, as well as the persistent emergence of dangerous new virus types.