What challenges do they face?
In their effort to create a market economy and to ensure sustainable development, emerging markets still face big challenges that come from fundamental problems associated with their traditional economic and political systems. A market economy requires those countries to redefine the role of the government in the development process and to reduce the government’s undue intervention. Another serious problem that those countries have to confront is controlling corruption, which distorts the business environment and impedes the development process. An even more challenging task for those countries is to undertake structural reforms with their financial system, legal system, and political system, so as to guarantee a disciplined and stable economy that is relatively free of political disturbances and interference.
