JEDDAH – Top companies from emerging markets are riding the rapid growth of their regions and will shape the global economy over the next decade, Boston Consulting Group (BCG) said in its “Allies and Adversaries” report Wednesday.

The top 100 fast-globalizing companies from rapidly developing economies are outpacing their rivals from developed economies in terms of expansion, job creation and productivity, the study noted.

These companies, which it called global challengers, grew at an annual average of 16 percent from 2008 through 2011, four times the rate of their competitors in developed countries.

Their average revenue hit $26.5 billion (20 billion euros) in 2011, compared to $21 billion for the non-financial companies listed on the S&P 500 stock index.

“Global challengers are full-fledged competitors making game-changing moves,” the study further said.

“They are the companies that will shape the global economy over the next decade” including in industries such as aircraft manufacturing, medical devices, mobile telephony and e-commerce.

These companies have benefited, and are in a position to continue to do so, from the fact that emerging markets have become the world’s economic engine with growing numbers of consumers with disposable income. While these global challengers are increasingly being seen as competitors by Western multinationals, the western companies often stand to gain from partnerships, the report said. “The battle is being played out foremost in other emerging countries,” Olivier Scalabre of BCG said. – SG