25 most open economies in the emerging world

There are some countries that have lots of restrictions on cross-border trade, while there are others that have far less controls.

Let's have a look at some of the most open economies in the emerging markets.

Source: The Economist

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Turkey

Rank in openness: 1

Turkey, one of the fastest growing economies in the world, is a major manufacturer of ships, construction materials, consumer electronics and home appliances. It has the most open market in the emerging world.

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South Africa

Rank in openness: 2

South Africa, one of the fastest growing economies in Africa, is a major producer of minerals, diamonds and foodstuff. It has far less restrictions than many other markets.

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Argentina

Rank in openness: 3

Argentina, one of the fastest growing economies in Latin America, has high standard of living and per capita income. The country is rich in natural resources, agriculture and less capital controls.

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Brazil

Rank in openness: 4

Brazil, one of the fastest growing economies in the world, is a major global manufacturing powerhouse.

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Chile

Rank in openness: 5

Chile, one of the most stable and prosperous nations in South America, has high per capita income and is also constantly ranked high in Human Development Index.

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Colombia

 Rank in openness: 6

Colombia, which has huge business relations with the United States, depends on petrochemical products, coffee and textile industry to power its economic engine.

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Mexico

Rank in openness: 7

Mexico, which also has huge business relations with the United States, has opened up many sectors to the private sector, including ports, railroads, telecommunications and electricity generation.

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Peru

Rank in openness: 8

Peru, one of the fastest-growing economies in the world, is a major exporter of copper, gold, zinc, textiles, chemicals and pharmaceuticals.

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Venezuela

Rank in openness: 9

Venezuela, which has huge reserves of oil and gas, is one of the biggest economies in South America.

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Saudi Arabia

Rank in openness: 10

Saudi Arabia, one of the biggest producers of oil and gas, has recently taken measures to open up its economy.

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Egypt

Rank in openness: 11

Egypt, one of the biggest economies in Africa, is struggling to boost its trade due to internal disturbances.

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Bangladesh

Rank in openness: 12

Bangladesh, a major exporter of textiles, has a more open economy than India.

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India

Rank in openness: 13

India, one of the fastest growing economies in the world, is struggling to open up its markets due to political pressures.

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Indonesia

Rank in openness: 14

Indonesia, one of the fastest growing economies in the world, is having a tough time in controlling its falling currency.

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Malaysia

Rank in openness: 15

Malaysia, one of the fastest growing economies in the world, is a major global trade hub.

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Pakistan

Rank in openness: 16

Pakistan, one of the major exporters of textiles and dry food, is facing tough economic situation due to internal disturbances.

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The Philippines

Rank in openness: 17

The Philippines, a major outsourcing destination, is projected to be the largest economy in the Southeast Asian region by 2050.

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Thailand

Rank in openness: 18

Thailand, a major tourist destination, has taken measures in recent years to open up its economy.

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Vietnam

Rank in openness: 19

Vietnam, which has a GDP per capita of $1328.60, is projected to become the 35th-largest economy in the world by 2025.

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Algeria

Rank in openness: 20

Algeria, which has huge reserves of oil and gas, has major trade relations with Spain, France, Italy and the United States.

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Russia

Rank in openness: 21

Russia, which has huge reserves of oil and gas, is one the biggest economies in the world.

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China

Rank in openness: 22

China, the fastest growing economy in the world, is a global manufacturing powerhouse.

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Ukraine

Rank in openness: 23

Ukraine, whose biggest import is natural gas, has major trading relations with the European Union, Russia, Belarus and Kazakhstan.

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Hungary

Rank in openness: 24

Hungary, whose private sector accounts for more than 80 per cent of GDP, is a big manufacturer of processed foods, textiles and pharmaceuticals.

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Poland

Rank in openness: 25

Poland, which was badly hit by the 2008 global economic crisis, has taken several measures in recent years to open up its market.