‘                                                                Harvard Growth Lab Latest Forecasts’ combined with

                                           ’Welding Wire Imports and Exports by Major Countries, 2021 to 2023’

        China, India, Indonesia, Uganda, and Vietnam are projected to be among the fastest-growing economies for the coming decade, according to researchers at the Growth Lab at Harvard University. The new growth projections presented in The Atlas of Economic Complexity include the first detailed look at 2023 trade data, which reveal continued disruptions from the uneven economic recovery to the global pandemic. China is expected to be the fastest-growing economy per capita, although its growth rate is smaller than gains seen over the past decade.
        Growth over the coming decade is projected to take off in three growth poles, East Asia, Eastern Europe, and East Africa. Several Asian economies already hold the necessary economic complexity to drive the fastest growth over the coming decade to 2031, led by China, Cambodia, Vietnam, Indonesia, Malaysia, and India. In East Africa, several economies are expected to experience rapid growth, though driven more by population growth than gains in economic complexity, which include Uganda, Tanzania, and Mozambique. Eastern Europe holds strong growth potential for its continued advances in economic complexity, with Georgia, Lithuania, Belarus, Armenia, Latvia, Bosnia and Herzegovina, Romania, and Albania all ranking in the projected top 15 economies on a per capita basis. Outside these growth poles, the projections also show potential for Egypt to achieve more rapid growth. Other developing regions face more challenging growth prospects by making fewer gains in their economic complexity, including Latin America and the Caribbean and West Africa.
        “Countries that have diversified their production into more complex sectors, like Vietnam and China, are those that will lead global growth in the coming decade,” said Ricardo Hausmann, director of the Growth Lab, professor at the Harvard Kennedy School (HKS), and the leading researcher of The Atlas of Economic Complexity. “China and Vietnam already realized many of the income gains from their increased complexity. Nevertheless, they remain more complex than expected for their income level so will remain global growth poles.”
      After comprehensively analysing the multi-dimensional market dimensions, our company decided to focus on a certain region of the country and neighbouring countries, focusing on in-depth understanding of the local national culture, market conditions, market competition and other information. At the same time our company will be the next step in the development of the strategy is divided into the following three steps.
1.  Whether you are planning to enter a new market or expand into a new category, a wealth of on-the-ground experience in the target country and region can help brands make business decisions from scratch. From the initial feasibility study to the final Go-to-Market strategy, 
on-the-ground experience will ensure that brands make the most of in-depth cultural, socio-economic and linguistic insights when developing their localisation initiatives, guaranteeing that they diversify their products and services and innovate in ways that are truly beneficial to local consumers.
2. What works in other markets may not necessarily work in new ones. The key is to understand the new market from multiple perspectives and define a roadmap for success on a case-by-case basis. To mitigate risk, brands entering new markets must mine data from multiple sources, including market developments, competitor landscape, local and global trends, consumer perceptions and needs. With this information, brands can gain insights into the current and future direction of the market, as well as the impact of their entry, innovation, pricing and promotions.
3.  On-the-ground experience and an accurate understanding of local market conditions can give a brand a head start in developing a successful market entry strategy. 2024 will require brands to be flexible and responsive to fast-changing consumer behaviours, market instability and competitive landscapes. Rushing to develop a strategy that delivers an ultra-high ROI during the initial planning phase may result in little success. In 2024, ensuring that relevant data-based insights are readily available will be critical for brands to identify opportunities and address challenges.