According to analysts at economic research firm Business Monitor International (BMI), investors who are willing to invest outside of the usual emerging market economies will be better placed to to enjoy strong returns.

David Snowdon, head of econometrics at BMI, said: “While many people look no further than China and the BRICs, there are a whole host of emerging markets growing much faster.”

The BRIC economies are Brazil, Russia, India and China. 

BMI forecasts Mozambique to be the fastest growing economy in the world over the next 10 years, with predicted GDP growth of 158.8% over a ten year forecast period to 2022.

This is almost double the 80.6% expansion forecasted for China.

The report said the Mozambique government’s commitment to reduce poverty and the country’s vast natural resources will provide strong growth going forward.

Tanzania, Iraq, Mongolia and Uganda complete the rest of the top five.

Five Asian economies feature in the list, alongside single representatives from the Middle East and Europe.

Snowden added: “Many of these economies are commodity plays where significant opportunities also exist for infrastructure, engineering firms, and companies targeting a growing consumer sector. While China may be larger in population terms and have a bigger economy, there are many huge opportunities across emerging markets which are ignored at investors’ peril.”

A recent Bank of America Merrill Lynch report said that the poor performance of emerging market equities over the past year has caused global investors to turn to frontier markets for better returns.

Assets under management in frontier market funds more than doubled to $3.1bn between January and August 2013, while emerging market funds suffered outflows of $2.1bn.