Forget BRIC. It's all about RGM, which stands for Rapid Growth Markets. It's a new acronym that represents 25 key market areas that business leaders should be paying attention to. 

Ernst & Young compiled a report earlier this year that identified the "top 25 ‘rapid-growth markets’ or RGMs [that] will continue to contribute nearly half of the world’s growth over the next three years. Emerging Asia, with its rising middle class, will lead the way, while strong commodity prices will underpin prospects in Africa and the Middle East. Latin America is set to diversify its economies away from commodities, which have driven much of their strong growth over the past decade."

Check out the full report here.

"We felt that covering just the BRICs was not enough," said Alexis Karklins-Marchay, associate at Ernst & Young. 

Alexis Karklins-Marchay talks about "rapid growth" markets including Indonesia, Ghana and Peru. He speaks with Linzie Janis on Bloomberg Television's "Countdown." (Source: Bloomberg)

Image courtesy of Shutterstock/Petrafler