Emerged Markets? A New Era of Growth
January 2026
A summary of our thought leadership on the resilience of Emerging Markets
Emerging markets have moved beyond their former status as secondary players in the global economy. Today, they are shaping growth narratives with confidence, leveraging technology, talent, and resilience to accelerate transformation at a pace many developed economies cannot match. This shift is not simply about numbers, although the figures are compelling. It reflects the rise of new financial ecosystems and a growing appetite for sophisticated services, supported by local innovation and global ambition.
Forecasts suggest that emerging markets will account for more than 60 per cent of global GDP growth in 2025, driven by investment in infrastructure, technology, and energy. Growth rates in these economies significantly outpace those of advanced nations, averaging 4.1 per cent compared with 1.5 per cent in developed markets. These figures underscore a structural shift that is redefining global competitiveness.
FORCES DRIVING TRANSFORMATION
Several related forces underpin this momentum: accelerated economic sector diversification, rapid digital adoption, and evolving regulatory frameworks. Urban centres are expanding, middle-income populations are growing, and entrepreneurial ecosystems are thriving. Governments are prioritising transport networks, renewable energy, and digital infrastructure to support long-term development. Countries such as Türkiye, Colombia, and Côte d’Ivoire are investing billions in transport and energy projects to strengthen regional trade, while Mexico and Vietnam are capitalising on nearshoring trends to become key players in global manufacturing.
Digital technologies are central to this transformation. Mobile-first platforms are widening access to financial services, e-commerce, and essential utilities. In Africa and Southeast Asia, mobile banking and digital wallets are reaching populations that were previously excluded from formal financial systems. Latin America is experiencing rapid growth in online marketplaces and digital payment solutions, supported by affordable data and expanding connectivity. Global spending on digital transformation is projected to total $2.8 trillion by the end of 2025, up from $1.8 trillion in 2022.
“Most Indonesians have leapfrogged technology use from only a small percentage of people having a landline at home a decade or so ago, to now almost everyone having a smart phone",
— Frans Sampelobo, IT Director, Moores Rowland Indonesia
“This has particularly helped the previously unbanked who can now do their banking online in the palm of their hand.”
Fintech ecosystems in cities such as Nairobi and Bogotá are revolutionising small business finance with tailored tools for underserved markets. These developments are not incremental; they represent a leapfrogging of legacy infrastructure, enabling emerging economies to bypass traditional banking models and accelerate financial inclusion.
BUILDING INDONESIA’S DIGITAL BACKBONE: HOW PRAXITY FIRMS EMPOWER INVESTORS
Indonesia’s digital economy is on a upward march, projected to reach $360 billion by 2030. With 212 million internet users and a government committed to digital transformation, the country is fast becoming Southeast Asia’s data centre hotspot. Global tech giants and regional players are investing heavily in hyperscale and edge facilities to meet rising demand for cloud services and local data storage, driven in part by data sovereignty regulations that require certain data to remain within national borders.
"Research is showing that Indonesia’ fast-growing digital economy is reflected in the surge of investments in the data centre sector and AI infrastructure”, — Frans Sampelobo, IT Director, Moores Rowland Indonesia
The reality of establishing these data centres is not without its complexity. Setting up and operating a data centre in Indonesia involves navigating multi-layered regulatory frameworks, environmental obligations, and corporate compliance requirements. For investors, these challenges can slow progress and increase risk. This is where Praxity firms, such as Moores Rowland Indonesia, play a pivotal role not as transactional service providers, but as strategic partners enabling autonomy and sustainable growth.
Whatever way investors choose to enter the data centre market there will be implications for tax, liability, and operational flexibility. Praxity firms guide clients through these decisions, aligning structure with long-term objectives and ensuring compliance with Indonesia’s foreign investment rules. This strategic groundwork is essential for building a resilient presence in a fast-evolving market.
Data centres are classified as high-energy, high-resource infrastructure, making compliance a critical and complex task. Investors must secure company registration, construction permits, and environmental impact assessments (AMDAL), all while meeting the basic national and regional regulations. Delays or missteps can cause delay and increased cost.
Firms within the Alliance bring deep local knowledge and multidisciplinary expertise to streamline these processes, reducing friction and ensuring legal adherence. Their role is not just an administrative box ticking exercise, it’s about creating clarity in complexity so the investor can focus on the growth and not get lost in the weeds of compliance. As the carbon impact of critical infrastructure increases, sustainability has become a defining factor in data centre investment. Indonesia’s government now actively encourages renewable energy integration and energy-efficient construction. Praxity firms support clients in embedding ESG principles into their projects fostering client confidence in a time when sustainability measures are becoming non- negotiable.
The role of Praxity firms enable clients to operate with independence while still ensuring compliance. As Indonesia cements its status as Southeast Asia’s digital powerhouse, investors want to enter the market responsibly, efficiently, and sustainably. With Praxity firms as trusted advisors, this journey can be about growth and not complexity.
“Investment trends are leaning away from the over-supplied office market to data centres and alternative segments such as logistics, education, healthcare, and hospitality."
— James Kallman, CEO, Moores Rowland Indonesia.
A YOUNG INNOVATIVE DEMOGRAPHIC
Innovation thrives in Emerging Markets, supported by flexible thinking and a willingness to experiment. Start-ups are developing solutions tailored to local challenges, from agricultural technology to logistics platforms. Public and private sectors are investing in incubators (to grow burgeoning business ideas) and research hubs, creating environments where ideas scale quickly. Staying close to these ecosystems with flexible models that can respond quickly to trends will enable professional services firms to capture emerging opportunities.
These markets are also home to large, youthful populations with growing access to education and digital skills. By 2030, two-thirds of the global youth workforce will be located in these economies. Firms such as JA Del Río in Mexico, Moores Rowland in Indonesia, Nwanda in South Africa, and FBM Advisory in Uruguay are investing in mentoring and structured knowledge-sharing programs. These initiatives develop skills in ESG compliance, renewable project financing, and cross-border tax planning, ensuring teams can support clients in complex sustainability transitions.
SPOTLIGHT ON AFRICA – CONVERSATION WITH AFRICA AND MIDDLE EAST REGIONAL CHAIR, BOB BORRILL
Africa is not a single market - it is 52 sovereign states with distinct currencies, regulators, and all at different stages of development. As Bob Borrill notes,
“You can’t talk about Africa as a homogeneous market… even within South Africa you’ll find first-world and third-world realities side by side.”
— Bob Borrill, Managing Director Nwanda Inc & Praxity Regional Chair Africa & Middle East
This diversity demands nuanced strategies rather than sweeping mass market approaches.
Growth is real but uneven. South Africa, Nigeria, and Kenya anchor formal services and finance, while resource-rich states attract investment in mining and energy. Infrastructure reliability is improving from a low base. “Power reliability is better now, businesses put solar on the roof and built around the grid,” says Bob. This bottom-up resilience reduces operational risk without masking ongoing fragility.
Africa’s digital story is mobile-led. Around three-quarters of South Africans have internet access, and mobile banking and e-commerce are thriving.
“Mobile banking and e-commerce are huge in South Africa… cloud tools and AI are freeing people to do higher-value work,” Bob explains. Mobile-first channels bypass legacy branch networks, accelerating financial inclusion and creating fertile ground for fintech partnerships.
Compliance frameworks are strengthening. South Africa’s removal from the FATF grey list followed significant upgrades in anti-money laundering controls. Bob is candid: enforcement remains uneven, but courts and professional oversight are strong. For cross-border operators, local knowledge is risk management, market-by-market exceptions on licensing, data handling, and reporting standards.
Necessity breeds innovation. African firms have adapted to volatility with distributed energy, flexible work models, and AI-driven automation. “Constraint bred agility,” Bob observes. These solutions; backup systems, mobile-first journeys are designed for resilience and often outperform traditional models.
South Africa produces high-calibre accountants and auditors, but shortages persist in finance, IT, and engineering. Global demand poaches top performers, forcing firms to offset gaps with process automation and cloud platforms. Bob highlights the mid-market advantage: “Younger professionals see everything early, accelerating their development.”
High mobile penetration and compliance uplift create space for scaled platforms in payments, lending, and e-commerce. Energy transition is another multi-year growth area with corporate and group investment in modernising the grid.
As some global networks scale back in higher-risk markets, locally rooted firms with global reach have room to win. Bob frames it simply: “Local knowledge is invaluable.” Praxity firms can de-risk market entry by navigating licensing, KYC/UBO, and exchange controls at speed, while designing resilient operating models that reflect local realities.
For professional services firms, these dynamics demand a shift in approach. Success depends on combining local insight with global expertise, designing resilient operating models, and leveraging technology to bridge talent gaps. Firms that understand the subtle differences of each market and commit to ongoing flexibility will be best positioned to help clients navigate complexity and capture growth.
CONCLUSION
Emerging markets are now setting the pace of global growth. Their trajectory is defined by innovation, connectivity, and resilience. For businesses and advisors alike, the message is clear: the future of global growth is being written in these regions, and those who engage early and with conviction will shape it.
Originally featured in Praxity Hub 30
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PASAR BERKEMBANG? ERA BARU PERTUMBUHAN
Ringkasan pemikiran kepemimpinan kami tentang ketahanan Pasar Berkembang
Pasar berkembang telah melampaui status lamanya sebagai pemain sekunder dalam perekonomian global. Saat ini, negara-negara ini secara percaya diri membentuk narasi pertumbuhan global dengan memanfaatkan teknologi, talenta, dan ketahanan untuk mendorong transformasi pada kecepatan yang tidak dapat disaingi oleh banyak negara maju.
Perubahan ini bukan sekadar soal angka, meskipun datanya sangat meyakinkan. Transformasi ini mencerminkan munculnya ekosistem keuangan baru serta meningkatnya permintaan terhadap layanan yang semakin canggih, yang didukung oleh inovasi lokal dan ambisi global.
Proyeksi menunjukkan bahwa pasar berkembang akan menyumbang lebih dari 60 persen pertumbuhan PDB global pada tahun 2025, didorong oleh investasi di bidang infrastruktur, teknologi, dan energi. Tingkat pertumbuhan ekonomi di negara-negara ini secara signifikan melampaui negara maju, dengan rata-rata 4,1 persen dibandingkan 1,5 persen.
Asia Pasifik dan Amerika Selatan memimpin dengan tingkat pertumbuhan masing-masing sebesar 7,87 persen dan 5,2 persen, diikuti Afrika sebesar 5,06 persen dan Eropa Timur sebesar 4,58 persen. Angka-angka ini menegaskan adanya pergeseran struktural yang tengah mendefinisikan ulang daya saing global.
KEKUATAN PENDORONG TRANSFORMASI
Sejumlah faktor saling terkait menopang momentum ini: percepatan diversifikasi sektor ekonomi, adopsi digital yang cepat, serta kerangka regulasi yang terus berkembang. Pusat-pusat perkotaan tumbuh pesat, populasi kelas menengah meningkat, dan ekosistem kewirausahaan berkembang.
Pemerintah memprioritaskan jaringan transportasi, energi terbarukan, dan infrastruktur digital untuk mendukung pembangunan jangka panjang. Negara seperti Türkiye, Kolombia, dan Pantai Gading menginvestasikan miliaran dolar pada proyek transportasi dan energi guna memperkuat perdagangan regional, sementara Meksiko dan Vietnam memanfaatkan tren nearshoring untuk menjadi pemain penting dalam manufaktur global.
Teknologi digital menjadi pusat dari transformasi ini. Platform berbasis mobile memperluas akses terhadap layanan keuangan, e-commerce, dan utilitas penting. Di Afrika dan Asia Tenggara, mobile banking dan dompet digital menjangkau masyarakat yang sebelumnya tidak terlayani oleh sistem keuangan formal. Amerika Latin mengalami pertumbuhan pesat marketplace daring dan solusi pembayaran digital, didukung oleh biaya data yang terjangkau dan konektivitas yang terus berkembang.
Belanja global untuk transformasi digital diproyeksikan mencapai USD 2,8 triliun pada akhir 2025, meningkat dari USD 1,8 triliun pada 2022.
“Sebagian besar masyarakat Indonesia telah melompati tahapan penggunaan teknologi, dari hanya sebagian kecil yang memiliki telepon rumah sekitar satu dekade lalu, menjadi hampir semua orang kini memiliki ponsel pintar,” — Frans Sampelobo, IT Director, Moores Rowland Indonesia, “Hal ini sangat membantu masyarakat yang sebelumnya tidak memiliki akses perbankan, karena kini mereka dapat melakukan transaksi keuangan langsung dari genggaman tangan.”
Ekosistem fintech di kota-kota seperti Nairobi dan Bogotá merevolusi pembiayaan usaha kecil melalui solusi yang dirancang khusus untuk pasar yang kurang terlayani. Perkembangan ini bukan bersifat bertahap, melainkan lompatan besar yang memungkinkan negara berkembang melewati infrastruktur lama dan mempercepat inklusi keuangan.
MEMBANGUN TULANG PUNGGUNG DIGITAL INDONESIA: BAGAIMANA FIRMA PRAXITY MEMBERDAYAKAN INVESTOR
Ekonomi digital Indonesia terus melaju dan diproyeksikan mencapai USD 360 miliar pada tahun 2030. Dengan 212 juta pengguna internet dan komitmen pemerintah terhadap transformasi digital, Indonesia dengan cepat menjadi pusat data center utama di Asia Tenggara.
Raksasa teknologi global dan pemain regional berinvestasi besar-besaran pada fasilitas hyperscale dan edge untuk memenuhi permintaan layanan cloud dan penyimpanan data lokal, yang sebagian didorong oleh regulasi kedaulatan data.
“Riset menunjukkan bahwa pertumbuhan pesat ekonomi digital Indonesia tercermin dari lonjakan investasi di sektor data center dan infrastruktur AI,” — Frans Sampelobo, IT Director, Moores Rowland Indonesia
Namun, pendirian data center di Indonesia tidak lepas dari kompleksitas. Prosesnya melibatkan kerangka regulasi berlapis, kewajiban lingkungan, serta persyaratan kepatuhan korporasi. Tantangan ini dapat memperlambat progres dan meningkatkan risiko bagi investor.
Di sinilah peran firma Praxity, seperti Moores Rowland Indonesia, menjadi krusial—bukan sekadar sebagai penyedia jasa transaksional, melainkan sebagai mitra strategis yang mendukung kemandirian dan pertumbuhan berkelanjutan.
Pilihan masuk ke pasar data center membawa implikasi terhadap pajak, tanggung jawab hukum, dan fleksibilitas operasional. Firma Praxity membimbing klien menyelaraskan struktur usaha dengan tujuan jangka panjang serta memastikan kepatuhan terhadap aturan investasi asing di Indonesia.
Data center dikategorikan sebagai infrastruktur berenergi tinggi dan berintensitas sumber daya, sehingga kepatuhan menjadi aspek yang kritis. Investor harus mengurus pendirian perusahaan, izin pembangunan, dan AMDAL, serta mematuhi regulasi nasional dan daerah. Kesalahan atau keterlambatan dapat meningkatkan biaya dan risiko.
Firma dalam aliansi Praxity menghadirkan pengetahuan lokal mendalam dan keahlian multidisipliner untuk menyederhanakan proses ini. Peran mereka bukan sekadar administrasi, tetapi menciptakan kejelasan di tengah kompleksitas agar investor dapat fokus pada pertumbuhan.
Seiring meningkatnya dampak karbon dari infrastruktur penting, keberlanjutan menjadi faktor utama dalam investasi data center. Pemerintah Indonesia kini mendorong integrasi energi terbarukan dan konstruksi hemat energi. Firma Praxity membantu klien mengintegrasikan prinsip ESG ke dalam proyek mereka.
Sebagai pusat kekuatan digital Asia Tenggara, investor ingin masuk ke pasar Indonesia secara bertanggung jawab, efisien, dan berkelanjutan. Dengan firma Praxity sebagai penasihat tepercaya, perjalanan ini dapat berfokus pada pertumbuhan, bukan kerumitan.
“Tren investasi kini bergeser dari pasar perkantoran yang kelebihan pasokan menuju data center dan segmen alternatif seperti logistik, pendidikan, kesehatan, dan perhotelan,” — James Kallman, CEO, Moores Rowland Indonesia.
DEMOGRAFI MUDA DAN INOVATIF
Inovasi tumbuh subur di pasar berkembang, didukung oleh pola pikir yang fleksibel dan keberanian bereksperimen. Startup menciptakan solusi yang relevan dengan tantangan lokal, mulai dari teknologi pertanian hingga platform logistik.
Sektor publik dan swasta berinvestasi pada inkubator dan pusat riset untuk mempercepat skala ide. Pasar-pasar ini juga memiliki populasi muda yang besar dengan akses pendidikan dan keterampilan digital yang semakin luas. Pada 2030, dua pertiga tenaga kerja muda global akan berada di negara berkembang.
Firma seperti JA Del Río (Meksiko), Moores Rowland (Indonesia), Nwanda (Afrika Selatan), dan FBM Advisory (Uruguay) berinvestasi pada program mentoring dan berbagi pengetahuan terstruktur, termasuk ESG, pembiayaan energi terbarukan, dan perencanaan pajak lintas negara.
SOROTAN AFRIKA, PERCAKAPAN DENGAN KETUA REGIONAL AFRIKA & TIMUR TENGAH PRAXITY, BOB BORRILL
Afrika bukan satu pasar tunggal, melainkan 52 negara berdaulat dengan mata uang, regulator, dan tingkat pembangunan yang berbeda.
“Anda tidak bisa membicarakan Afrika sebagai pasar yang homogen… bahkan di Afrika Selatan sendiri terdapat realitas dunia pertama dan ketiga berdampingan,” — Bob Borrill, Managing Director Nwanda Inc & Praxity Regional Chair Africa & Middle East
Pertumbuhan nyata namun tidak merata. Afrika Selatan, Nigeria, dan Kenya menjadi pusat layanan dan keuangan, sementara negara kaya sumber daya menarik investasi pertambangan dan energi. Keandalan infrastruktur meningkat melalui solusi energi terdistribusi seperti tenaga surya.
Transformasi digital Afrika bersifat mobile-first. Mobile banking dan e-commerce berkembang pesat, memungkinkan inklusi keuangan dan kemitraan fintech. Kerangka kepatuhan juga semakin menguat, meskipun penegakan masih bervariasi.
Keterbatasan justru melahirkan inovasi. Model kerja fleksibel, otomatisasi berbasis AI, dan sistem cadangan dirancang untuk ketahanan. Afrika menghasilkan profesional akuntansi berkualitas tinggi, meski masih menghadapi kekurangan talenta di bidang tertentu.
“Pengetahuan lokal sangat berharga,” tegas Bob.
Firma Praxity membantu mengurangi risiko masuk pasar melalui pemahaman lisensi, KYC/UBO, dan kontrol devisa, sekaligus merancang model operasional yang tangguh.
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KESIMPULAN
Pasar berkembang kini menjadi penggerak utama pertumbuhan global. Trajektori mereka ditentukan oleh inovasi, konektivitas, dan ketahanan. Bagi dunia usaha dan para penasihat, pesannya jelas: masa depan pertumbuhan global sedang ditulis di kawasan ini—dan mereka yang terlibat lebih awal dengan keyakinan akan ikut membentuknya.
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Dimuat di Praxity Hub 30