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

AFRICA

ASIA

LATIN AMERICA

MIDDLE EAST

EUROPE