That is the topic of my latest Bloomberg column, the proposed answer is Pakistan, here is the closing conclusion:
When I started pondering this “underrated” question about 15 years ago, it was mainly about guessing hidden strengths of various economies, based on esoteric knowledge of sectors and regions and histories. These days, it is most of all an exercise in gauging media overreactions. The underrated countries are places you read and hear lots about, not obscure locales you’ve barely heard of.
It’s a sad world where discarding “what you think you know that ain’t so” has so grown in importance.
Do read the whole thing.