Emerging markets are countries with fast-growing economies, moving towards more market-based systems, and transitioning between developing and developed status. The BRIC countries (Brazil, Russia, India, and China) are prime examples. By 2050, these countries could surpass the wealthiest nations economically. Emerging markets are categorized based on income and market development progress. Challenges include governance issues, political risks, urbanization, lack of skilled workers, poor infrastructure, and the global economic slowdown since 2008.