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Frontier Markets Countries by Nominal GDP
listGDP 2025 USD bn
Saudi Arabia1083.749
Argentina683.533
Vietnam490.970
Bangladesh467.218
Romania403.395
Kazakhstan300.538
Ukraine205.742
Nigeria188.271
Morocco165.835
Kuwait153.101
Kenya131.673
Bulgaria117.007
Oman104.351
Croatia98.951
Serbia92.549
Lithuania89.192
Slovenia75.224
Tunisia56.291
Jordan56.102
Estonia45.004
Mongolia25.804
Lebanon
Pakistan

GDP Rankings PPP (current international dollar bn)

listPPP GDP 2025 (current int. dollar bn)
Saudi Arabia2229.611
Vietnam1786.203
Bangladesh1783.420
Pakistan1671.868
Nigeria1584.958
Argentina1493.423
Romania926.759
Kazakhstan904.496
Ukraine690.059
Morocco424.871
Kenya401.968
Bulgaria264.699
Kuwait260.503
Oman231.160
Serbia216.221
Croatia198.268
Tunisia183.725
Lithuania165.442
Jordan131.677
Slovenia123.453
Mongolia73.279
Estonia68.235
Lebanon

GDP Rankings (PPP) share of world total Percent

listPPP GDP 2025 Share in World Total Pct
Saudi Arabia1.078
Vietnam0.863
Bangladesh0.862
Pakistan0.808
Nigeria0.766
Argentina0.722
Romania0.448
Kazakhstan0.437
Ukraine0.334
Morocco0.205
Kenya0.194
Bulgaria0.128
Kuwait0.126
Oman0.112
Serbia0.105
Croatia0.096
Tunisia0.089
Lithuania0.080
Jordan0.064
Slovenia0.060
Mongolia0.035
Estonia0.033
Lebanon

GDP Rankings per capita nominal USD

listGDP Per Capita USD
Slovenia35332.110
Estonia32760.310
Lithuania30835.023
Saudi Arabia30098.871
Kuwait29950.731
Croatia25673.571
Romania21421.047
Oman18966.341
Bulgaria18521.929
Kazakhstan14768.019
Argentina14362.247
Serbia14173.812
Mongolia7200.555
Ukraine6260.831
Jordan4903.104
Vietnam4805.842
Tunisia4528.048
Morocco4397.417
Bangladesh2689.241
Kenya2467.923
Nigeria806.841
Lebanon
Pakistan

GDP Rankings Average per capita PPP

listGDP Per Capita PPP (current int. dollar)
Saudi Arabia53067.144
Slovenia49692.371
Lithuania49016.025
Croatia44085.118
Kuwait43673.387
Estonia42567.539
Romania42174.733
Kazakhstan38089.424
Oman36005.948
Bulgaria35908.807
Serbia28378.359
Argentina26891.861
Ukraine17995.756
Mongolia17524.069
Vietnam14983.748
Tunisia12665.323
Jordan9862.335
Morocco9655.004
Bangladesh8797.093
Kenya6456.554
Pakistan5956.541
Nigeria5821.004
Lebanon

Population Rankings

listCombined Population mln
Pakistan240.537
Nigeria233.343
Bangladesh173.736
Vietnam102.161
Kenya53.354
Argentina47.592
Morocco37.712
Saudi Arabia36.006
Ukraine32.862
Kazakhstan20.351
Romania18.832
Tunisia12.432
Jordan11.442
Serbia6.530
Bulgaria6.317
Oman5.502
Kuwait5.112
Croatia3.854
Mongolia3.584
Lithuania2.893
Slovenia2.129
Estonia1.374
Lebanon

Debt vs. GDP Rankings (Avg)

listGeneral government gross debt Percent of GDP
Ukraine110.001
Jordan92.551
Tunisia82.872
Pakistan73.643
Argentina73.091
Morocco68.938
Kenya68.344
Slovenia67.987
Romania61.640
Croatia55.902
Nigeria52.522
Serbia44.388
Mongolia42.573
Lithuania41.837
Bangladesh40.258
Oman35.446
Saudi Arabia34.849
Vietnam33.566
Bulgaria28.040
Estonia25.405
Kazakhstan25.371
Kuwait7.354
Lebanon

Frontier Markets

  • Frontier markets in early 2026 have shown cautious recovery momentum driven by improved commodity prices and moderate fiscal reforms in key countries such as Vietnam and Kenya. Capital inflows have increased but remain sensitive to US Federal Reserve policy and geopolitical tensions in key regions. A significant risk is the persistence of inflationary pressures and political instability in select frontier economies, which could disrupt growth prospects and external financing conditions.
  • Frontier markets outlook: cautious recovery amid global tightening
  • IFC World Bank Group Frontier Markets Report Q1 2026
  • Vietnam and Kenya drive frontier market inflows in early 2026
  • Emerging and Frontier Markets Review – April 2026
  • IMF Regional Economic Outlook: Sub-Saharan Africa April 2026
  • The April 2026 Frontier Markets Forum underscored growing investor appetite driven by improving structural reforms and digitization in key frontier economies like Vietnam and Kenya. Enhanced access to global capital markets and stable commodity prices supported optimism. However, geopolitical tensions in the Sahel and inflationary pressures remain significant risks, potentially impacting investment flows and local currency stability over the medium term. Participants highlighted the need for robust governance frameworks to sustain growth and mitigate external shocks.
  • April 2026 Frontier Markets Forum Report
  • IMF Report on Frontier Market Reforms, April 2026
  • World Bank April 2026 Brief: Opportunities and Risks in Frontier Markets
  • Reuters: Investor Optimism in Frontier Markets Clouds Challenges - April 2026
  • Bloomberg: Inflation and Geopolitical Risks Shadow Frontier Markets Rally
  • Frontier markets negotiations in early 2026 have centered on debt restructuring and enhanced access to international financing to support fragile economies grappling with inflation and slowing growth. Key drivers include IMF-led initiatives targeting sovereign debt sustainability and increased bilateral talks with emerging capital providers, notably from Asia and the Gulf. A significant risk remains the geopolitical tensions affecting investor sentiment and the uneven pace of structural reforms across these markets, which may constrain sustainable deals and market integration.
  • IMF Frontiers Strategy Update April 2026
  • World Bank Report on Frontier Market Debt Restructuring May 2026
  • FT: Asia’s Growing Role in Frontier Market Sovereign Deals
  • Reuters: Gulf Investors Expand Frontier Market Engagement
  • Bloomberg: Structural Reform Challenges undermine Frontier Market Financing
  • Frontier markets in early 2026 have shown moderate recovery driven by improved commodity prices and stabilizing geopolitical tensions, notably in Sub-Saharan Africa and parts of Southeast Asia. Capital inflows remain cautious due to persistent external vulnerabilities including tighter global financial conditions and inflation risks in key export sectors. Political fragility and infrastructure deficits continue to constrain growth potential, underscoring the selectivity required for investors targeting these markets.
  • World Bank Frontier Markets Outlook April 2026
    • Mongolia
    		Lebanon
    		Bangladesh
    		Sri Lanca
    Croatia
    		Bahrein
    		Mauritus
    		Jordan
    Tunisia
    		Estonia
    		Serbia
    		Ukraine
    Bulgaria
    		Lithuania
    		Kuwait
    		Nigeria
    Argentina
    		Pakistan
    		Morocco
    		Kenya
    Oman
    		Kazakhstan
    		Vietnam
    		Slovenia
    Romania
    		Saudi Arabia

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    GDP Rankings per capita nominal USD

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    GDP Rankings Average per capita PPP

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    GDP Growth Rankings %

    list2025 GDP Growth
    Mongolia6.043
    Argentina5.502
    Vietnam5.152
    Kazakhstan4.881
    Kenya4.810
    Morocco3.905
    Bangladesh3.760
    Serbia3.463
    Croatia3.130
    Nigeria3.039
    Saudi Arabia2.989
    Lithuania2.787
    Pakistan2.649
    Jordan2.600
    Bulgaria2.458
    Oman2.330
    Ukraine2.000
    Kuwait1.866
    Slovenia1.800
    Romania1.597
    Tunisia1.430
    Estonia0.740
    Lebanon

    Investment to GDP

    listInvestment levels to GDP
    Mongolia33.000
    Saudi Arabia31.699
    Vietnam30.044
    Bangladesh29.913
    Nigeria29.133
    Morocco28.546
    Estonia28.124
    Oman26.500
    Kazakhstan26.485
    Romania25.400
    Serbia24.464
    Croatia23.296
    Slovenia21.460
    Lithuania21.252
    Bulgaria20.795
    Jordan19.589
    Ukraine18.463
    Kenya17.309
    Kuwait14.821
    Pakistan13.517
    Argentina13.479
    Tunisia10.690
    Lebanon

    Budget Balance/GDP

    listBudget Balance/GDP
    Argentina1.256
    Bangladesh
    Kenya
    Kuwait
    Lebanon
    Mongolia
    Nigeria
    Oman
    Pakistan
    Saudi Arabia
    Ukraine
    Vietnam
    Slovenia-1.780
    Estonia-1.933
    Lithuania-2.944
    Bulgaria-3.086
    Croatia-3.221
    Kazakhstan-3.233
    Serbia-3.308
    Morocco-3.983
    Tunisia-4.411
    Jordan-6.928
    Romania-7.522

    Average Current Account Balance/GDP

    listCurrent Account Balance/GDP
    Kuwait22.720
    Nigeria6.879
    Slovenia3.630
    Vietnam3.200
    Lithuania1.966
    Lebanon
    Pakistan-0.056
    Argentina-0.391
    Croatia-0.677
    Bangladesh-0.934
    Bulgaria-1.453
    Oman-1.467
    Morocco-1.951
    Estonia-2.569
    Tunisia-2.732
    Kazakhstan-3.565
    Kenya-3.898
    Saudi Arabia-4.015
    Jordan-5.539
    Serbia-5.763
    Romania-7.568
    Mongolia-11.053
    Ukraine-15.934