As globalization and glocalization merge, the economic growth gap between developed and developing countries narrows significantly. The G7’s total GDP in 2000 was 133% of EAGLE’s GDP (emerging and developing economies). In 2016, the EAGLEs frog jumped growth by 128% from the G7. If the trend continues, this figure will reach 138% by 2020, and the projected GDP growth of the ARL will double the growth of the “Big Seven” by 2050 (G7 – 73 787 US dollars against E7 – 145 349 US dollars).
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Although EAGLE has a dynamic definition based on projected contributions to the global economy relative to the G6 (G7 minus the US), it is considered extremely important for foreign investment and the global market for innovation. The E7 countries are the forerunners of the world economy, and the EAGLE is considered the next frontier economy.
The Eagles have been a lucrative destination for the foreign investment and innovation portfolio. Developed countries are now completing labor-intensive manufacturing industries and introducing an additional manufacturing process through a smart factory and the Internet of Things (IoT). These manufacturing facilities as well as design and research centers are moving to these EAGLE countries for Greenfield investments. The government and corporations find it more appropriate to take advantage of the inexpensive advantage and availability of cheap labor in these emerging markets. Instead of stagnating on high indebtedness and accompanying the slow development of developed countries, investors now find healthy growth and the EAGLE budget deficit more convenient for business.
But low incomes and high unemployment pose a big problem for economies. Eagles are now getting into the “sweet spot” of consumer growth after 2017, when people earn more than $ 10 a day. Additional threats are a structural problem and a relatively costly market trade, especially in Latin America. Asian countries face the challenges of authoritarian government, political instability, terrorism, and technological adaptation between the Fourth Industrial Revolution and innovation.
To stimulate the rapid economic growth of eagles, developing countries should help identify determinants of external shock that could undermine potential growth. Deep, lasting transformations in the world economy are achieved through the skill of developing and developing countries. The monumental shift of this global economy can achieve a sustainable and balanced momentum if market liberalization, political stability, and infrastructural and institutional support are ensured. In addition, going beyond can help the founder of the world economy stay afloat. At the same time, corporations and governments capable of meeting the interests of Western democracies must effectively ensure optimal business and promote a regulatory environment for the new bourgeoisie of Asia, Africa, and beyond so that the eagles can move to the next level of economic advancement.