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Top Emerging Markets for Investment in 2024



See this visualization first on the Voronoi app.

Graphic illustrating the top ten emerging markets according to their FDI momentum in 2024.

Top Emerging Markets for Investment in 2024

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Foreign direct investment (FDI) refers to the investment made by individuals, companies, or entities from one country into businesses, assets, or ventures located in another country.

FDI plays a pivotal role in global economic development, as it facilitates capital flows, fosters business expansion, and contributes to job creation and economic growth.

In this graphic, we illustrate the top 10 emerging markets according to their FDI momentum in 2024. This ranking comes from fDi Intelligence and was published in December 2023.

Cambodia Tops the List

The 10 countries with the strongest FDI prospects for 2024 are spread across Asia, Africa, the Middle East, and Europe.

Asia features six countries on the list, with Cambodia expected to carry the strongest investment momentum this year.

With a GDP growth forecasted at 6.1% in 2024, up from 5.6% in 2023, the IMF expects Cambodia to be the fastest-growing economy in Southeast Asia. The country has strengthened its trade relationships with China, South Korea, and the EU.

Additionally, Cambodia has benefited from a recovery in tourism since China started lifting its COVID-related travel restrictions earlier in 2023.

CountryGDP GrowthGrowth in FDI Capex (CAGR '21-'23)Growth in FDI Projects (CAGR '21-'23)
🇰🇭 Cambodia6.1%393%110%
🇵🇭 Philippines5.9%312%51%
🇰🇪 Kenya5.3%246%50%
🇮🇶 Iraq2.9%371%95%
🇳🇦 Namibia2.7%570%83%
🇰🇿 Kazakhstan4.2%277%63%
🇦🇿 Azerbaijan2.5%413%116%
🇲🇦 Morocco3.6%204%27%
🇷🇸 Serbia3.0%219%29%
🇮🇳 India6.3%127%55%

Meanwhile, the IMF expects the Philippines, in second place, increase GDP growth from 5.3% to 5.9% in 2024. Both public and private investment have played a key role in reinforcing its growth, bolstered by the opening of the renewable energy sector to foreign investors.

Kenya occupies the third spot.

The African nation has seen increasing foreign direct investment in various sectors. Recently, the U.S.-based pharmaceutical company Moderna finalized an agreement to invest up to $500 million to build its first African facility for the production of messenger RNA (mRNA) vaccines in Kenya—one of the first of its kind in Africa.

The country’s energy sector has also attracted strong FDI interest, with Dubai-based AMEA Power announcing in September 2023 the intention to produce green hydrogen in Mombasa, with total investment estimated at $2.29 billion.

Serbia was the only country outside Asia and Africa to make it into the top 10, securing ninth place.

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Mapped: The 10 U.S. States With the Lowest Real GDP Growth

In this graphic, we show where real GDP lagged the most across America in 2023 as high interest rates weighed on state economies.



The Top 10 U.S. States, by Lowest Real GDP Growth

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

While the U.S. economy defied expectations in 2023, posting 2.5% in real GDP growth, several states lagged behind.

Last year, oil-producing states led the pack in terms of real GDP growth across America, while the lowest growth was seen in states that were more sensitive to the impact of high interest rates, particularly due to slowdowns in the manufacturing and finance sectors.

This graphic shows the 10 states with the least robust real GDP growth in 2023, based on data from the Bureau of Economic Analysis.

Weakest State Economies in 2023

Below, we show the states with the slowest economic activity in inflation-adjusted terms, using chained 2017 dollars:

RankStateReal GDP Growth 2023 YoYReal GDP 2023
3New York+0.7%$1.8T
7New Hampshire+1.2%$91B

Delaware witnessed the slowest growth in the country, with real GDP growth of -1.2% over the year as a sluggish finance and insurance sector dampened the state’s economy.

Like Delaware, the Midwestern state of Wisconsin also experienced declines across the finance and insurance sector, in addition to steep drops in the agriculture and manufacturing industries.

America’s third-biggest economy, New York, grew just 0.7% in 2023, falling far below the U.S. average. High interest rates took a toll on key sectors, with notable slowdowns in the construction and manufacturing sectors. In addition, falling home prices and a weaker job market contributed to slower economic growth.

Meanwhile, Georgia experienced the fifth-lowest real GDP growth rate. In March 2024, Rivian paused plans to build a $5 billion EV factory in Georgia, which was set to be one of the biggest economic development initiatives in the state in history.

These delays are likely to exacerbate setbacks for the state, however, both Kia and Hyundai have made significant investments in the EV industry, which could help boost Georgia’s manufacturing sector looking ahead.

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