Everyone knows that India, China, Russia and Brazil are key growth markets. But a recent report from Citi Investment research also identifies many other nations that are starting to enjoy, or are on the verge of, strong, sustainable economic growth.

Here are a dozen countries that deserve to be on your radar, along with a condensation of Citi's risk and opportunity outlook for each market.

#12 Mexico: Average 2010 – 2050 growth: 3%
Mexico's population of 113 million is large and growing. However, the country is struggling with its war against drugs and violence has been escalating.

#11 Thailand: Average 2010 – 2050 growth: 4.4%
Strong export-driven economy. But the country is heavily dependent on oil imports.

#10 Sri Lanka: Average 2010 – 2050 growth: 5.5%
The country has emerged from a long civil war and is on its way to a stable economy. But it needs post-conflict resolution to avoid political instability.

#9 Egypt: Average 2010 – 2050 growth: 5%
Egypt's has a large working-age population expected to grow 60% by 2050. But it needs to liberalize its economy and avoid political instability.

#8 Bangladesh: Average 2010 – 2050 growth: 6.3%
Bangladesh is a young country with a huge supply of labor. Still, it ranks low on health, education, and quality of institutions and services.

#7 Peru: Average 2010 – 2050 growth: 4%
Peru is rich in copper and gold, and is seeing rising foreign investment. Main risk: political instability.

#6 Colombia: Average 2010 – 2050 growth: 3.8%
Colombia has been recognized as winning its war on drugs, with S&P recently upgrading the country's debt to "investment grade." But Colombia is still fighting a revolutionary force known for terrorist acts.

#5 Iraq: Average 2010 – 2050 growth: 6.1%
Iraq will benefit from its oil reserves and post-war reconstruction program. Its working-age population is expected to grow 143% by 2035. But the country must rebuild its economy and education system.

#4 Philippines: Average 2010 – 2050 growth: 5.5%
Its working-age population is set to jump by 66% by 2050. But investors remain wary of corruption and political instability.

#3 Mongolia: Average 2010 – 2050 growth: 6.3%
Mongolia has vast copper and coal reserves and oil and gas fields. It also has a high rate of savings and investment. But its economy needs to diversify to hedge against political changes and fluctuations in commodity prices.

#2 Indonesia: Average 2010 – 2050 growth: 5.6%
Indonesia's is rich in resources and its private sector is hungry for investment. So far, poor infrastructure and red tape have deterred foreign investors.

#1 Vietnam: Average 2010 – 2050 growth: 6.4%
Successful export economy, high foreign investment rate. Still, the country's policy making is notoriously cloudy and its exchange rate management poor.

For more details ...
Citi report
Business Insider photo essay

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