THE NEW WORLD OF BUSINESS!!
There was a time, not so long ago, when it seemed the rugged promise of the globe’s economic frontier could be summed up with a simple acronym: BRIC. To investors and corporate prospectors alike, Brazil, Russia, India, and China were like Gold Rush towns high in the hills—deep, rich veins of commerce that could be tapped by anybody quick enough, industrious enough, and brave enough to stake a claim.

Another region showing great promise is sub-Saharan Africa, now home to the world’s fastest-growing middle class. Investors continue to think of Africa almost entirely as an exporter of oil, gas, metals, and minerals, but services are playing an ever larger role across the continent. And governance in many countries has improved sharply. The World Bank’s 2013–14 “Doing Business” report asserted that sub-Saharan Africa has benefited more than other regions from regulatory improvement. Few countries offer greater promise than Kenya.


Top 7 list

1. Colombia
2. Kenya
3. India
4. Indonesia
5. Malaysia
6. Mexico
7. Poland



India

Change has come to India, the lone BRIC country that’s worth holding on to. An obstructionist opposition is slowing the pace of reform, but Prime Minister Narendra Modi’s consolidation of power and his Bharatiya Janata Party’s state election victories should ultimately bring deep structural changes that ought to boost growth. The central and state governments’ liberalization of labor and environmental regulations, coupled with generous new financial incentives for investment, is improving the outlook for the manufacturing sector too. Authorities are redesigning policies to attract additional foreign investment into the manufacturing, hydrocarbons, insurance, defense, and railways sectors. With all of the above, the rate of economic growth, frustratingly slow in recent years, is likely to gather steam.

Indonesia

There’s also a fresh new face in Indonesia. President Joko Widodo, whom Fortune named to its inaugural list of “The World’s 50 Greatest Leaders” last year, has already cut costly fuel subsidies, and his administration is likely to enact business-friendly changes for the oil and gas sector. Savings from subsidy reduction will help fund ambitious infrastructure development plans, higher spending on education should gradually improve worker productivity, and a rapidly expanding middle class will create new commercial opportunities. Though he faces some resistance to more sweeping reforms, like the lifting of a ban on raw-ore exports,voters have made clear they expect better governance, and their new President appears committed to risking his political capital to deliver on his promises.


Kenya

Africa’s other large economies, Nigeria and South Africa, face more than their share of political and economic turmoil these days, but Kenya appears headed in the other direction. Backed by a majority in both legislative chambers, President Uhuru Kenyatta appears poised to advance long-delayed plans to develop the country’s power sector and national infrastructure. His government has strengthened the state’s security bureaucracy in the wake of recent terrorist attacks—and the decision by the International Criminal Court to withdraw charges against Kenyatta brings a new measure of stability. The implementation of IMF-supported fixes to central bank and treasury management ought to keep inflation in check and the currency stable as well.


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