EMERGING MARKETS 2013€¦ · GEORGIA 3,824 5.47 975 19.75 4.07 52 9 INDIA 1,709 5.97 31,554 30.61 4.32 36 132 INDONESIA 4,061 6.34 18,906 37.29 4.4 32 128 KAZAKHSTAN 13,176 5.70

Page 1

Country GDP per head $

GDP change %

FDI 2011 $m

FDI change %

Competitiveness score

Corruption index

Ease of doing business rank

AFRICAALGERIA 5,789 3.38 2,571 13.56 3.72 34 152

ANGOLA 5,952 5.46 -5,586 -73.08 2.2 22 172

BENIN 841 3.80 118 -33.00 3.61 36 175

BOTSWANA 9,573 4.14 587 5.01 4.06 65 59

BURKINA FASO 617 7.01 7 -78.57 3.34 38 153

BURUNDI 317 4.45 2 111.89 2.78 19 159

CAMEROON 1,177 5.00 360 1.69 3.69 26 161

CENTRAL AFRICAN REPUBLIC 451 4.20 109 19.00 2.2 26 185

CHAD 872 2.43 1,855 -4.37 3.05 19 184

CONGO - DEMOCRATIC REPUBLIC 251 8.18 1,687 -42.61 2.2 21 181

CONGO - REPUBLIC OF 3,317 5.29 2,931 32.69 2.2 26 183

CÔTE D’IVOIRE 1,080 6.99 344 1.54 3.36 29 177

DJIBOUTI 1,648 4.98 78 191.04 2.2 36 171

EGYPT 3,298 3.03 -483 -107.56 3.73 32 109

ERITREA 606 3.44 19 -66.73 2.2 25 182

ETHIOPIA 518 6.50 206 -28.51 3.56 33 127

GABON 10,485 2.00 728 37.10 3.82 35 170

GAMBIA 541 9.66 36 -3.07 3.83 34 147

GHANA 1,666 7.83 3,222 27.50 3.79 45 64

GUINEA 561 5.01 1,211 1,094.71 2.9 24 178

GUINEA-BISSAU 529 5.67 19 -41.71 2.2 25 179

KENYA 1,150 5.62 335 88.27 3.75 27 121

LIBERIA 470 7.92 508 12.90 3.71 41 149

LIBYA 14,485 16.69 0 -100.00 3.68 21 185

MADAGASCAR 458 2.62 907 5.47 3.38 32 142

MALAWI 262 5.72 56 -3.29 3.38 37 157

MALI 586 2.98 178 -56.20 3.43 34 151

MAURITANIA 1,174 6.88 45 -65.38 3.32 31 167

MAURITIUS 9,541 3.74 273 -36.41 4.35 57 19

MOROCCO 3,144 5.54 2,519 60.06 4.15 37 97

MOZAMBIQUE 691 8.40 2,093 111.67 3.17 31 146

NAMIBIA 5,869 4.11 900 26.29 3.88 48 87

NIGER 434 6.60 1,014 7.80 2.2 33 176

NIGERIA 1,731 6.74 8,915 46.17 3.67 27 131

RWANDA 723 7.50 106 150.41 4.24 53 52

SENEGAL 1,033 4.33 286 7.51 3.66 36 166

SIERRA LEONE 656 7.55 49 -43.76 2.82 31 140

SOUTH AFRICA 7,762 3.03 5,807 372.78 4.37 43 39

SUDAN* 1,377 -0.02 1,936 -6.19 2.2 13 143

SWAZILAND 3,069 -0.98 95 -30.14 3.28 37 123

TANZANIA 699 6.81 1,095 7.10 3.6 35 134

TOGO 586 5.26 54 -37.35 2.2 30 156

TUNISIA 4,187 3.31 1,143 -24.43 2.2 41 50

UGANDA 590 5.74 792 45.67 3.53 29 120

ZAMBIA 1,622 8.19 1,982 14.60 3.8 37 94

ZIMBABWE 978 6.02 387 133.27 3.34 20 172

ASIAAFGHANISTAN 668 6.50 83 -60.52 2.2 8 168

ARMENIA 3,232 4.00 525 -7.97 4.02 34 32

AZERBAIJAN 8,434 2.74 1,465 160.21 4.41 27 67

BANGLADESH 835 6.11 1,136 24.43 3.65 26 129

BHUTAN 2,680 13.51 14 -14.70 2.2 63 148

CAMBODIA 1,018 6.68 892 13.94 4.01 22 133

CHINA 6,644 8.23 123,985 8.06 4.83 39 91

GEORGIA 3,824 5.47 975 19.75 4.07 52 9

INDIA 1,709 5.97 31,554 30.61 4.32 36 132

INDONESIA 4,061 6.34 18,906 37.29 4.4 32 128

KAZAKHSTAN 13,176 5.70 12,910 19.90 4.38 28 49

KYRGYZ REPUBLIC 1,241 8.54 694 58.49 3.44 24 70

LAOS 1,588 8.05 450 35.30 2.2 21 163

MALAYSIA 11,513 4.70 11,966 31.45 5.06 49 12

EMERGING MARKETS 2013

Sources: GDP per capita and forecast 2013 GDP growth: IMF World Economic Outlook, September 2012; Competitiveness index: The World Economic Forum, September 2012; Corruption index: Transparency International, October 2012; FDI flows: UNCTAD, November 2012; Ease of doing business: World Bank, October 2012* Figures relate to period before Sudan/South Sudan split

Country GDP per head $

GDP change %

FDI 2011 $m

FDI change %

Competitiveness score

Corruption index

Ease of doing business rank

MONGOLIA 4,478 15.74 4,715 178.74 3.87 36 76

MYANMAR 914 6.30 850 88.80 2.2 15 185

NEPAL 641 3.64 95 10.09 3.49 27 108

PAKISTAN 1,296 3.25 1,327 -34.37 3.52 27 107

PAPUA NEW GUINEA 2,303 3.99 -309 -1,164.30 2.2 25 104

PHILIPPINES 2,594 4.78 1,262 -2.77 4.23 34 138

SRI LANKA 3,104 6.70 300 -37.19 4.19 40 81

TAJIKISTAN 955 6.00 11 175.66 3.8 22 141

THAILAND 6,364 5.99 9,572 -1.66 4.52 37 18

TIMOR-LESTE 3,737 10.00 20 -25.78 3.27 33 169

TURKMENISTAN 7,053 7.69 3,186 -12.26 2.2 17 185

UZBEKISTAN 1,936 6.50 1,403 -13.82 2.2 17 154

VIETNAM 1,660 5.88 7,430 -7.13 4.11 31 99

EUROPEALBANIA 3,837 1.70 1,031 -1.84 3.91 33 85

BELARUS 6,310 3.37 3,986 184.13 2.2 31 58

BOSNIA AND HERZEGOVINA 4,293 1.00 435 89.18 3.93 42 126

BULGARIA 7,023 1.50 1,864 16.49 4.27 41 66

CROATIA 13,288 0.95 1,494 279.16 4.04 46 84

HUNGARY 13,517 0.80 4,698 106.57 4.3 55 54

LATVIA 13,808 3.46 1,562 311.66 4.35 49 25

LITHUANIA 13,457 3.00 1,217 61.75 4.41 54 27

MACEDONIA 5,147 1.95 422 100.28 4.04 43 23

MOLDOVA 2,313 5.00 274 38.80 3.94 36 83

MONTENEGRO 7,326 1.54 558 -26.61 4.14 41 51

POLAND 12,966 2.05 15,139 70.90 4.46 58 55

ROMANIA 8,076 2.48 2,670 -9.18 4.07 44 72

RUSSIA 14,911 3.82 52,878 22.15 4.2 28 112

SERBIA 5,108 2.05 2,709 103.93 3.87 39 86

TURKEY 11,067 3.53 15,876 75.66 4.45 49 71

UKRAINE 4,327 3.52 7,207 10.96 4.14 26 137

LATIN AMERICAARGENTINA 11,932 3.06 7,243 2.67 3.87 35 124

BELIZE 4,495 2.50 94 -3.52 2.2 105

BOLIVIA 2,602 5.00 859 33.59 3.78 34 155

BRAZIL 12,643 3.95 66,660 37.43 4.4 43 130

COLOMBIA 8,216 4.41 13,234 91.82 4.18 36 45

COSTA RICA 10,431 4.30 2,104 43.56 4.34 54 110

DOMINICA 7,306 1.25 25 2.45 2.2 58 68

DOMINICAN REPUBLIC 5,946 4.50 2,371 25.04 3.77 32 116

ECUADOR 4,939 4.12 568 259.19 3.94 32 139

EL SALVADOR 4,210 2.00 386 230.62 3.8 38 113

GRENADA 8,399 0.48 40 -34.30 2.2 100

GUATEMALA 3,435 3.20 985 22.18 4.01 33 93

GUYANA 3,865 5.50 165 7.36 3.73 28 114

HAITI 827 6.50 181 20.67 2.9 19 174

HONDURAS 2,246 3.56 1,014 27.22 3.88 28 125

JAMAICA 5,696 1.05 242 6.38 3.84 38 90

MEXICO 10,431 3.45 19,554 -5.57 4.36 34 48

NICARAGUA 1,387 4.00 968 90.53 3.73 29 119

PANAMA 10,216 7.46 2,790 18.71 4.49 38 61

PARAGUAY 4,574 11.00 303 32.89 3.67 25 103

PERU 6,850 5.80 8,233 -2.63 4.28 38 43

SURINAME 10,294 4.48 -585 4.44 3.68 37 164

VENEZUELA 11,290 3.26 5,302 338.54 3.46 19 180

MIDDLE EASTIRAN 6,678 0.76 4,150 13.78 4.22 28 145

IRAQ 4,484 14.67 1,617 15.79 2.2 18 165

JORDAN 5,172 3.50 1,469 -11.01 4.23 48 106

LEBANON 10,921 2.50 3,200 -25.23 3.88 30 115

YEMEN 1,548 4.08 -713 -663.83 2.97 23 118

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 Growth Estimates %

Libya 16.7

Mongolia 15.7

Iraq 14.7

Bhutan 13.5

Paraguay 11.0

Timor-Leste 10.0

Gambia 9.7Kyrgyz Republic 8.5

Mozambique 8.4

China 8.2

Actual FDI Inflows 2011$m

China 123,985

Brazil 66,660

Russia 52,878

India 31,554

Mexico 19,554

Indonesia 18,906

Turkey 15,876

Poland 15,139

Colombia 13,234

Kazakhstan 12,910

Least Corrupt

Botswana 65

Bhutan 63

Poland 58

Dominica 58

Mauritius 57

Hungary 55

Lithuania 54

Costa Rica 54

Rwanda 53

Georgia 52

Ease Of Doing Business Rank*

Georgia 9

Malaysia 12

Thailand 18

Mauritius 19

Macedonia 23

Latvia 25

Lithuania 27

Armenia 32

South Africa 39

Peru 43

Most Competitive

Malaysia 5.06

China 4.83

Thailand 4.52

Panama 4.49

Poland 4.46

Turkey 4.45

Azerbaijan 4.41

Lithuania 4.41

Brazil 4.40

Indonesia 4.40

* ranked out of 185

PRO: Diverse economyCON: Red tape is rife

Mexico

Nicaragua

Honduras

BelizeJamaica

Haiti

Dominican Republic

Dominica

Grenada

VenezuelaGuyana

Suriname

Angola

Benin

Morocco

MauritaniaSenegal

Gambia

Guinea-Bissau

Burkina Faso

Côte d’Ivoire

GhanaCameroon

GabonRepublic

of Congo

South Africa

Argentina

Paraguay

Bolivia

Peru

Brazil

Ecuador

ColombiaPanama

Costa Rica

El Salvador

Guatemala

Botswana

Namibia

Zambia

Zimbabwe

Swaziland

MadagascarMauritius

Mozambique

Malawi

Tanzania

Rwanda

Burundi

KenyaUganda

Ethiopia

Eritrea

Egypt

Djibouti

Papua New Guinea

Timor-Leste

Indonesia

Malaysia

Cambodia

Sri Lanka

VietnamPhilippines

ThailandLaos

MyanmarIndia

Bangladesh

Nepal

Bhutan

China

Mongolia

Russia

Pakistan

IranIraq

JordanLebanon

Yemen

Tajikistan

Kyrgyz RepublicUzbekistan

Turkmenistan

Azerbaijan

Afghanistan

Kazakhstan

Georgia

Armenia

Latvia

Belarus

UkraineMoldova

Turkey

Lithuania

Poland

RomaniaHungarySerbia

CroatiaBosnia and Herzegovina

MontenegroAlbania

Macedonia

Bulgaria

Sudan

Tunisia

Congo- Democratic

Republic

Central African RepublicLiberia

Sierra Leone

MaliNiger

Nigeria

Togo

Chad

Libya

Guinea

Algeria

PRO: Dominant role in global economyCON: Overcapacity crimping growth

PRO: Competitive business climateCON: Growth losing momentum

PRO: Strong domestic demandCON: Coming election is causing uncertainty

Pro: Investment-friendly governmentCON: Economy still immature

PRO: Economy growing stronglyCON: High unemployment rate

Pro: Investment grade marketCON: Growth slowing sharply

PRO: Improving infrastructureCON: Shortage of skilled labor

PRO: Business-friendly governmentCON: Strong peso hurts exporters

PRO: Robust FDI growthCON: Little economic diversity

PRO: Abundant natural resourcesCON: Corruption remains a problem

PRO: Healthy export sectorCON: Weak domestic demand

PRO: Growth-focused leadershipCON: Political risks persist

PRO: Economic base broadeningCON: Domestic demand faltering

PRO: Reformist governmentCON: Cronyism still rife

PRO: Investor-friendly environmentCON: Vulnerable to global risks

PRO: High degree of transparencyCON: Skill shortage threatens growth

PRO: Growing middle classCON: Inflation surging

PRO: Growth acceleratingCon: Infrastructure sub-standard

PRO: Strong domestic investmentCON: Exports slowing slightly

PRO: Economy diversifyingCON: Services sector is fragile

PRO: Low labor costsCON: Heavy reliance on trade with EU

PRO: High growth, low inflationCON: Reliance on commodities

PRO: Blistering growth in FDICON: Global slowdown weighs on economy

Page 2

For the past year, the dominant story in develop-ing markets has been Africa’s sudden emer-gence as everyone’s favorite continent. Its popularity among investors and corporations looking to expand overseas is clearly reflected

in this year’s Emerging Market Hotspots map. After its showing in the top tier sank to an all-time low in 2012, with just Ghana appearing in the top band, the num-ber of African countries among the elite leapt back to a healthy six in this year’s map. Symptomatic of some of the broader economic and political changes taking place in Africa, regional giant South Africa is joined among the newcomers by countries such as Rwanda and Mauritius that have previously barely made it onto inves-tors’ radars. Botswana and Zambia, both of which have been working hard to increase their attractiveness to inward investors, round out the list of African countries joining the top tier.

Another country that has been working hard to cre-ate an investor-friendly environment is Georgia. Even before its recent change in government, the West Asian country had begun to build a reputation as one of the easiest countries in which to do business, a character-istic that is reflected in its newfound standing among

the world’s most attractive markets this year. Some surprises lurk at the bottom of the league. For

example, despite generating a frenzy of excitement and news coverage, Myanmar has slumped to the bottom of the class, suggesting the hard reality doesn’t justify the hype of the country as an exciting new destination for inward investment. Turkmenistan and Uzbekistan, both former darlings of adventurous investors, have tumbled to the bottom of the heap, too, perhaps reflecting investor unease about their relatively undiversified economies.

Georgia’s appearance in the top tier highlights a slight but important change in the methodology we use to create the Emerging Markets map. As well as weigh-ing key factors such as economic stability, attractiveness to investors, transparency, GDP growth and competitive-ness, this year we have incorporated the World Bank’s Ease of Doing Business data into the rankings. In doing so, we are able to establish which markets are most likely to attract businesses, to enable them to quickly build a firm foundation and to sustain them profitably for years to come. We have color-coded countries to indicate their attractiveness for investment and have included a wealth of supporting data. In addition, we offer succinct pros and cons for each of the top 24 emerging markets.

GLOBAL MAP OF EMERGING MARKETS

HOT SPOTS

EMERGING MARKETS 2013lion people from rural to urban areas—to

facilitate improved living standards.

Meanwhile, China is continuing

structural reforms that include the

gradual internationalization of the

country’s currency, the renminbi, and

the increasing use of market prices and

interest rates to allocate resources.

IMPLICATIONS FOR MULTINATIONALS

For multinationals, wage inflation caused

by companies bidding up salaries for

skilled employees, a falling working age

population, and higher environmental

standards mean the costs of doing busi-

ness in China are increasing and its tradi-

tional strength in low-cost manufacturing

is diminishing. The reorientation of the

country’s economy toward consumption

means that, instead of viewing China as a

supply source, companies are position-

ing to acquire domestic customers as

they expand their target market.

The business landscape in China is

changing significantly because of the

shift to domestic consumption. In terms

of sectors, export-related materials and

capital goods industries may lose out

while the branded consumer, healthcare,

telecom, and environmental sectors

should gain. The ‘mass luxury’ segment,

transportation, and financial services

(asset management and insurance) are

also likely to benefit from rising wages,

urbanization, and income redistribution.

While the change in China’s eco-

nomic policy will have the greatest

impact domestically, corporates also

need to think about the international

implications. The intra-Asia trade cor-

ridor is the fastest growing trade area

worldwide and China’s supply chain is

mainly concentrated in Asia. However,

China’s supply chain is increasingly

global and extends into Latin America,

Africa and emerging Europe as well as

the developed economies.

Given the shift away from an export-

led model, commodity producers that

have benefited from China’s rapid

growth over the past three decades

are likely to lose out, with Brazil, Chile,

Peru and Australia being especially

vulnerable: producers must quickly

diversify their exports. Conversely, Asian

intermediate and final consumption

goods producers (in high technology),

producers in Eastern Europe (middle

and low technology) and potentially

some Latin America manufacturers will

benefit from China’s structural shift. To

take full advantage of the opportunities

available, companies need to ensure

they understand the specific needs of

China’s market and its emerging con-

sumers, and will need to produce goods

that meet their requirements. One

positive development for multinationals

doing business in China is the growing

internationalization of the renmimbi and

the ability to pool foreign currencies

offshore, which eases the problem of

trapped cash in China.

The continuing growth potential of

China and other emerging economies is

encouraging investors and multinational

companies to focus on opportunities

in these growth countries. As a result,

an enormous amount of capital is

flowing into these countries in search

of enhanced returns. The bulk of the

increase in capital flows since 2008 has

gone into key emerging markets: Brazil,

Indonesia, South Korea, Peru, South

Africa, Thailand and Turkey account for

40%-70% of total inbound capital in the

post-crisis period.2

It is also interesting to note that

over the past 5 years, more than 1,000

companies headquartered in the emerg-

ing markets have reached at least $1

billion in annual sales turnover so there

are also significant outbound flows from

some of these countries.

To date, these flows have been

dominated by portfolio investment in

equities and fixed income. As a result,

these flows have come under regula-

tory scrutiny in many emerging markets

where they are sometimes viewed as

speculative and potentially destabiliz-

ing rather than as beneficial long-term

strategic investments. Large inflows tend

to appreciate the exchange rate, which

makes a country’s export industries less

competitive—a process known as ‘Dutch

disease.’ Latin America is often cited as

a victim of Dutch disease. For example,

some analysts believe that Brazil’s manu-

facturing output has stagnated because

of its high exchange rate, which has also

worsened its current-account deficit.

To protect their economies from

Dutch disease, policymakers in many

countries are intervening in the currency

markets and, in some instances, are

implementing capital controls. However,

the response of policymakers globally

varies considerably as they utilize tools

such as taxes, regulatory policy and

banking policy to manage inflows and

maintain stability.

For multinationals that operate in the

emerging markets it is therefore essen-

tial to keep abreast of those countries’

changes to capital and other controls.

To be aware of such changes and to

prepare for them, corporates must

ensure that they have access to local

intelligence in each market they operate

in so they can stay informed about local

regulatory developments.

The future success of multinationals,

and globalizing emerging market com-

panies, depends in part on their ability to

adapt to the rapidly changing global envi-

ronment. Emerging-market countries are

likely to evolve along a path very different

from that followed by the current devel-

oped economies, given the rapid adop-

tion and impact of new technologies.

Companies are working constructively to

identify opportunities and build alliances

with globalizing emerging market compa-

nies that have a proven track record and

the local knowhow to succeed domesti-

cally in the growth markets.

Companies can gain access to

insights that will help them to understand

this rapidly evolving global economic,

regulatory and financial landscape by

working with a financial institution such

as Citi, which combines global capa-

bilities and technology-led innovation

with on-the-ground expertise in over

100 countries worldwide. By doing so,

they will be able to take advantage of

economic power shifts from West to East

and North to South. ■

For much of the world, 2013 will continue

to be a challenging economic growth

year. Leading research groups are fore-

casting global growth to remain modest

at 2.6%, with the global consumer price

index forecasted to rise close to 2.8%.

With this scenario as a backdrop to

global growth, key risks persist, particu-

larly in developed markets, which remain

focused on reducing leverage, while

addressing new regulatory requirements.

In the US, relatively high unemployment

and policy uncertainty remain a drag on

growth while structural impediments to a

currency union continue to loom large in

the eurozone.

In developing markets, the story is

more upbeat—but no less complex.

Growth in many emerging markets will

be affected by conditions in the global

economy. Nevertheless, emerging

markets will continue to be the primary

source of global growth. Critically,

however, the economic model in many

emerging market countries—most

obviously China—is changing. With

the acceleration of urbanization, and

increased per-capita GDP, China is

experiencing the beginning of a struc-

tural shift from an export-led growth

model to one that is more diversified

and balanced. The new model will

increasingly rely on domestic demand-

led growth supported by increased

consumption from a growing middle

class. In the long term, this new model

will undoubtedly benefit the economy.

However, in the short term China faces

a risk of economic growth slowing to

around 7% compared to the double-

digit GDP growth of recent years.

As multinationals and globalizing

emerging market companies consider

their medium- and long-term strategic

investment objectives, these funda-

mental structural shifts will need to be

taken into account. Not only will these

changes in China open up significant

domestic opportunities for new com-

mercial investment, they are also likely

to result in a major reconfiguration of the

global supply chain in the advanced and

emerging market economies worldwide.

CHINA’S NEXT TRANSFORMATION

China is at an inflection point. Social

and political forces—focused on income

inequality, uneven access to China’s

growth opportunities and environmental

pollution—are driving deep structural

changes to its growth model.

In response, the country’s 12th Five-

Year Plan sets out new policies to raise

wages and promote consumption. Its

aim is to spread the benefits of growth

more widely across the country, facilitat-

ing social harmony, as well as improv-

ing the quality of life with more ‘green’

activities by raising environmental stan-

dards and reducing waste. Many indus-

tries that are domestically focused will

directly benefit from the government’s

boost in investment in 'green' activities,

particularly related to urbanization and

improved quality of life.

China’s shift to a domestic consump-

tion model and slower growth is partly the

inevitable consequence of its remarkable

growth since initial reforms began in

1979. Two former economic ‘Asian Tigers’

South Korea and Taiwan, for example,

followed a similar trajectory, and achieved

significant economic results for their

countries. However, China has plenty of

ground to make up: private consumption

as a share of GDP is the lowest of any

major country worldwide at 33% (com-

pared to the US at 71%, for example).1

China is also facing demographic

challenges that are similarly affecting

countries such as Japan. An aging

population means that China’s source of

low-cost labor is rapidly disappearing:

China’s dependency ratio (the elderly

population relative to the working age

population) will soon begin to rise while

in a decade the country’s population

is forecast to decline. As a result, the

government is now reviewing its one

child policy. Technological innovation will

have to fill the gap to drive the country’s

growth and production.

By directing the economy toward

greater value-added activities and

boosting seven designated strategic

industries—environmental protec-

tion, energy conservation, new energy

sources, biotech, environmentally-

friendly transportation, new materials

and advanced manufacturing—China is

repositioning itself for long-term sustain-

able growth. China is also encouraging

urbanization across the country—with

the staggering goal of relocating 300 mil-

Complex, But Upbeat Growth Story In Emerging MarketsEmerging markets countries are following a very different growth path than their developed markets counterparts.

by MICHAEL GURALNICK AND SWATI MITRA

Michael GuralnickManaging Director Global Sales Head Treasury & Trade SolutionsCiti

Swati MitraManaging Director Global Sales Leader Emerging Markets Corporates Treasury & Trade SolutionsCiti

1: Source: Haver, CEIC and Citi Research quoted in 2013- A Strategic and Thematic View of the World Economic Outlook, Bill Lee –Transaction Services Chief Economist, Citi Research, January 18, 2013.

2: Quoted in ‘Doing Business in Emerging Markets in 2013: Where Are We and Where Are We Going?’ webinar, Bill Lee –Managing Director, Citi Research, January 24, 2013

For more information, please visitwww.transactionservices.citi.com

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