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Liberalisation developments in key selected emerging markets

Eric T. Njoya and David Warnock-Smith

Introduction

While there is no specific definition of what constitutes an emerging market, the majority of countries classified as emerging economies appear to fall into the World Bank’s upper middle income and lower middle income categories (Tuncer, 2012). Thus, an emerging market can be defined as a market that is characterised by rapid economic growth, low to medium per capita income and increased participation in world trade. Thanks to strong economic and demographic developments, emerging markets are increasingly playing significant roles in the global aviation industry, with yearly revenue passenger kilometre (RPK) growth rates in ...

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