In a new report by McKinsey Global Institue, Nigeria and 10 other emerging countries have been ranked among the non-outperforming economies.
The institute, a research arm of McKinsey and Company, also indentified Argentina, Brazil, Egypt, Mexico, Pakistan, Poland, Russia, Philippines, South Africa and Turkey as non-outperforming economies.
In the research published on Wednesday, the institute examined the long-term economic track record of 71 developing economies and identified China and India as the leading outperformers.
According to the report, this two economies accounted for almost two-thirds of the world’s Gross Domestic Product growth and more than half of new consumption over the past 15 years.
The study, which aims to identify outperforming countries that have experienced strong and sustained growth, identified other outperformers as Hong Kong, Indonesia, Malaysia, Singapore, South Korea and Thailand.
“Collectively, the outperformers have been the engine for lifting almost one billion people out of extreme poverty, helping to meet a key United Nations Sustainable Development Goal.
“Indeed, rising prosperity in these countries has not just reduced poverty, but also enabled the emergence of a new wave of middle and affluent classes,” the report stated.
Though the report recognised that Nigeria experienced strong periods of growth between 1965 and 2016, McKinsey said it did not make the cut because its growth was volatile and was followed by sharp downturns following the booms.