Indeed, western economists tend to send out new marching orders, meaning that emerging countries should give up their successful export-led model of growth. /Arvind Subramanian, FT, 16 October 2020/
However, David Ricardo is all but dead and globalization is not a dead-end. Also, emerging countrys’ enterprises should strike the right balance between their global, regional and local markets. They must not give up any of them, just on the contrary, they should use all of them wisely.
It means that in expanding overseas markets, where size matters more than ever, they have to find niches. In a nutshell, they have to find shrinking future niches where they can grow fast. In regional markets, they can find their own voices with a bigger share in one larger economic field. Locally, they can build up a holding structure with several branches covering at least two areas, where they test their talent, resources and potential to go regional and global.
Emerging countries can and should grow rapidly by gaining a larger share in all the three markets.
Governor Matolcsy, MNB, the Central bank of Hungary