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Europe, the Middle East and Africa
Major economic region for global institutional and marketing planning From Wikipedia, the free encyclopedia
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Europe, the Middle East and Africa, commonly known by its acronym EMEA among the North American business spheres, is a major economic region used by institutions, governments, and global spheres of marketing, media, and business when referring to this area. The acronym EMEA is a shorthand way of referencing the two continents (Africa and Europe) and the Middle Eastern region all at once.
As the name suggests, the region includes all of the countries found on the continents of Africa and Europe, as well as the countries that make up the Middle East. The region is generally accepted to include all African countries and all European countries except Russia, and extends east to Iran. Typically, the region does not include those overseas territories of European countries which are located in the Americas and the Asia–Pacific, such as French Guiana and New Caledonia. However, the term is not completely clear, and while it usually refers to Europe, the Middle East, and Africa, it is not uncommon for businesses and other institutions to slightly tweak the countries they include under this umbrella term.
One of the reasons why the term is commonly used is because it is useful for business purposes, as most of the region falls within four time zones, which facilitates communication and travel.[1]
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Historical influence
The historical influence and interdependence of Europe on the Middle East and Africa in relation to trade routes contributed to the development of the term EMEA.[2] The establishment of the Suez Canal in 1869 impacted international commerce.[3] It directly linked Europe to the Indian Ocean and East Asian trade routes.[3] The direct channel between Britain and India enabled Britain to gradually gain authority over Egypt.[2] This authority was reinforced via the development and maintenance of the Pax Britannica which gave Britain naval power and control over the world's maritime trade routes during the late nineteenth century period of peace.[4]
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Related regions
- Eastern Europe, Middle East and Africa (EEMEA). Some companies separate their Eastern European business from the rest of Europe, and refer to the EEMEA region separately from the Western/Central European (EU/EFTA) region
- Southern Europe, Middle East and Africa (SEMEA)
- Southeastern Europe, Middle East and Africa (SEEMEA)
- Central and Eastern Europe (CEE)
- Central Europe, Middle East and Africa (CEMEA)[5]
- The Middle East and Africa (MEA)
- The Middle East and North Africa (MENA)
- The Middle East, Turkey and Africa (META)
- The Middle East, North Africa, Afghanistan and Pakistan (MENAP)
- Europe and the Middle East (EME)
- Europe, the Middle East and North Africa (EUMENA or EMENA)
- Europe, the Middle East, India and Africa (EMEIA or EMIA)
- Europe, the Middle East, Africa and Russia (EMEAR)
- Europe, the Middle East, Africa and Commonwealth of Independent States (EMEACIS)
- Europe, the Middle East, Africa and Caribbean (EMEAC)
- The Commonwealth of Independent States (CIS), around the Black Sea and Caspian Sea
- North Atlantic and Central Europe (NACE)
- Central and Eastern Europe, the Middle East and Africa (CEMA)[6]
- Europe, Latin America, Africa, Arab world
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Component areas
Summarize
Perspective
The EMEA region generally comprises a total of 116 countries and 12 territories grouped into three subregions, plus seven transregional countries which can also be included in the Asia–Pacific region.
Europe
Eastern Europe
Northern Europe
Southern Europe
Western Europe
Middle East
Arabia
Levant
Africa
Northern Africa
Sub-Saharan Africa
Eastern Africa
Middle Africa
Southern Africa
Western Africa
Transregional countries
Abkhazia
Armenia
Azerbaijan
Georgia
Iran
South Ossetia (Alania)
Türkiye (Turkey)
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Economic overview
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Perspective
The World Bank's April 2024 update indicates that the growth rate for the Europe, the Middle East and African region, is expected to slightly increase to 4.6% in 2024, up from 4.4% in 2023. This underscores a diverse economic resilience against global pressures. Meanwhile, global trade growth, which was minimal at 0.2% in 2023, is projected to improve to 2.3% in 2024, crucial for the region's export-oriented economies. However, private investment remains below pre-pandemic levels due to higher debt levels and rising interest rates, signaling a cautious investment climate. The region faces significant challenges from both external factors, such as high core inflation and modest global trade recovery, and domestic issues like increased debt and political uncertainties, potentially hindering economic growth. Additionally, a hypothetical 1% decline in GDP growth in the US or China could reduce GDP growth in other developing Europe, Middle-East and African economies by approximately 0.5% and 0.3%, respectively. The increase in trade-distorting measures, which have tripled since 2019 among G-20 countries, reflects a trend towards protective industrial policies, although other European, Middle Eastern, and African countries, except for the Big Four, Russia, Saudi Arabia, South Africa, and Turkey, have been less involved in these measures.[citation needed]
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See also
References
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