Kazakhstan
Russia
China
NepalBhutan
Mongolia
India
Sri Lanka
Kyrgyz Republic
TajikistanTurkmenistan
Bangladesh
Cambodia
PhilippinesVietnam
LaosPakistan
IranIraqSyria
Uzbekistan
Thailand
EgyptLibya
Chad Sudan
Djibouti
Afghanistan
Kenya
Namibia
Republic ofCongo
Congo, Dem. Rep.
Botswana
MozambiqueMalawi
Madagascar
Tanzania
Mauritius
Swaziland
South AfricaLesotho
Angola
Mauritania
Colombia
Mexico
Brazil
Peru
Bolivia
Paraguay
UruguayArgentina
Chile
Malaysia
Indonesia
East Timor
Tunisia
Algeria Morocco
Zambia
Togo
Rwanda
Uganda
Ethiopia
EquatorialGuinea
CameroonGhana
BeninNiger
Nigeria
Mali
GuineaBurkina Faso
Sierra LeoneLiberia Côte
d’Ivoire
Senegal
GambiaEl SalvadorCosta Rica
Belize
Guatemala
Panama
GuyanaSuriname
Ecuador
Venezuela
DominicanRepublic
DominicaBarbados
Jamaica
Haiti
HondurasNicaragua
Poland
Croatia
RomaniaLithuania
Bulgaria
Moldova
Albania
Serbia
Belarus
Macedonia
Bosnia-Herz.
Turkey
Ukraine
Lebanon
Azerbaijan
Armenia
Georgia
Jordan
PapuaNew Guinea
Latvia
Estonia
Hungary
Montenegro
Pro: Economy is diversifyingCon: In�ation pressures are rising
Pro: Plentiful natural resources Con: High political risk
Pro: Economy is stabilizingCon: High in�ation
Pro: Economy rebounding robustlyCon: Unemployment remains high
Pro: Sound economic policiesCon: Reliance on exports
Pro: Heavy infrastructure investmentCon: Labor productivity is low
Pro: Robust FDI �owsCon: In�ation is a concern
Pro: Open, well managed economyCon: Growing regional instability
Pro: Growth remains strongCon: Vulnerable to high oil prices
Pro: Oil revenues buildingCon: Reform progressing slowly
Pro: Strong domestic demandCon: Export growth subdued
Pro: Private consumption expanding Con: Hot money creating instability
Pro: Booming economyCon: Persistent, deep inequality
Pro: Rapid economic recovery Con: Security concerns persist
Pro: GDP growth acceleratingCon: Structural problems persist
Pro: Bene�ts from high oil pricesCon: Financial sector still weak
Pro: Robust �nancial systemCon: Still reeling from the crisis
Pro: Strengthening economyCon: High unemployment
Pro: Strong economic growthCon: Political tensions rising
Pro: Attractive domestic marketCon: Potential in�ation concerns
Pro: Growth rebounding sharplyCon: Income inequality an issue
Most Competitive
MalaysiaChinaChileTunisiaEstoniaPolandThailandBarbadosIndonesiaMontenegro
4.884.844.694.654.614.514.514.454.434.36
Competitiveness index
BarbadosChileUruguayEstoniaBotswanaBhutanMauritiusCosta RicaPolandDominica
7.87.26.96.55.85.75.45.35.35.2
Corruption index
Least Corrupt GDP Growth Projections
IraqTurkmenistan Ghana HaitiChina Liberia Rep. of CongoEthiopiaIndiaEast Timor
11.511.510.09.89.69.58.78.58.48.2
%
Actual FDI In�owsfor 2009
ChinaRussiaIndiaBrazilAngolaChile KazakhstanMexicoPolandTurkey
95,00038,72234,61325,94913,10112,70212,64912,52211,3957,611
$ mill
Sources: GDP per capita and projected 2011 GDP growth: IMF World Economic Outlook, September 2010; Competitiveness index: The World Economic Forum, September 2010; Corruption index: Transparency International, October 2010; FDI flows: UNCTAD, November 2010Cartographic map courtesy of Istituto Geografico De Agostini
EMERGING MARKETS 2011
Sizzling: Watch out for dramatic growth and intense investor interest
Hot: Conditions are right for serious growth
Warm: Only for the brave, but pioneers will find plenty of opportunity
Tepid: Great potential but serious downsides
Cold: The risks of investing outweigh the potential rewards
GDP per head GDP growth Actual FDI FDI change Competitiveness Corruption $ % $ million % score index ALGERIA 4,762 4.01 2,847 7.58 3.96 2.90 ANGOLA 5,302 7.08 13,101 -20.99 2.93 1.90 BENIN 674 3.65 93 -46.76 3.69 2.80 BOTSWANA 6,944 4.79 234 -54.99 4.05 5.80 BURKINAFASO 618 4.71 171 25.03 3.20 3.10 CAMEROON 1,074 2.87 337 25.06 3.58 2.20 CHAD 760 3.93 462 97.71 2.73 1.70 CONGO,DEMOCRATICREP 198 6.99 951 -44.90 N/A 2.00 CONGO,REPUBLICOF 3,389 8.74 2,083 -16.10 N/A 2.10 CÔTED’IVOIRE 1,039 4.01 409 -15.18 3.35 2.20 DJIBOUTI 1,478 5.40 100 -57.26 N/A 3.20 EGYPT 2,998 5.53 6,712 -29.31 4.00 3.10 EQUATORIALGUINEA 11,420 2.13 1,636 306.11 N/A 1.90 ETHIOPIA 345 8.50 94 -13.79 3.51 2.70 GAMBIA 632 5.42 47 -32.45 3.90 3.20 GHANA 963 9.95 1,685 38.05 3.56 4.10 GUYANA 2,979 3.09 144 -18.95 3.62 2.70 KENYA 994 5.79 141 47.02 3.65 2.10 LESOTHO 725 3.80 48 -13.67 3.36 3.50 LIBERIA 237 9.50 378 89.00 N/A 3.30 LIBYA 12,952 6.17 2,674 -34.95 3.74 2.20 MADAGASCAR 396 2.83 543 -54.01 3.46 2.60 MALAWI 378 6.20 60 -64.45 3.45 3.40 MALI 668 5.38 109 -39.28 3.28 2.70 MAURITANIA 1,166 5.11 -38 -111.32 3.14 2.30 MAURITIUS 7,473 4.14 257 -32.75 4.32 5.40 MOROCCO 2,987 4.30 1,331 -46.47 4.08 3.40 MOZAMBIQUE 488 7.55 881 48.96 3.32 2.70 NAMIBIA 5,559 4.83 516 -28.30 4.09 4.40 NIGER 391 5.21 739 30.58 N/A 2.60 NIGERIA 1,453 7.44 5,851 -14.14 3.38 2.40 RWANDA 600 5.92 119 14.85 4.00 4.00 SENEGAL 985 4.40 208 -23.82 3.67 2.90 SIERRALEONE 347 5.20 33 -36.98 N/A 2.40 SOUTHAFRICA 7,249 3.47 5,696 -36.75 4.32 4.50 SUDAN 1,793 6.17 3,034 16.67 N/A 1.60 SWAZILAND 3,131 2.47 66 -37.86 3.40 3.20 TANZANIA 563 6.73 645 -5.05 3.56 2.70 TOGO 440 3.53 50 109.88 N/A 2.40 TUNISIA 4,274 4.78 1,688 -38.82 4.65 4.30 UGANDA 500 6.09 799 1.45 3.51 2.50 ZAMBIA 1,395 6.42 959 2.22 3.55 3.00 GDP per head GDP growth Actual FDI FDI change Competitiveness Corruption $ % $ million % score index AFGHANISTAN 613 6.84 185 -38.33 N/A 1.40 ARMENIA 2,659 4.60 838 -26.03 3.76 2.60 AZERBAIJAN 6,349 1.76 473 3,259.16 4.29 2.40 BANGLADESH 691 6.26 716 -34.09 3.64 2.40 BHUTAN 2,165 6.62 36 22.45 N/A 5.70 CAMBODIA 896 6.82 533 -34.68 3.63 2.10 CHINA 4,764 9.59 95,000 -12.29 4.84 3.50 EASTTIMOR 582 8.16 18 -51.54 3.23 2.50 GEORGIA 2,716 4.00 764 -51.17 3.86 3.80 INDIA 1,297 8.37 34,613 -14.36 4.33 3.30 INDONESIA 3,270 6.20 4,877 -47.66 4.43 2.80 KAZAKHSTAN 9,465 5.10 12,649 -19.81 4.12 2.90 KYRGYZREPUBLIC 853 7.07 60 -77.49 3.49 2.00 LAOS 1,058 7.50 157 -31.18 N/A 2.10 MALAYSIA 8,239 5.30 1,381 -81.13 4.88 4.40 MONGOLIA 2,585 7.04 437 -35.94 3.75 2.70
PAKISTAN 1,123 2.75 2,387 -56.11 3.48 2.30 PAPUANEWGUINEA 1,345 5.55 396 1,403.90 N/A 2.10 PHILIPPINES 2,219 4.46 1,948 26.17 3.96 2.40 NEPAL 533 4.01 39 3,715.56 3.34 2.20 SRILANKA 2,558 7.00 404 -46.29 4.25 3.20 TAJIKISTAN 791 5.00 8 -97.97 3.53 2.10 THAILAND 4,888 4.00 5,949 -30.37 4.51 3.50 TURKMENISTAN 4,256 11.47 1,355 65.24 N/A 1.60 UZBEKISTAN 1,459 7.00 750 5.44 N/A 1.60 VIETNAM 1,272 6.82 4,500 -44.10 4.27 2.70 GDP per head GDP growth Actual FDI FDI change Competitiveness Corruption $ % $ million % index index ALBANIA 3,730 3.20 979 -0.90 3.94 N/A BELARUS 6,357 6.22 1,863 -13.69 N/A 2.50 BOSNIAANDHERZEGOVINA 4,275 3.00 501 -52.87 3.70 3.20 BULGARIA 6,085 2.00 4,467 -54.40 4.13 3.60 CROATIA 13,872 1.64 2,605 -57.57 4.04 4.10 ESTONIA 14,948 3.50 1,680 -2.64 4.61 6.50 HUNGARY 13,434 2.03 -5,575 -108.99 4.33 4.70 LATVIA 10,628 3.33 72 -94.31 4.14 4.30 LITHUANIA 11,133 3.12 348 -80.91 4.38 5.00 MACEDONIA 4,869 3.04 248 -57.77 4.02 4.10 MOLDOVA 1,630 3.50 86 -87.78 3.86 2.90 MONTENEGRO 9,900* 4.50 1,311 43.12 4.36 3.70 POLAND 12,314 3.70 11,395 -22.42 4.51 5.30 ROMANIA 7,700 1.53 6,329 -54.49 4.16 3.70 RUSSIA 11,996 4.34 38,722 -48.69 4.24 2.10 SERBIA 5,574 3.00 1,920 -35.89 3.84 3.50 TURKEY 10,917 3.60 7,611 -58.06 4.25 4.40 UKRAINE 3,484 4.53 4,816 -55.87 3.90 2.40 GDP per head GDP growth Actual FDI FDI change Competitiveness Corruption $ % $ million % score index ARGENTINA 8,875 4.03 4,895 -49.67 3.95 2.90 BARBADOS 14,950 3.00 290 1.21 4.45 7.80 BOLIVIA 1,953 4.50 423 -17.48 3.64 2.80 BRAZIL 11,250 4.13 25,949 -42.41 4.28 3.70 CHILE 12,805 6.01 12,702 -16.33 4.69 7.20 COLOMBIA 6,701 4.58 7,201 -31.96 4.14 3.50 COSTARICA 7,946 4.20 1,323 -34.56 4.31 5.30 DOMINICA 5,300 2.45 46 -17.85 N/A 5.20 DOMINICANREPUBLIC 5,364 5.50 2,158 -27.36 3.72 3.00 ECUADOR 4,467 2.25 312 -68.85 3.65 2.50 ELSALVADOR 3,888 2.50 431 -45.09 3.99 3.60 GUATEMALA 2,898 2.56 566 -24.93 4.04 3.20 GUYANA 2,979 3.09 144 -18.95 3.62 2.70 HAITI 766 9.80 38 27.35 N/A 2.20 HONDURAS 2,101 3.54 500 -44.41 3.89 2.40 JAMAICA 5,366 1.76 1,062 -26.09 3.85 3.30 MEXICO 9,489 3.92 12,522 -47.12 4.19 3.10 NICARAGUA 1,128 2.97 434 -30.65 3.57 2.50 PANAMA 8,340 6.71 1,773 -26.19 4.33 3.60 PARAGUAY 2,790 5.00 184 68.75 3.49 2.20 PERU 5,414 6.00 4,760 -31.25 4.11 3.50 SURINAME 6,695 4.75 151 -27.76 N/A N/A URUGUAY 12,824 5.01 1,139 -38.11 4.23 6.90 GDP per head GDP growth Actual FDI FDI change Competitiveness Corruption $ % $ million % score index JORDAN 4,746 4.20 2,385 -15.69 4.21 4.70 LEBANON 10,747 5.00 4,804 10.86 3.89 2.50 IRAN 4,467 3.03 3,016 86.70 4.14 2.20 SYRIA 3,110 5.50 1,434 -2.27 3.79 2.50 IRAQ 2,827 11.48 1,070 -42.33 N/A 1.50
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