Matthew Michael Product Manager, EMD&Commodities

VIII Konferencja Inwestycyjna Schroders Rok 2017 i co dalej; dług rynków wschodzących jako kluczowa klasa aktywów dywersyfikująca portfel

Unconstrained Benchmark Relative

Schroder Franchise Absolute / Total Return Corporates Multi-Sector

Fund Name EM Debt AR EM Corporate Bond EM Bond / EM Multi-Sector Bond

Return Maximise Return Outperform CEMBI Broad Div. by 2% pa.

Outperform Composite Benchmark** by

2-3% pa.

Risk Preserve Capital Tracking Error Limit Tracking Error Limit

Investment Universe EM Local / External / Corporate / Currencies EM Corporate EM Local / External / Corporate / Currencies

Use of Corporates Periodic / Max 25% Yes Yes

Use of Cash Aggressive use of cash to preserve capital Limited Limited

Inception Date August 1997 July 2012 July 2012

Fund Manager A Guezour + Team R de Mello J Barrineau & R de Mello

Schroder Global EMD* Capabilities Product Mapping

1

* Emerging Market Debt is referred to as EMD throughout this presentation ** ⅓ GBI-EM Diversified, ⅓ EMBI Global Diversified, ⅓ CEMBI Broad Diversified

Objectives

Source: Schroders

EMD Fund Universe Investment styles

2

Source: Schroders

Beta Schroder ISF EMD Absolute Return Hedge Fund

Assets External, local debt, sovereigns and

corporates, currencies Both single and Multi Sector

External and local debt, sovereigns and corporates, currencies

External, local debt, sovereigns or corporates, currencies

Style Index-relative Absolute return, unconstrained, long-only and unleveraged Hedge Fund

(Long/Short, Leveraged)

Use of Derivatives Yes No Yes

Use of Corporates Heavy Periodic Heavy

Risk Over-concentrated Diversified Variable

Preservation of Capital No Yes No

Liquidity Variable – can be very poor Good Poor

Track Record Variable Long Variable / generally poor

Would you invest in : / Czy zainwestowałbyś w ?: • An active approach / Strategia aktywnie zarządzana

• An ETF / ETF • Both / Oba wyżej wymienione

• Avoid / Żadne z powyższych

Question 1

3

2016 – A Post Crisis Era?

4

Stage 1 Post Crisis

Stage 2 Recovery

Stage 3 Euphoria

Stage 4 Crisis

Stage 1 Post Crisis

Macro adjustment, high asset price

volatility

Reforms and sound fundamentals,

differentiation in asset performance

Policy mistakes and macro imbalances

Devaluation, emergency rate hikes and credit crisis. Panic selling

Macro adjustment, high asset price

volatility

Source: Bloomberg; Schroders – 31st January 2017, * from January 2016 to January 2017, ** C NAV Gross, # Based on Calendar year to Calendar Year

1998 – 2001# 2002 -2009 2010 - 2012 2013 - 2015 2016 - ?

Return Vol Sharpe Return Vol Sharpe Return Vol Sharpe Return Vol Sharpe Return* Vol

GBI EM - - - 13.32% 11.51% 0.62 8.29% 14.24% 0.49 -10.07% 11.27% -0.13 13.25 15.92

ELMI+ 8.78% 6.36% 0.61 9.24% 7.25% 0.93 2.49% 9.58% 0.30 -5.59% 5.70% -0.18 5.00 8.27

EMBI+ 13.06% 12.56% 0.69 11.91% 10.65% 0.99 12.95% 6.73% 1.95 -0.30% 7.56% 0.86 10.27 7.96

SISF EMD AR**

16.17% 9.16% 1.23 11.48 % 5.81% 1.49 3.06% 3.62% 0.84 -1.11% 3.62% 0.26 10.53 7.84

An investment in EMD today offers: Inwestycja w dług rynków wschodzących dzisiaj oferuje: • A classic ‘Post Crisis’ investment opportunity / Klasyczną

‚pokryzysową’ okazję inwestycyjną

• Too much risk, so best to avoid it / Zbyt duże ryzyko, najlepiej unikać tej klasy aktywów

• Interesting but I’ll stick to credit and corporates for now /

Interesujące ale pozostanę przy obligacjach korporacyjnych

Question 2

5

Investment outlook Summary

6

Source: Schroders

Currencies

EM Currencies are broadly undervalued. Trade competitiveness has been restored Most currencies reached extreme oversold levels and subsequently reversed (eg.

BRL, CLP, COP, RUB, ZAR, MYR). Currencies of India, Indonesia and Central Europe are likely to be supported by

recovering growth and stronger balance of payments

Reinstate large exposures once the recent correction has run its course

Local Debt

A significant monetary tightening has already occurred in a number of countries Yields are still high in Brazil, Colombia, Russia, South Africa, Indonesia and India Inflation has peaked in these countries… …and their central banks are regaining the ability to ease

Core exposure to selected markets

Hard Currency Debt

Expensive valuations Over-owned Poor liquidity (especially for Corporates) Very vulnerable to FED rate hikes

Maintain minimal exposure

Investment outlook

7

Source: Google; Schroders – May 2016

Emerging Markets Fundamental Analysis

Crisis brings change

India Indonesia Argentina Brazil South Africa

Prime Minister N. Modi

President J. Widodo

President M. Macri

President D. Rousseff

President J. Zuma

Investment outlook

8

Source: Schroders; Thomson DataStream; Bank of Indonesia – 31 January 2017

-20

-10

0

10

20

30

40

50

1980 1984 1988 1992 1996 2000 2004 2008 2012 2016

Crisis brings change

0

2

4

6

8

10

12

14

16

18

20

2001 2003 2005 2007 2009 2011 2013 2015 2017

CPI yoy

Country Analysis Fundamental Analysis

Indonesia – back to external trade surplus Trade balance in $billion – 12 month rolling sum

Indonesia – inflation back under control

EM Local vs EM External yields: highest, lowest and current

9

01020304050607080

Arg

entin

a

Bra

zil

Col

ombi

a

Indo

nesi

a

Mal

aysi

a

Mex

ico

Nig

eria

Pan

ama

Per

u

Phi

lippi

nes

Pol

and

Rus

sia

Sou

th A

frica

Turk

ey

Ukr

aine

Ven

ezue

la

Sector Long term Average

Source: Schroders; Bloomberg; JP Morgan – 31 January 2017

0

5

10

15

20

25

30

Bra

zil

Chi

le B

road

Chi

na

Col

ombi

a

Hun

gary

Indi

a

Indo

nesi

a

Mal

aysi

a

Mex

ico

Per

u

Pol

and

Rus

sia

Sou

th A

frica

Thai

land

Turk

ey

Sector Long term Average

Loca

l Bon

d Yi

eld

%

Exte

rnal

Bon

d Yi

eld

%

Investment outlook Global Environment Valuations

60

65

70

75

80

85

90

95

100

105

110

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

-25%

-24%

-40%

The collapse in EM Currencies appears overdone JP Morgan EM Currency Index 2000-2017

10

Source: JP Morgan; Bloomberg – 31 January 2017

Emerging Markets Fundamental Analysis

Investment outlook

Investment outlook

11

Source: Schroders - 30 December 2016

EEMEA

Av EM

Latam

Asia

Hot Money Indicator – Average country score by region

-1,0

-0,8

-0,6

-0,4

-0,2

0,0

0,2

0,4

0,6

0,8

1,0

1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016

Emerging Markets Quantitative Analysis

-12

-10

-8

-6

-4

-2

0

2

4

6

8

10

12

Saud

i Ara

bia

Tuni

sia

Nig

eria

Luxe

mbo

urg

UA

EEg

ypt

Chi

naTu

rkey

Aust

ralia

Kuw

ait

Sing

apor

eKe

nya

Nor

way

Latv

iaPa

nam

aIn

done

sia

Peru

Bots

wan

aO

man

Leba

non

Can

ada

Col

ombi

aIra

nLi

thua

nia

Kaza

khst

anM

alay

sia

Uru

guay

Vene

zuel

aD

omin

ican

Rep

ublic

New

Zea

land

Uni

ted

Sta

tes

Slov

akia

Mor

occo

Jord

anBe

lgiu

mTh

aila

ndPo

land

Ukr

aine

Switz

erla

ndBr

azil

Viet

nam

Irela

ndAl

geria

Chi

leH

ong

Kong

Finl

and

Swed

enM

exic

oBa

hrai

nFr

ance

Arge

ntin

aU

nite

d K

ingd

omR

ussi

aC

zech

Rep

ublic

Esto

nia

Net

herla

nds

Ecua

dor

Philip

pine

sPa

kist

anAu

stria

Indi

aJa

mai

caR

oman

iaSp

ain

Taiw

anJa

pan

Portu

gal

Ivor

y C

oast

Gre

ece

Sout

h Af

rica

Isra

elKo

rea

Bulg

aria

Italy

Euro

zone

Hun

gary

Ger

man

yC

roat

ia

High risk of crisis

Investment outlook

12

Source: Schroders – December 2016

Country Risk Score – December 2016

Global Environment Quantitative Analysis

Chart2

TurkeyTurkeyTurkeyTurkeyTurkeyTurkeyTurkey

ChinaChinaChinaChinaChinaChinaChina

SingaporeSingaporeSingaporeSingaporeSingaporeSingaporeSingapore

KenyaKenyaKenyaKenyaKenyaKenyaKenya

AustraliaAustraliaAustraliaAustraliaAustraliaAustraliaAustralia

jordanjordanjordanjordanjordanjordanjordan

CanadaCanadaCanadaCanadaCanadaCanadaCanada

LuxembourgLuxembourgLuxembourgLuxembourgLuxembourgLuxembourgLuxembourg

PeruPeruPeruPeruPeruPeruPeru

TunisiaTunisiaTunisiaTunisiaTunisiaTunisiaTunisia

MoroccoMoroccoMoroccoMoroccoMoroccoMoroccoMorocco

IndonesiaIndonesiaIndonesiaIndonesiaIndonesiaIndonesiaIndonesia

ColombiaColombiaColombiaColombiaColombiaColombiaColombia

PolandPolandPolandPolandPolandPolandPoland

KuwaitKuwaitKuwaitKuwaitKuwaitKuwaitKuwait

IndiaIndiaIndiaIndiaIndiaIndiaIndia

BrazilBrazilBrazilBrazilBrazilBrazilBrazil

IrelandIrelandIrelandIrelandIrelandIrelandIreland

UkraineUkraineUkraineUkraineUkraineUkraineUkraine

BelgiumBelgiumBelgiumBelgiumBelgiumBelgiumBelgium

JamaicaJamaicaJamaicaJamaicaJamaicaJamaicaJamaica

Dominican RepublicDominican RepublicDominican RepublicDominican RepublicDominican RepublicDominican RepublicDominican Republic

ChileChileChileChileChileChileChile

New ZealandNew ZealandNew ZealandNew ZealandNew ZealandNew ZealandNew Zealand

BotswanaBotswanaBotswanaBotswanaBotswanaBotswanaBotswana

NigeriaNigeriaNigeriaNigeriaNigeriaNigeriaNigeria

QatarQatarQatarQatarQatarQatarQatar

VietnamVietnamVietnamVietnamVietnamVietnamVietnam

SlovakiaSlovakiaSlovakiaSlovakiaSlovakiaSlovakiaSlovakia

LebanonLebanonLebanonLebanonLebanonLebanonLebanon

ThailandThailandThailandThailandThailandThailandThailand

BahrainBahrainBahrainBahrainBahrainBahrainBahrain

UruguayUruguayUruguayUruguayUruguayUruguayUruguay

LatviaLatviaLatviaLatviaLatviaLatviaLatvia

MexicoMexicoMexicoMexicoMexicoMexicoMexico

PanamaPanamaPanamaPanamaPanamaPanamaPanama

MalaysiaMalaysiaMalaysiaMalaysiaMalaysiaMalaysiaMalaysia

FinlandFinlandFinlandFinlandFinlandFinlandFinland

UAEUAEUAEUAEUAEUAEUAE

BulgariaBulgariaBulgariaBulgariaBulgariaBulgariaBulgaria

Saudi ArabiaSaudi ArabiaSaudi ArabiaSaudi ArabiaSaudi ArabiaSaudi ArabiaSaudi Arabia

LithuaniaLithuaniaLithuaniaLithuaniaLithuaniaLithuaniaLithuania

EgyptEgyptEgyptEgyptEgyptEgyptEgypt

FranceFranceFranceFranceFranceFranceFrance

AustriaAustriaAustriaAustriaAustriaAustriaAustria

SwitzerlandSwitzerlandSwitzerlandSwitzerlandSwitzerlandSwitzerlandSwitzerland

KazakhstanKazakhstanKazakhstanKazakhstanKazakhstanKazakhstanKazakhstan

VenezuelaVenezuelaVenezuelaVenezuelaVenezuelaVenezuelaVenezuela

RomaniaRomaniaRomaniaRomaniaRomaniaRomaniaRomania

RussiaRussiaRussiaRussiaRussiaRussiaRussia

GreeceGreeceGreeceGreeceGreeceGreeceGreece

Czech RepublicCzech RepublicCzech RepublicCzech RepublicCzech RepublicCzech RepublicCzech Republic

SpainSpainSpainSpainSpainSpainSpain

EstoniaEstoniaEstoniaEstoniaEstoniaEstoniaEstonia

Ivory CoastIvory CoastIvory CoastIvory CoastIvory CoastIvory CoastIvory Coast

EcuadorEcuadorEcuadorEcuadorEcuadorEcuadorEcuador

NorwayNorwayNorwayNorwayNorwayNorwayNorway

USAUSAUSAUSAUSAUSAUSA

PakistanPakistanPakistanPakistanPakistanPakistanPakistan

IranIranIranIranIranIranIran

OmanOmanOmanOmanOmanOmanOman

CroatiaCroatiaCroatiaCroatiaCroatiaCroatiaCroatia

JapanJapanJapanJapanJapanJapanJapan

AlgeriaAlgeriaAlgeriaAlgeriaAlgeriaAlgeriaAlgeria

Hong KongHong KongHong KongHong KongHong KongHong KongHong Kong

PhilippinesPhilippinesPhilippinesPhilippinesPhilippinesPhilippinesPhilippines

PortugalPortugalPortugalPortugalPortugalPortugalPortugal

SwedenSwedenSwedenSwedenSwedenSwedenSweden

South AfricaSouth AfricaSouth AfricaSouth AfricaSouth AfricaSouth AfricaSouth Africa

IsraelIsraelIsraelIsraelIsraelIsraelIsrael

TaiwanTaiwanTaiwanTaiwanTaiwanTaiwanTaiwan

ItalyItalyItalyItalyItalyItalyItaly

UKUKUKUKUKUKUK

NetherlandsNetherlandsNetherlandsNetherlandsNetherlandsNetherlandsNetherlands

ArgentinaArgentinaArgentinaArgentinaArgentinaArgentinaArgentina

EurozoneEurozoneEurozoneEurozoneEurozoneEurozoneEurozone

HungaryHungaryHungaryHungaryHungaryHungaryHungary

South KoreaSouth KoreaSouth KoreaSouth KoreaSouth KoreaSouth KoreaSouth Korea

GermanyGermanyGermanyGermanyGermanyGermanyGermany

Growth Dynamics

Sovereign External Liquidity

Hot Money Indicator

Bank External Liquidity

Competitiveness

Economic Leverage

Total Risk Score

-1.1022709396

-0.9498700438

-1.3527126071

-1.8132799048

-0.4405691333

-2

-7.6587026287

-1.2871260205

0.6756805786

-1.9159421858

-0.8522724355

-1.5976586752

-2

-6.9773187383

0.1883264801

0.3678669242

-1.411726473

-1.9397686694

-1.9670805175

-2

-6.7623822557

-0.0662541436

0.7123790875

-1.8064276846

-0.9768276639

-2

-2

-6.1371304047

0.4401501801

-0.494486517

-1.8367292565

-1.4866706136

-1.6972071271

-0.6304259646

-5.7053692986

-1.0145779182

-0.8494937832

-1.7882492993

-1.2141717376

-0.1171051075

0.384268958

-4.5993288877

-1.0274943512

-0.4960403064

-1.2813205811

-2

-0.8923119434

1.4694691432

-4.2276980389

-1.2330653422

-1.0863472437

-2

1.2831229573

-0.81903408

-0.3487049633

-4.204028672

-0.2862152461

1.1000173613

-1.1850281723

-0.8599055232

-0.6871235212

-2

-3.9182551016

-1.2049992784

-1.0384362264

-0.0737199626

-1.1738358956

1.7418949925

-2

-3.7490963705

-1.0345102418

-0.6196069392

-0.7847019233

-0.6097836021

0.7812655281

-1.1754240641

-3.4427612424

-1.0034408926

0.1806267794

-0.2482952993

-0.4732389099

0.1094349964

-2

-3.434913326

-0.3201818793

0.2548795159

-1.8750759182

0.4479311846

-1.4965563375

-0.3013923597

-3.2903957942

0.2699161482

0.3533920268

-0.446888799

-0.8825404941

-0.7977650821

-1.6522422131

-3.1561284133

0.1703570819

0.5566838572

-1.8072257189

0.6524760795

-2

-0.5992190097

-3.0269277101

-1.0225002286

-0.0571325817

-1.1785038309

1.1583185656

-0.2916105551

-1.5407563661

-2.9321849968

-1.0906473922

1.5791421283

-2

0.4836031137

0.1560855364

-2

-2.8718166138

0.3710428068

-0.3998436102

-1.4219007883

0.0802002348

-0.3884370724

-1.0543702543

-2.8133086836

-0.2780795569

-1.8936735393

1.5050577237

-0.9825840076

0.4741522559

-1.6254584879

-2.8005856122

-1.1587884206

-1.3681716877

-1.0519202649

2

-0.5667643884

-0.6000687636

-2.7457135252

-1.0182997793

-0.9384147905

0.5168529888

2

-1.0499526058

-2

-2.4898141867

-1.0009638102

0.8452777171

0.4428816706

-0.1429798604

-0.6104424263

-2

-2.4662267092

-1.1173461625

-0.9797620072

-1.4770987308

0.4674835246

-1.1030300435

2

-2.2097534193

1.0258553711

-0.2608720185

-1.7871683008

-1.3634755549

-1.8165519915

2

-2.2022124946

0.0218652822

-1.2492534907

-0.1349958459

1.3821842673

-0.1467490053

-2

-2.1269487924

1.0131708909

0.4553477276

-2

-0.6503816475

-1.9438380826

1.0247583488

-2.1009427627

0.2207100541

1.1466501994

-2

-1.4327266965

-1.6166413349

1.6822458523

-1.9997619256

0.4868908624

1.1487609739

0.8452282624

-0.3360913783

-2

-2

-1.8552112796

0.4641948191

-0.7686302483

0.0655388543

0.7479534877

-1.5506501893

-0.724958801

-1.7665520774

1.0092880886

0.9067526602

1.0997290769

-1.403760523

-1.1406408388

-2

-1.5286315362

0.0342119569

0.6680822964

-0.2990831098

0.4170351882

-0.5394142209

-1.6590108669

-1.378178756

0.0756627066

0.4359859459

0.7816718462

-2

1.3997390017

-2

-1.3069404997

-1.0234228711

1.933311669

-1.8843751793

-0.0016340339

-2

1.6829696861

-1.2931507293

-0.0546323247

-0.4197935767

0.8896719414

-1.2000097444

-1.0158485292

0.829620598

-0.9709916357

1.0111718319

0.6094882992

-0.923026723

0.8885920239

-0.4245469743

-2

-0.8383215422

-0.3055371254

0.371748618

-1.8468880407

0.4508671944

-0.2568282634

0.871966563

-0.7146710542

-1.005587572

-0.1496187751

-1.5741413772

0.174330244

0.4924650634

1.3632738798

-0.6992785371

-1.0634121422

-0.9878428298

0.0176414123

0.4205873657

0.7085473366

0.3699282608

-0.5345505967

0.0864953916

1.1908659671

-1.4351036687

-0.8913403781

-1.4025176664

2

-0.4516003546

1.0260848185

0.5580642854

-0.2325238777

0.1995480433

-1.2884847206

-0.6924139919

-0.4297254429

1.0207906269

1.3790195694

-1.2586315268

-1.2837775755

0.938594079

-1.1926556019

-0.3966604288

1.08617354

0.7271571061

-0.4364493755

-0.6105644616

-1.2018435199

0.5220524381

0.0865257273

-1.2951831051

-0.7320616129

0.4040223295

0.9765559979

-0.8409876302

1.5838466746

0.0961926537

-1.1840052202

-1.3162373674

-2

1.8116048215

0.8460056268

2

0.1573678607

0.3547540947

-0.8368253384

-1.5860443439

1.1407896677

-0.3242209557

1.722229777

0.4706829013

-0.1259980108

2

-0.5728476235

-1.2836128524

-1.4786840904

2

0.5388574229

1.0736315912

0.3686612232

0.1132488122

2

-1.0321656475

-1.9504396151

0.572936364

-1.0855240791

-1.0267075229

-0.0824107384

2

-1.0260813962

2

0.7792762634

1.1663494038

1.3940878554

0.5997363437

-0.6170680671

-0.8562860063

-0.7917871762

0.8950323534

-0.3828367396

0.4325351797

0.7025531361

-0.0014755759

-1.7324050725

2

1.0183709278

0.6460181755

0.2096769499

2

-0.6784178853

-0.9013585172

-0.197130505

1.078788218

1.0210587156

2

0.5366545911

-0.12432712

-1.2307315642

-0.9309230114

1.2717316111

0.5151662554

0.1357073816

-1.858190817

2

-0.8917270743

1.5000929028

1.4010486485

1.0297241947

-0.8663156765

1.5842036617

-1.1353680443

-1.0462981429

1.9110673587

1.4770133514

-0.1412574515

0.6634585327

-1.6782184789

0.7151055694

0.0289305916

2

1.5880187632

1.0113849674

0.6658668734

-0.5565909682

1.0212691233

-0.8509445133

0.3208945816

1.6118800641

0.2996890122

0.2759569991

2

1.7907683388

-1.0353991727

-1.3426121472

1.9884030302

1.0394669034

0.5042884203

-1.1839310147

-1.2834340084

0.912178186

2

1.9885684865

0.0175843307

-0.2088838996

-1.7231076503

1.4376907743

0.4778180763

2

2.0011016315

-1.1191091176

0.3607691956

1.7498996874

0.7453559925

-0.7531201631

1.1866240205

2.1704196152

0.097464421

0.4911424693

2

-0.4185194201

2

-1.9869186397

2.1831688305

1.001267035

1.4527475651

0.2794016089

-0.0916650724

-0.8728093035

0.4926036884

2.2615455216

-1.0215861008

1.5378356326

-2

1.8258952996

1.913930429

0.0337978126

2.2898730731

-0.2821135781

0.9085984124

-1.4607653921

0.7653596634

0.5536700841

2

2.4847491897

-1.0862555236

1.088155957

-0.1862024547

0.3246334953

0.4214300537

2

2.5617615277

1.1970978487

1.4095003643

-0.0811978827

-0.3532915408

-1.5796210505

2

2.5924877389

0.5376990622

-0.1704927698

2

0.333906981

-0.7145280708

0.7036527327

2.6902379353

1.002034742

1.2662914028

-2

2

0.5003670884

-0.0039513302

2.7647419031

-1.0141392318

0.2958831772

-0.3716854222

0.7730878233

1.2936350636

1.9001790199

2.87696043

0.2703364785

1.1838412653

-0.6189124269

0.4715610089

-0.3336791726

2

2.9731471533

0.3963310259

0.7631976726

-1.5937427522

0.9701781694

1.1582981792

2

3.6942622949

0.3345784657

0.2852546804

0.1497377087

1.3278681752

-0.0045260969

1.730165694

3.823078627

-0.4304339342

-0.9533964295

1.224960494

2

0.1220410819

2

3.9631712123

0.6040128506

1.2231667533

2

2

-0.6803929416

-0.9613779982

4.1854086641

0.0004087251

0.6693412219

0.2230591962

0.9999475039

0.6775213758

2

4.5702780229

0.8250466693

0.2001385088

-0.8324178845

2

0.4553837358

2

4.6481510294

1.0746281212

1.8426122274

0.5368165662

0.7494555882

-1.0358424531

1.5174852424

4.6851552924

0.2251040631

1.3098898276

0.5321217114

-0.2138815914

0.8490510194

2

4.70228503

0.4935540766

0.819745886

2

0.9970211661

0.9914727538

2

7.3017938825

Summary Sheet

Change in ScoreScore By Risk FactorsYield Vs latest scoreReer Changes Vs latest score

CountryLast Quarter's ScoreThis Quarter's ScoreChange in ScoreGrowth DynamicsSovereign External LiquidityHot Money IndicatorBank External LiquidityCompetitivenessEconomic LeverageTotal Risk ScoreGrowth DynamicsSovereign External LiquidityHot Money IndicatorBank External LiquidityCompetitivenessEconomic LeverageTotal Risk ScoreCountryLatest ScoreSovereign YieldAveScoreY valuesAve YieldXvalues2010Long Term AverageReer % Deviation From long term MeanAve Reer ChangeCountrySovereign SpreadAlgeria

Vietnam-0.83-4.17-3.34-1.86Turkey-1.10-0.95-1.35-1.81-0.44-2.00-7.66Algeria-0.280.91-1.460.770.552.002.48Algeria2.480.00-0.541000.000.00-12.00000.0000.0014.80AlgeriaBotswana

Pakistan4.601.55-3.052.00China-1.290.68-1.92-0.85-1.60-2.00-6.98Botswana0.02-1.25-0.131.38-0.15-2.00-2.13Botswana-2.130.00-0.54982.000.00-11.63000.0000.000.97-6.49Argentina795Egypt

Taiwan5.784.32-1.463.69Singapore0.190.37-1.41-1.94-1.97-2.00-6.76Egypt-1.30-0.730.400.98-0.841.580.10Egypt0.10264.00-0.54964.000.00-11.26000.0000.000.94-1.99Belize861Ivory Coast

Ireland-1.41-2.81-1.41-2.81Kenya-0.070.71-1.81-0.98-2.00-2.00-6.14Ivory Coast-0.140.66-1.680.720.032.001.59Ivory Coast1.59766.00-0.54946.000.00-10.89000.0000.000.912.39Bulgaria343Kenya

Singapore-5.63-6.82-1.19-6.76Australia0.44-0.49-1.84-1.49-1.70-0.63-5.71Kenya-0.070.71-1.81-0.98-2.00-2.00-6.14Kenya-6.140.00-0.54928.000.00-10.52000.0000.000.88-2.51Brazil224Morocco

Brazil-4.30-5.44-1.14-2.87jordan-1.01-0.85-1.79-1.21-0.120.38-4.60Morocco-1.03-0.62-0.78-0.610.78-1.18-3.44Morocco-3.440.00-0.54910.000.00-10.15000.0000.000.85-5.15Ivory Coast766Nigeria

Qatar-0.77-1.90-1.13-2.00Canada-1.03-0.50-1.28-2.00-0.891.47-4.23Nigeria1.010.46-2.00-0.65-1.941.02-2.10Nigeria-2.1037.00-0.54892.000.00-9.78000.0000.000.820.25Chile152South Africa

Saudi Arabia3.622.68-0.94-0.40Luxembourg-1.23-1.09-2.001.28-0.82-0.35-4.20South Africa-1.010.30-0.370.771.291.902.88South Africa2.88181.00-0.54874.000.00-9.41000.0000.000.791.97China67Tunisia

Uruguay0.58-0.26-0.83-1.29Peru-0.291.10-1.19-0.86-0.69-2.00-3.92Tunisia-1.20-1.04-0.07-1.171.74-2.00-3.75Tunisia-3.75125.00-0.54856.000.00-9.04000.0000.000.76-1.70Colombia210China

Spain2.061.26-0.801.40Tunisia-1.20-1.04-0.07-1.171.74-2.00-3.75China-1.290.68-1.92-0.85-1.60-2.00-6.98China-6.9867.00-0.54838.000.00-8.67000.0000.000.73-1.66Croatia338Hong Kong

Netherlands4.944.19-0.764.19Morocco-1.03-0.62-0.78-0.610.78-1.18-3.44Hong Kong-1.091.09-0.190.320.422.002.56Hong Kong2.5657.10-0.54820.000.00-8.30000.0000.000.73.23Dom. Rep.424India

Lebanon-1.46-2.12-0.66-1.53Indonesia-1.000.18-0.25-0.470.11-2.00-3.43India-1.02-0.06-1.181.16-0.29-1.54-2.93India-2.930.00-0.54802.000.00-7.93000.0000.000.67-3.26Ecuador957Indonesia

Switzerland1.160.54-0.620.54Colombia-0.320.25-1.880.45-1.50-0.30-3.29Indonesia-1.000.18-0.25-0.470.11-2.00-3.43Indonesia-3.43257.00-0.54784.000.00-7.56000.0000.000.64-4.69Egypt264South Korea

jordan-4.68-5.25-0.57-4.60Poland0.270.35-0.45-0.88-0.80-1.65-3.16South Korea0.231.310.53-0.210.852.004.70South Korea4.70125.32-0.54766.000.00-7.19000.0000.000.612.62El Salvador329Malaysia

Kuwait-1.13-1.68-0.55-3.03Kuwait0.170.56-1.810.65-2.00-0.60-3.03Malaysia-1.01-0.15-1.570.170.491.36-0.70Malaysia-0.70164.00-0.54748.000.00-6.82000.0000.000.582.65Gabon422Philippines

Panama-0.25-0.78-0.52-0.71India-1.02-0.06-1.181.16-0.29-1.54-2.93Philippines1.201.41-0.08-0.35-1.582.002.59Philippines2.59236.00-0.54730.000.00-6.45000.0000.000.550.37Georgia482Singapore

Algeria2.822.31-0.512.48Brazil-1.091.58-2.000.480.16-2.00-2.87Singapore0.190.37-1.41-1.94-1.97-2.00-6.76Singapore-6.7645.00-0.54712.000.00-6.08000.0000.000.52-4.26Ghana462Taiwan

Iran2.491.99-0.502.17Ireland0.37-0.40-1.420.08-0.39-1.05-2.81Taiwan0.400.76-1.590.971.162.003.69Taiwan3.6980.00-0.54694.000.00-5.71000.0000.000.492.29Hungary329Thailand

Bahrain-0.26-0.75-0.49-1.31Ukraine-0.28-1.891.51-0.980.47-1.63-2.80Thailand0.030.67-0.300.42-0.54-1.66-1.38Thailand-1.38128.35-0.54676.000.00-5.34000.0000.000.46-0.21Kazakhstan398Vietnam

Malaysia-1.71-2.18-0.48-0.70Belgium-1.16-1.37-1.052.00-0.57-0.60-2.75Vietnam0.491.150.85-0.34-2.00-2.00-1.86Vietnam-1.86342.00-0.54658.000.00-4.97000.0000.000.43-6.14Indonesia257Bulgaria

Indonesia-4.54-5.00-0.46-3.43Jamaica-1.02-0.940.522.00-1.05-2.00-2.49Bulgaria1.030.56-0.230.20-1.29-0.69-0.43Bulgaria-0.43343.00-0.54640.000.00-4.60000.0000.000.4-1.42Iraq423Croatia

Dominican Republic-2.73-3.18-0.45-2.47Dominican Republic-1.000.850.44-0.14-0.61-2.00-2.47Croatia1.001.450.28-0.09-0.870.492.26Croatia2.26338.00-0.54622.000.00-4.23000.0000.000.37-3.96Jamaica513Czech Republic

South Korea4.113.69-0.424.70Chile-1.12-0.98-1.480.47-1.102.00-2.21Czech Republic1.022.000.54-0.12-1.23-0.931.27Czech Republic1.27100.50-0.54604.000.00-3.86000.0000.000.34-1.07Lithuania346Estonia

Egypt-0.11-0.41-0.300.10New Zealand1.03-0.26-1.79-1.36-1.822.00-2.20Estonia1.03-0.871.58-1.14-1.051.911.48Estonia1.480.00-0.54586.000.00-3.49000.0000.000.312.47Lebanon321Hungary

Tunisia-4.00-4.29-0.29-3.75Botswana0.02-1.25-0.131.38-0.15-2.00-2.13Hungary1.071.840.540.75-1.041.524.69Hungary4.69329.00-0.54568.000.00-3.12000.0000.000.28-0.82Malaysia164Kazakhstan

New Zealand-1.93-2.20-0.27-2.20Nigeria1.010.46-2.00-0.65-1.941.02-2.10Kazakhstan1.070.370.112.00-1.03-1.950.57Kazakhstan0.57398.00-0.54550.000.00-2.75000.0000.000.25-0.99Mexico199Latvia

Germany7.577.30-0.277.30Qatar0.221.15-2.00-1.43-1.621.68-2.00Latvia-0.05-0.420.89-1.20-1.020.83-0.97Latvia-0.970.00-0.54532.000.00-2.38000.0000.000.22-0.66Morocco0Lithuania

Lithuania0.390.15-0.250.09Vietnam0.491.150.85-0.34-2.00-2.00-1.86Lithuania1.090.73-0.44-0.61-1.200.520.09Lithuania0.09346.00-0.54514.000.00-2.01000.0000.000.19-0.38Nigeria37Poland

Romania0.750.53-0.220.90Slovakia0.46-0.770.070.75-1.55-0.72-1.77Poland0.270.35-0.45-0.88-0.80-1.65-3.16Poland-3.16194.00-0.54496.000.00-1.64000.0000.000.16-6.35Pakistan602Romania

Bulgaria0.180.07-0.11-0.43Lebanon1.010.911.10-1.40-1.14-2.00-1.53Romania1.171.390.60-0.62-0.86-0.790.90Romania0.900.00-0.54478.000.00-1.27000.0000.000.13-1.73Panama199Russia

Japan2.362.29-0.072.29Thailand0.030.67-0.300.42-0.54-1.66-1.38Russia-0.380.430.70-0.00-1.732.001.02Russia1.02262.00-0.54460.000.00-0.90000.0000.000.13.13Peru199Slovakia

Peru-5.06-5.060.00-3.92Bahrain0.080.440.78-2.001.40-2.00-1.31Slovakia0.46-0.770.070.75-1.55-0.72-1.77Slovakia-1.770.00-0.54442.000.00-0.53000.0000.000.07-2.89Philippines236Ukraine

Israel1.801.810.012.97Uruguay-1.021.93-1.88-0.00-2.001.68-1.29Ukraine-0.28-1.891.51-0.980.47-1.63-2.80Ukraine-2.80615.00-0.54424.000.00-0.16000.0000.000.04-3.17Poland194Argentina

Russia2.942.960.021.02Latvia-0.05-0.420.89-1.20-1.020.83-0.97Argentina0.000.670.221.000.682.004.57Argentina4.57795.00-0.54406.000.000.21000.0000.000.015.08Russia262Brazil

Austria0.390.470.080.47Mexico1.010.61-0.920.89-0.42-2.00-0.84Brazil-1.091.58-2.000.480.16-2.00-2.87Brazil-2.87224.00-0.54388.000.000.58000.0000.00-0.02-5.99Serbia435Chile

Luxembourg-4.30-4.200.10-4.20Panama-0.310.37-1.850.45-0.260.87-0.71Chile-1.12-0.98-1.480.47-1.102.00-2.21Chile-2.21152.00-0.54370.000.000.95000.0000.00-0.05-6.08South Africa181Colombia

Ivory Coast2.742.870.131.59Malaysia-1.01-0.15-1.570.170.491.36-0.70Colombia-0.320.25-1.880.45-1.50-0.30-3.29Colombia-3.29210.00-0.54352.000.001.32000.0000.00-0.08-6.41Sri Lanka460Dominican Republic

Latvia-0.23-0.000.23-0.97Finland-1.06-0.990.020.420.710.37-0.53Dominican Republic-1.000.850.44-0.14-0.61-2.00-2.47Dominican Republic-2.47294.40-0.54334.000.001.69000.0000.00-0.11-2.69Thailand128.35Ecuador

India-3.35-3.050.30-2.93UAE0.091.19-1.44-0.89-1.402.00-0.45Ecuador1.010.67-0.561.02-0.850.321.61Ecuador1.61957.00-0.54316.000.002.06000.0000.00-0.14-0.96Trinidad&Toba0Jamaica

Australia-6.02-5.710.31-5.71Bulgaria1.030.56-0.230.20-1.29-0.69-0.43Jamaica-1.02-0.940.522.00-1.05-2.00-2.49Jamaica-2.49513.00-0.54298.000.002.43000.0000.00-0.17-3.85Tunisia125Mexico

Venezuela-0.75-0.410.350.78Saudi Arabia1.021.38-1.26-1.280.94-1.19-0.40Mexico1.010.61-0.920.89-0.42-2.00-0.84Mexico-0.84199.00-0.54280.000.002.80000.0000.00-0.21.01Turkey255Panama

Slovakia-2.16-1.800.35-1.77Lithuania1.090.73-0.44-0.61-1.200.520.09Panama-0.310.37-1.850.45-0.260.87-0.71Panama-0.71199.00-0.54262.000.003.17000.0000.00-0.23-2.65Ukraine615Peru

Jamaica-2.85-2.490.36-2.49Egypt-1.30-0.730.400.98-0.841.580.10Peru-0.291.10-1.19-0.86-0.69-2.00-3.92Peru-3.92199.00-0.54244.000.003.54000.0000.00-0.26-4.01Uruguay251Uruguay

Hong Kong2.873.250.382.56France-1.18-1.32-2.001.810.852.000.16Uruguay-1.021.93-1.88-0.00-2.001.68-1.29Uruguay-1.29251.00-0.54226.000.003.91000.0000.00-0.292.33Venezuela1212Venezuela

France-0.230.160.390.16Austria0.35-0.84-1.591.14-0.321.720.47Venezuela-1.09-1.03-0.082.00-1.032.000.78Venezuela0.781212.00-0.54208.000.004.28000.0000.00-0.32-0.52Vietnam342Bahrain

UAE0.050.440.39-0.45Switzerland-0.132.00-0.57-1.28-1.482.000.54Bahrain0.080.440.78-2.001.40-2.00-1.31Bahrain-1.310.00-0.54190.000.004.65000.0000.00-0.350.14Hong Kong57.1Iran

Estonia2.422.860.431.48Kazakhstan1.070.370.112.00-1.03-1.950.57Iran-1.120.361.750.75-0.751.192.17Iran2.170.00-0.54172.000.005.02000.0000.00-0.380.61South Korea125.315Israel

Morocco-4.37-3.890.48-3.44Venezuela-1.09-1.03-0.082.00-1.032.000.78Israel0.271.18-0.620.47-0.332.002.97Israel2.970.00-0.54154.000.005.39000.0000.00-0.410.91Latviajordan

Poland-4.37-3.820.54-3.16Romania1.171.390.60-0.62-0.86-0.790.90jordan-1.01-0.85-1.79-1.21-0.120.38-4.60jordan-4.600.00-0.54136.000.005.76000.0000.00-0.44-0.75Lithuania271.65Kuwait

Eurozone4.064.650.584.65Russia-0.380.430.70-0.00-1.732.001.02Kuwait0.170.56-1.810.65-2.00-0.60-3.03Kuwait-3.030.00-0.54118.000.006.13000.0000.00-0.47-1.24Qatar87.48Lebanon

Sweden2.142.760.632.76Greece0.650.212.00-0.68-0.90-0.201.08Lebanon1.010.911.10-1.40-1.14-2.00-1.53Lebanon-1.53321.00-0.54100.000.006.50000.0000.00-0.5-1.17RomaniaOman

Chile-3.81-3.160.65-2.21Czech Republic1.022.000.54-0.12-1.23-0.931.27Oman0.100.492.00-0.422.00-1.992.18Oman2.180.00-0.5482.000.006.87000.0000.00-0.531.70Saudi Arabia71Pakistan

Mexico-2.13-1.310.82-0.84Spain0.520.14-1.862.00-0.891.501.40Pakistan0.02-0.21-1.721.440.482.002.00Pakistan2.00602.00-0.5464.000.007.24000.0000.00-0.563.42Singapore45Qatar

Belgium-3.56-2.750.82-2.75Estonia1.03-0.871.58-1.14-1.051.911.48Qatar0.221.15-2.00-1.43-1.621.68-2.00Qatar-2.0087.48-0.5446.000.007.61000.0000.00-0.591.16SlovakiaSaudi Arabia

Kazakhstan-0.270.570.840.57Ivory Coast-0.140.66-1.680.720.032.001.59Saudi Arabia1.021.38-1.26-1.280.94-1.19-0.40Saudi Arabia-0.4071.00-0.5428.000.007.98000.0000.00-0.624.61Taiwan80Turkey

Greece0.231.080.851.08Ecuador1.010.67-0.561.02-0.850.321.61Turkey-1.10-0.95-1.35-1.81-0.44-2.00-7.66Turkey-7.66255.00-0.5410.000.008.35000.0000.00-0.65-10.08EstoniaUAE

Turkey-9.06-8.180.88-7.66Norway0.300.282.001.79-1.04-1.341.99UAE0.091.19-1.44-0.89-1.402.00-0.45UAE-0.45288.00-0.54-8.000.008.72000.0000.00-0.68-3.76EurozoneAustria

Botswana-2.77-1.890.88-2.13USA1.040.50-1.18-1.280.912.001.99Austria0.35-0.84-1.591.14-0.321.720.47Austria0.4786.49-0.54-26.000.009.09000.0000.00-0.710.58czech Republic100.495Belgium

Kenya-7.54-6.650.89-6.14Pakistan0.02-0.21-1.721.440.482.002.00Belgium-1.16-1.37-1.052.00-0.57-0.60-2.75Belgium-2.75139.02-0.54-44.000.009.46000.0000.00-0.74-3.10UAE288Finland

Canada-5.14-4.230.91-4.23Iran-1.120.361.750.75-0.751.192.17Finland-1.06-0.990.020.420.710.37-0.53Finland-0.5333.35-0.54-62.000.009.83000.0000.00-0.77-1.78JordanFrance

South Africa2.253.200.952.88Oman0.100.492.00-0.422.00-1.992.18France-1.18-1.32-2.001.810.852.000.16France0.1685.18-0.54-80.000.0010.20000.0000.00-0.80.37IndiaGermany

Philippines1.652.620.962.59Croatia1.001.450.28-0.09-0.870.492.26Germany0.490.822.001.000.992.007.30Germany7.3040.72-0.54-98.000.0010.57000.0000.00-0.835.17USAGreece

Hungary2.383.661.284.69Japan-1.021.54-2.001.831.910.032.29Greece0.650.212.00-0.68-0.90-0.201.08Greece1.08834.00-0.54-116.000.0010.94000.0000.00-0.86-0.37Japan90.75Ireland

Colombia-6.92-5.641.28-3.29Algeria-0.280.91-1.460.770.552.002.48Ireland0.37-0.40-1.420.08-0.39-1.05-2.81Ireland-2.81257.41-0.54-134.000.0011.31000.0000.00-0.89-0.90BahrainItaly

Thailand-3.18-1.861.32-1.38Hong Kong-1.091.09-0.190.320.422.002.56Italy0.330.290.151.33-0.001.733.82Italy3.82191.50-0.54-152.000.0011.68000.0000.00-0.920.58UKLuxembourg

UK2.493.961.483.96Philippines1.201.41-0.08-0.35-1.582.002.59Luxembourg-1.23-1.09-2.001.28-0.82-0.35-4.20Luxembourg-4.200.00-0.54-170.000.0012.05000.0000.00-0.95-4.63KuwaitNetherlands

USA0.461.991.531.99Portugal0.54-0.172.000.33-0.710.702.69Netherlands0.601.222.002.00-0.68-0.964.19Netherlands4.1949.76-0.54-188.000.0012.42000.0000.00-0.983.08New Zealand63.585Portugal

Nigeria-1.340.261.60-2.10Sweden1.001.27-2.002.000.50-0.002.76Portugal0.54-0.172.000.33-0.710.702.69Portugal2.69316.22-0.54-187.000.0013.42000.0000.000.02-0.62Norway24.535Spain

Argentina2.994.631.644.57South Africa-1.010.30-0.370.771.291.902.88Spain0.520.14-1.862.00-0.891.501.40Spain1.40258.23-0.54-186.000.0014.42000.0000.001.022.78Sweden40.895Japan

Czech Republic0.081.941.861.27Israel0.271.18-0.620.47-0.332.002.97Japan-1.021.54-2.001.831.910.032.29Japan2.2990.75-0.54-185.000.0015.42000.0000.002.023.86AustraliaUSA

Croatia-0.421.451.872.26Taiwan0.400.76-1.590.971.162.003.69USA1.040.50-1.18-1.280.912.001.99USA1.990.00-0.54-184.000.0016.42000.0000.003.022.12CanadaAustralia

Finland-2.41-0.531.88-0.53Italy0.330.290.151.33-0.001.733.82Australia0.44-0.49-1.84-1.49-1.70-0.63-5.71Australia-5.710.00-0.54-183.000.0017.42000.0000.004.02-6.52Switzerland51New Zealand

Italy1.843.821.993.82UK-0.43-0.951.222.000.122.003.96New Zealand1.03-0.26-1.79-1.36-1.822.00-2.20New Zealand-2.2063.59-0.54-182.000.0018.42000.0000.005.02-3.93botswanaCanada

Ecuador-0.252.342.581.61Netherlands0.601.222.002.00-0.68-0.964.19Canada-1.03-0.50-1.28-2.00-0.891.47-4.23Canada-4.230.00-0.54-181.000.0019.42000.0000.006.02-5.09KenyaSweden

Norway-0.691.992.681.99Argentina0.000.670.221.000.682.004.57Sweden1.001.27-2.002.000.50-0.002.76Sweden2.7640.90-0.54-180.000.0020.42000.0000.007.023.26OmanNorway

Portugal0.012.692.682.69Eurozone0.830.20-0.832.000.462.004.65Norway0.300.282.001.79-1.04-1.341.99Norway1.9924.54-0.54-179.000.0021.42000.0000.008.02-2.66IranSwitzerland

Ukraine-4.98-2.152.83-2.80Hungary1.071.840.540.75-1.041.524.69Switzerland-0.132.00-0.57-1.28-1.482.000.54Switzerland0.5451.00-0.54-178.000.0022.42000.0000.009.020.38Isreal120.955UK

Oman0.143.233.092.18South Korea0.231.310.53-0.210.852.004.70UK-0.43-0.951.222.000.122.003.96UK3.960.00-0.54-177.000.0023.42000.0000.0010.021.29Dominican Republic294.4Eurozone

China-4.69-1.543.15-6.98Germany0.490.822.001.000.992.007.30Eurozone0.830.20-0.832.000.462.004.65Eurozone4.650.00-0.54-176.000.0024.42000.0000.0011.023.94Austria86.49

Belgium139.015

Finland33.345

France85.18

Germany40.715

Greece834

Ireland257.41

Italy191.495

Luxembourg

Netherlands49.755

Portugal316.22

Spain258.225

Factors

Growth DynamicsSovereign External LiquidityHot Money IndicatorBank External LiquidityCompetitivenessEconomic Leverage

Egypt-1.30-1.30Ukraine-1.89-1.89Vietnam-2.000.85Peru-2.00-0.86Vietnam-2.00-2.00Botswana-2.00-2.00

Luxembourg-1.23-1.23Belgium-1.37-1.37Luxembourg-2.00-2.00Turkey-2.00-1.81Kenya-2.00-2.00Brazil-2.00-2.00

Tunisia-1.20-1.20France-1.32-1.32Qatar-2.00-2.00Lebanon-2.00-1.40Uruguay-2.00-2.00Peru-2.00-2.00

France-1.18-1.18Botswana-1.25-1.25France-2.00-2.00Canada-2.00-2.00Kuwait-2.00-2.00Lebanon-2.00-2.00

Belgium-1.16-1.16Turkey-1.25-0.95Nigeria-2.00-2.00Singapore-2.00-1.94Singapore-1.97-1.97Vietnam-2.00-2.00

Turkey-1.14-1.10Luxembourg-1.09-1.09Sweden-2.00-2.00Brazil-1.970.48Nigeria-1.94-1.94Kenya-2.00-2.00

Iran-1.12-1.12Tunisia-1.04-1.04Japan-2.00-2.00Colombia-1.900.45New Zealand-1.82-1.82Dominican Republic-2.00-2.00

Chile-1.12-1.12Venezuela-1.03-1.03China-2.00-1.92Indonesia-1.89-0.47Russia-1.73-1.73Turkey-2.00-2.00

Brazil-1.12-1.09Finland-0.99-0.99Spain-2.00-1.86jordan-1.86-1.21Australia-1.70-1.70Bahrain-2.00-2.00

China-1.09-1.29Chile-0.98-0.98Taiwan-2.00-1.59Tunisia-1.71-1.17Qatar-1.62-1.62Jamaica-2.00-2.00

Hong Kong-1.09-1.09UK-0.95-0.95Brazil-2.00-2.00Poland-1.55-0.88China-1.60-1.60Indonesia-2.00-2.00

Venezuela-1.09-1.09Jamaica-0.94-0.94Uruguay-1.88-1.88Australia-1.49-1.49Philippines-1.58-1.58Mexico-2.00-2.00

Finland-1.06-1.06Estonia-0.87-0.87Colombia-1.88-1.88Kenya-1.49-0.98Slovakia-1.55-1.55Singapore-2.00-2.00

India-1.04-1.02jordan-0.85-0.85Panama-1.85-1.85Bahrain-1.44-2.00Colombia-1.50-1.50Tunisia-2.00-2.00

Morocco-1.03-1.03Austria-0.84-0.84Australia-1.84-1.84New Zealand-1.36-1.36Switzerland-1.48-1.48Oman-1.99-1.99

Canada-1.03-1.03Slovakia-0.77-0.77Kuwait-1.81-1.81Qatar-1.33-1.43UAE-1.40-1.40Kazakhstan-1.95-1.95

Uruguay-1.02-1.02Egypt-0.73-0.73Kenya-1.81-1.81Malaysia-1.310.17Bulgaria-1.29-1.29Thailand-1.66-1.66

Japan-1.02-1.02Morocco-0.62-0.62jordan-1.79-1.79Switzerland-1.28-1.28Czech Republic-1.23-1.23Poland-1.65-1.65

Jamaica-1.02-1.02Canada-0.50-0.50New Zealand-1.79-1.79USA-1.28-1.28Lithuania-1.20-1.20Ukraine-1.63-1.63

South Africa-1.02-1.01Australia-0.49-0.49Pakistan-1.72-1.72South Korea-1.23-0.21Lebanon-1.14-1.14India-1.54-1.54

jordan-1.01-1.01Latvia-0.42-0.42Ivory Coast-1.68-1.68Morocco-1.06-0.61Chile-1.10-1.10Norway-1.34-1.34

Malaysia-1.01-1.01Ireland-0.40-0.40Austria-1.59-1.59Romania-0.98-0.62Jamaica-1.05-1.05Saudi Arabia-1.19-1.19

Indonesia-1.00-1.00New Zealand-0.26-0.26Malaysia-1.57-1.57Croatia-0.90-0.09Estonia-1.05-1.05Morocco-1.18-1.18

Dominican Republic-1.00-1.00Pakistan-0.21-0.21Chile-1.48-1.48Dominican Republic-0.85-0.14Hungary-1.04-1.04Ireland-1.05-1.05

UK-0.43-0.43Portugal-0.17-0.17Algeria-1.46-1.46Israel-0.690.47Norway-1.04-1.04Netherlands-0.96-0.96

Russia-0.38-0.38India-0.15-0.06UAE-1.44-1.44Greece-0.68-0.68Kazakhstan-1.03-1.03Czech Republic-0.93-0.93

Colombia-0.32-0.32Malaysia-0.15-0.15Ireland-1.42-1.42Lithuania-0.55-0.61Venezuela-1.03-1.03Romania-0.79-0.79

Panama-0.31-0.31South Africa0.030.30Singapore-1.41-1.41Chile-0.480.47Latvia-1.02-1.02Slovakia-0.72-0.72

Peru-0.29-0.29Indonesia0.040.18Turkey-1.35-1.35Ukraine-0.33-0.98Greece-0.90-0.90Bulgaria-0.69-0.69

Algeria-0.28-0.28Spain0.140.14Canada-1.28-1.28Philippines-0.33-0.35Canada-0.89-0.89Australia-0.63-0.63

Ukraine-0.28-0.28Eurozone0.200.20Saudi Arabia-1.26-1.26Hungary-0.280.75Spain-0.89-0.89Belgium-0.60-0.60

Ivory Coast-0.14-0.14Greece0.210.21Peru-1.19-1.19Latvia-0.23-1.20Croatia-0.87-0.87Kuwait-0.60-0.60

Switzerland-0.13-0.13Colombia0.250.25USA-1.18-1.18Thailand-0.070.42Romania-0.86-0.86Luxembourg-0.35-0.35

Kenya-0.07-0.07Norway0.280.28India-1.18-1.18UAE0.00-0.89Ecuador-0.85-0.85Colombia-0.30-0.30

Latvia-0.05-0.05Italy0.290.29Belgium-1.05-1.05Ireland0.080.08Egypt-0.84-0.84Greece-0.20-0.20

Argentina0.000.00Poland0.350.35Mexico-0.92-0.92Vietnam0.19-0.34Luxembourg-0.82-0.82Sweden-0.00-0.00

Pakistan0.020.02Iran0.360.36Eurozone-0.83-0.83Estonia0.24-1.14Poland-0.80-0.80Japan0.030.03

Botswana0.020.02Singapore0.370.37Morocco-0.78-0.78Portugal0.330.33Iran-0.75-0.75Ecuador0.320.32

Thailand0.030.03Kazakhstan0.370.37Israel-0.62-0.62Panama0.390.45Portugal-0.71-0.71Finland0.370.37

Bahrain0.080.08Panama0.370.37Switzerland-0.57-0.57Mexico0.410.89Peru-0.69-0.69jordan0.380.38

UAE0.090.09Russia0.430.43Ecuador-0.56-0.56Finland0.420.42Netherlands-0.68-0.68Croatia0.490.49

Oman0.100.10Bahrain0.440.44Poland-0.45-0.45Egypt0.470.98Dominican Republic-0.61-0.61Lithuania0.520.52

Kuwait0.170.17Nigeria0.460.46Lithuania-0.44-0.44Czech Republic0.54-0.12Belgium-0.57-0.57Portugal0.700.70

Singapore0.190.19Oman0.490.49South Africa-0.37-0.37Iran0.560.75Thailand-0.54-0.54Latvia0.830.83

Qatar0.220.22USA0.500.50Thailand-0.30-0.30Algeria0.590.77Turkey-0.44-0.44Panama0.870.87

South Korea0.230.23Kuwait0.560.56Indonesia-0.25-0.25Oman0.62-0.42Mexico-0.42-0.42Nigeria1.021.02

Poland0.270.27Bulgaria0.560.56Bulgaria-0.23-0.23Bulgaria0.700.20Ireland-0.39-0.39Iran1.191.19

Israel0.270.27Mexico0.610.61Hong Kong-0.19-0.19Slovakia0.710.75Israel-0.33-0.33Malaysia1.361.36

Norway0.300.30Ivory Coast0.660.66Botswana-0.13-0.13China0.77-0.85Austria-0.32-0.32Canada1.471.47

Italy0.330.33Ecuador0.670.67Venezuela-0.08-0.08Venezuela0.822.00India-0.29-0.29Spain1.501.50

Austria0.350.35Thailand0.670.67Philippines-0.08-0.08Pakistan0.991.44Panama-0.26-0.26Hungary1.521.52

Ireland0.370.37Argentina0.670.67Tunisia-0.07-0.07Germany1.001.00Botswana-0.15-0.15Egypt1.581.58

Taiwan0.400.40China0.680.68Finland0.020.02Hong Kong1.010.32jordan-0.12-0.12Qatar1.681.68

Australia0.440.44Kenya0.710.71Slovakia0.070.07Uruguay1.03-0.00Italy-0.00-0.00Uruguay1.681.68

Slovakia0.460.46Lithuania0.730.73Kazakhstan0.110.11Argentina1.061.00Ivory Coast0.030.03China1.70-2.00

Vietnam0.490.49Taiwan0.760.76Italy0.150.15Austria1.141.14Indonesia0.110.11Austria1.721.72

Germany0.490.49Germany0.820.82Argentina0.220.22India1.161.16UK0.120.12Italy1.731.73

Spain0.520.52Dominican Republic0.850.85Croatia0.280.28Luxembourg1.281.28Brazil0.160.16South Africa1.901.90

Portugal0.540.54Lebanon0.910.91Egypt0.400.40Italy1.331.33Hong Kong0.420.42Estonia1.911.91

Netherlands0.600.60Algeria0.910.91Dominican Republic0.440.44South Africa1.360.77Eurozone0.460.46UAE2.002.00

Greece0.650.65Hong Kong1.091.09Jamaica0.520.52Botswana1.621.38Ukraine0.470.47Philippines2.002.00

Eurozone0.830.83Peru1.101.10South Korea0.530.53Nigeria1.71-0.65Pakistan0.480.48Ivory Coast2.002.00

Croatia1.001.00Qatar1.151.15Czech Republic0.540.54Ecuador1.751.02Malaysia0.490.49Taiwan2.002.00

Sweden1.001.00Vietnam1.151.15Hungary0.540.54Norway1.791.79Sweden0.500.50New Zealand2.002.00

Lebanon1.011.01Israel1.181.18Romania0.600.60Saudi Arabia1.79-1.28Algeria0.550.55UK2.002.00

Mexico1.011.01UAE1.191.19Russia0.700.70France1.811.81Argentina0.680.68South Korea2.002.00

Ecuador1.011.01Netherlands1.221.22Bahrain0.780.78Japan1.831.83Finland0.710.71France2.002.00

Nigeria1.011.01Sweden1.271.27Latvia0.890.89Russia1.94-0.00Morocco0.780.78Hong Kong2.002.00

Saudi Arabia1.021.02South Korea1.311.31Lebanon1.101.10Taiwan2.000.97France0.850.85Switzerland2.002.00

Czech Republic1.021.02Saudi Arabia1.381.38UK1.221.22Netherlands2.002.00South Korea0.850.85Algeria2.002.00

New Zealand1.031.03Romania1.391.39Ukraine1.511.51Kazakhstan2.002.00USA0.910.91Eurozone2.002.00

Bulgaria1.031.03Philippines1.411.41Estonia1.581.58Jamaica2.002.00Saudi Arabia0.940.94Germany2.002.00

Estonia1.031.03Croatia1.451.45Iran1.751.75Eurozone2.002.00Germany0.990.99Pakistan2.002.00

USA1.041.04Brazil1.491.58Oman2.002.00Ivory Coast2.000.72Taiwan1.161.16Russia2.002.00

Kazakhstan1.071.07Japan1.541.54Portugal2.002.00Belgium2.002.00South Africa1.291.29Argentina2.002.00

Hungary1.071.07Hungary1.841.84Netherlands2.002.00Spain2.002.00Bahrain1.401.40Chile2.002.00

Lithuania1.091.09Uruguay1.931.93Greece2.002.00Kuwait2.000.65Tunisia1.741.74Venezuela2.002.00

Romania1.171.17Czech Republic2.002.00Germany2.002.00Sweden2.002.00Japan1.911.91Israel2.002.00

Philippines1.201.20Switzerland2.002.00Norway2.002.00UK2.002.00Oman2.002.00USA2.002.00

Chart1

GDCharts

3.401.9-0.63.21.51.4

5.73.5-0.41.71.531.3

261.64.13.42.90.3

7.45.434.73.530.8

5.63.32.14.22.92.21.4

3.25.154.52.22.10

6.66.94.51.14.12.21.7

2.54.23.53.43.92.40.5

2.93.22.97.552.83

33.35.6410.6

5.82.9320.7

2.4-1.84.40.9

-2.3

AdjustmentScore:+1

Blind RunScore:-1

Kuwait, Singapore, Saudi Arabia,Qatar, Norway

EquilibriumScore:+2

CrisisScore:-2

Africa

Asia

Eastern Europe

Latin America

Middle East

G10

Euro Area

Real GDP Growth

C/A Balance % GDP

Global Growth Dynamics - Q1 2014

Algeria

Botswana

Egypt

Ivory Coast

Kenya

Morocco

Nigeria

South Africa

Tunisia

China

Hong Kong

India

Indonesia

South Korea

Malaysia

Philippines

Singapore

Taiwan

Thailand

Vietnam

Bulgaria

Ivory Coast

Czech Republic

Estonia

Hungary

Kazakhstan

Latvia

Lithuania

Poland

Romania

Jordan

Slovakia

Ukraine

Argentina

Brazil

Chile

Colombia

Dominican Republic

Iran

Jamaica

Mexico

Panama

Peru

Uruguay

Venezuela

Bahrain

Egypt

Ecuador

Israel

Russia

Kuwait

Nigeria

Oman

Pakistan

Qatar

Saudi Arabia

Turkey

UAE

Eurozone

Japan

USA

Australia

New Zealand

Canada

Sweden

Norway

Switzerland

UK

Africa

Asia

Eastern Europe

Latin America

Middle East

G10

Global EM

China

Hong Kong

India

Indonesia

South Korea

Malaysia

Phillipines

Singapore

Taiwan

Thailand

Vietnam

Bulgaria

Croatia

Czech Republic

Estonia

Hungary

Kazakhstan

Latvia

Lithuania

Poland

Romania

Russia

Slovakia

Ukraine

Argentina

Brazil

Chile

Colombia

Dominican Republic

Ecuador

Jamaica

Mexico

Panama

Peru

Uruguay

Venezuela

Bahrain

Iran

Israel

Jordan

Kuwait

Lebanon

Oman

Pakistan

Qatar

Saudi Arabia

Turkey

UAE

Japan

USA

Australia

New Zealand

Canada

Sweden

Norway

Switzerland

UK

Eurozone

Austria

Belgium

Finland

France

Germany

Greece

Ireland

Italy

Luxembourg

Netherland

Portugal

Spain

0.5

1.7

0.9

-0.2

3.9

1.6

2.5

8.2

2.6

0

-3.2

-0.8

-2

-0.9

-2.4

-2.2

-0.6

-4.2

2.5

-3

-0.6

-9.1

-2.8

-1.7

-3.5

-10.6

-4.2

-1.7

-9

4.4

1.9

-3.4

35.9

-3

6.4

-7.2

5.3

0.7

-1.2

-9

5.5

1.6

8.1

5.1

-2.5

-8.9

5.7

12.5

3

-5.5

19.5

-1

-1.5

-2.1

7

0.9

-7.6

11.1

-1.8

-8.5

16.8

-3.5

0

0.6

-1.3

-4.9

13

2.5

11.1

5.1

1.9

-4.8

-5.5

1.1

2.2

1.7

12

1.1

-4.4

GrowthDynamicsChart

1987198719871987198719871987

1988198819881988198819881988

1989198919891989198919891989

1990199019901990199019901990

1991199119911991199119911991

1992199219921992199219921992

1993199319931993199319931993

1994199419941994199419941994

1995199519951995199519951995

1996199619961996199619961996

1997199719971997199719971997

1998199819981998199819981998

1999199919991999199919991999

2000200020002000200020002000

2001200120012001200120012001

2002200220022002200220022002

2003200320032003200320032003

2004200420042004200420042004

2005200520052005200520052005

2006200620062006200620062006

2007200720072007200720072007

2008200820082008200820082008

2009200920092009200920092009

2010201020102010201020102010

2011201120112011201120112011

2012201220122012201220122012

2013201320132013201320132013

2014201420142014201420142014

Africa

Asia

Eastern Europe

Latin America

Middle East

Developed

Global EM

Average of Country Scores

Growth Dynamics - Average Score by Region- Q1 2014

-0.1779012687

0.0086588854

0.0356513598

0.2497729151

-0.1363819052

0.0282596462

0.0055841424

-0.059783751

0.1377655841

-0.0239928626

0.2663192477

-0.3051079018

0.0968769081

0.0035087123

-0.1873503967

-0.2603436546

-0.0903697382

-0.0293032878

-0.1919006645

-0.1621348448

-0.1470032947

0.0637199795

-0.5309310389

-0.0585522243

0.0595962894

0.162735171

-0.5788394965

-0.0589467194

-0.3632478355

-0.4458289641

-0.1093445877

0.2116367604

-0.6192379242

-0.4968468912

-0.2541411005

-0.4689447715

-0.262865356

-0.3389164793

0.0275111722

-0.3075720267

-0.3747032804

-0.2610292341

-0.6968122345

-0.3033549383

-0.2515836078

-0.3520458727

-0.5717490761

-0.0781980206

-0.4204270301

-0.4420155802

-0.0911758189

0.1661730564

-0.0459241854

-0.4427321012

0.2029612782

-0.1523631568

-0.6211866979

-0.2802963233

0.2336551688

-0.2428787261

0.024905706

0.1540647873

-0.1447736646

0.3959639541

-0.4018176854

-0.2922262667

0.0131936478

-0.1705417019

0.1143590081

-0.1147971416

0.3686677195

-0.4436960661

-0.4204671698

0.1276150999

-0.1962868417

0.4367490209

-0.137768094

-0.1979782782

-0.2014252482

-0.3993018843

-0.6631463518

-0.5623000601

0.3847864473

-0.4191888364

-0.0259051289

0.1365440863

-0.172422052

-0.3093412323

-0.4526757816

-0.0037169138

-0.1774886325

0.4361566174

0.1846064703

0.3328189984

-0.1157897297

0.5763471817

0.6575233261

0.2773581953

0.4098931296

-0.3909739003

0.098102312

-0.5608511954

-0.0085209826

0.0651606458

-0.1082247512

0.2848314572

0.0531122022

0.2366310963

-0.0736914588

0.1016993753

0.390687111

0.1150880103

0.738383891

0.5797097925

0.1546734327

0.2339910804

0.6174718241

0.1227734967

0.442992495

0.7416975581

0.8143145009

0.1490776771

0.9308027424

0.670340853

0.6518742654

0.6453415873

0.7985915205

0.4510422598

0.1993812814

0.904485109

0.6512580385

0.1921088089

0.5861344381

0.8915633549

0.721255767

-0.0205400327

0.7612937758

0.6305302335

0.2361381196

0.5682938828

0.7118957466

0.8558189835

-0.3178056576

0.6014040986

0.4362241989

0.2499566736

0.4235287115

0.1996845973

-0.1578187064

-0.2745541971

-0.1621161148

0.2215636255

-0.5757617354

-0.0490294531

-0.2864442928

0.0475254112

-0.4056301434

-0.3033196659

-0.2754146202

-0.4418740213

-0.2504074107

-0.0357254429

0.7839921374

0.323677389

-0.0027092919

0.3125773354

0.2338432679

0.2847124053

-0.4446026251

0.0381968978

0.5787367516

0.195714459

0.437819177

0.0595203854

0.2025390115

-0.5446562481

-0.1601397724

0.203167023

-0.2683496578

0.0417022665

0.0869773833

-0.1182814233

-0.3274541305

-0.3228071212

0.4107008112

-0.5086684347

0.0570666253

-0.0925330393

-0.1154048539

-0.4448245397

-0.2615407273

0.6536522897

-0.4354310684

-0.0222723996

0.2026730481

-0.067988258

SELChart

1987198719871987198719871987

1988198819881988198819881988

1989198919891989198919891989

1990199019901990199019901990

1991199119911991199119911991

1992199219921992199219921992

1993199319931993199319931993

1994199419941994199419941994

1995199519951995199519951995

1996199619961996199619961996

1997199719971997199719971997

1998199819981998199819981998

1999199919991999199919991999

2000200020002000200020002000

2001200120012001200120012001

2002200220022002200220022002

2003200320032003200320032003

2004200420042004200420042004

2005200520052005200520052005

2006200620062006200620062006

2007200720072007200720072007

2008200820082008200820082008

2009200920092009200920092009

2010201020102010201020102010

2011201120112011201120112011

2012201220122012201220122012

2013201320132013201320132013

2014201420142014201420142014

Africa

Asia

Eastern Europe

Latin America

Middle East

G10

Global EM

Average of Country Scores

Sovereign External Liquidity Measure - Average Score by Region- Q1 2014

-0.3843876497

-0.7022779389

-0.1599980444

-0.6866441624

-0.4550610992

0.0643125838

-0.4730698929

-0.5848809481

-0.8128717053

-0.2192942445

-0.6064468383

-0.62606236

-0.0794621857

-0.5587096991

-0.6413243054

-0.9920192282

-0.244828899

-1.1042912805

-0.5462626356

-0.1914347303

-0.6960272445

-0.5489921134

-1.1161967813

-0.2537143115

-0.6390386456

-0.4924659318

-0.065332597

-0.5981655192

-0.3225625237

-1.016599437

-0.1230025405

-0.4179132678

-0.9944626817

0.0549041129

-0.5725122972

-0.4034638752

-1.010645776

-0.075854575

-0.4580922415

-0.8553819409

-0.0522752501

-0.5525627733

-0.416022125

-0.966088674

0.0269152625

-0.7502864594

-0.9134388296

0.1757515054

-0.5962452561

-0.3435952284

-0.9157252485

0.4613166971

-0.3934966173

-0.6217256016

0.276369067

-0.3394891992

-0.762208227

-1.1160697755

0.4402581241

-0.3941153925

-0.5162034003

0.1659589457

-0.426966868

-0.4325336095

-1.1132984336

-0.1475274684

-0.041992027

-0.3618678399

0.2085416451

-0.4018115921

-0.2327038974

-1.1025024777

-0.3943429057

-0.201206987

-0.3250689678

0.0000896653

-0.4502391502

-0.5218063801

-0.1101213297

-0.3917478106

-0.5015062836

-0.6953024052

-0.2480531117

-0.4449476816

-0.4222058446

0.0877478488

-0.0125420637

0.0429463668

-0.2737445876

-0.3316129886

-0.1011798551

0.1637747742

-0.0129865837

0.3075593656

0.0942140862

0.264108133

-0.1604061876

0.1689343672

0.2471486569

0.1102758388

-0.0605375734

0.0791522095

0.3614100212

-0.1392911096

0.1392479027

0.2202193832

0.3138181862

0.3590436263

0.1150344127

0.5025049077

-0.0599613181

0.3072283067

0.2859770241

0.7048793993

0.2345786888

0.5051947903

0.5656005923

-0.0048255349

0.4601146343

0.478771483

0.7662331502

0.2870872597

0.5011662216

0.3399101227

0.0118456444

0.4660097984

0.7919494852

0.5944217829

-0.0853546014

0.5942658394

0.6420679097

-0.1485844024

0.4805715816

0.9617911191

0.8637160064

-0.3296879229

0.7131081393

0.808031162

-0.1310436911

0.5635916625

1.0343255499

1.0503536388

-0.7235824147

0.5540797367

0.8313436669

-0.1151341691

0.4926549022

0.5855130857

0.7604882821

-0.6989152381

0.2606551264

0.4238410771

-0.3070694358

0.223913074

0.9260583269

1.3440420642

0.2504449515

0.7783247552

0.633503107

-0.0922438429

0.7599422169

0.6549698897

1.171504522

0.3456285665

0.3294890804

0.659174053

-0.081653916

0.6164632933

0.1248078327

0.8771822189

0.1218818929

0.4405504614

0.606919484

0.0914254654

0.4373048922

-0.0934276504

0.9082037629

0.2235230796

0.4317880555

0.5589797335

0.1445220797

0.420077299

-0.1150457678

0.7411874546

0.4946761663

0.3755297378

0.5023272567

0.3276008711

0.4225039331

-0.0670768147

0.6731827288

0.3985264945

0.4236824236

0.4702886169

0.3579715692

0.3984178175

HMMChart

1987198719871987198719871987

1988198819881988198819881988

1989198919891989198919891989

1990199019901990199019901990

1991199119911991199119911991

1992199219921992199219921992

1993199319931993199319931993

1994199419941994199419941994

1995199519951995199519951995

1996199619961996199619961996

1997199719971997199719971997

1998199819981998199819981998

1999199919991999199919991999

2000200020002000200020002000

2001200120012001200120012001

2002200220022002200220022002

2003200320032003200320032003

2004200420042004200420042004

2005200520052005200520052005

2006200620062006200620062006

2007200720072007200720072007

2008200820082008200820082008

2009200920092009200920092009

2010201020102010201020102010

2011201120112011201120112011

2012201220122012201220122012

2013201320132013201320132013

2014201420142014201420142014

Africa

Asia

Eastern Europe

Latin America

Middle East

Developed

Global EM

Average of Country Scores

Hot Money Indicator - Average Score by Region- Q1 2014

-0.5536258284

-0.520835659

-0.836341698

-0.3220903354

-0.2693900202

-0.3945204706

-0.5031935271

-0.4106881021

-0.3981396532

-0.6748598111

-0.2125814908

-0.0466703076

-0.350667905

-0.3501741794

-0.4554371235

-0.3622535836

-0.5215145784

-0.0453579023

-0.0173917051

-0.2932602709

-0.2739720761

-0.5323031204

-0.3329132961

-0.3481816904

-0.1555626953

-0.1479474927

-0.2461590915

-0.2916010276

-0.2699893446

-0.2628791192

-0.1933203128

0.0124597719

-0.1153235971

-0.2381835963

-0.1591070944

-0.3166661264

-0.2773193234

-0.0122930044

-0.1427807394

-0.0611173019

-0.1618849287

-0.14924725

-0.1506142688

-0.2001707759

0.0323314741

-0.3038534868

-0.0697329842

-0.0910818886

-0.1336865867

-0.2354898088

-0.2179905518

0.2193141774

-0.3038542415

-0.1549662114

-0.090170168

-0.1258257101

0.0038250881

-0.3716514664

0.2635441835

0.0144423109

-0.2776306239

-0.0800847966

-0.0664197493

0.1952345819

-0.2812124967

0.2729707486

-0.2389019985

-0.0521026044

-0.0052980182

-0.0224502058

0.2048640357

-0.007404155

0.2641960628

-0.4816120256

-0.2777638465

0.0676547837

-0.0686952813

0.2875146541

0.293405776

0.5607798419

-0.3605412613

-0.1324249136

0.1753755321

0.1261340223

0.352669344

0.5088191344

0.8354879281

0.0613938224

-0.0435651111

0.1545698379

0.3481810908

0.4798772591

0.7796653137

0.9639856165

0.2356432784

0.2275571509

0.3190694658

0.5436040693

0.9111567261

0.9459750131

0.8982627735

0.405693653

0.4288069875

0.5051297903

0.7069747267

1.0515463205

1.2838977601

0.9388550149

0.6872444723

0.5756575372

0.5976097293

0.8938023079

1.1294901759

0.9923661799

0.8146320328

0.9379242821

0.6106436127

0.553793978

0.8816573812

0.8037368325

0.8398431192

0.582866453

1.0747922516

0.5784127337

0.5254209549

0.7699584126

0.7025131122

0.7557644616

0.3068176618

1.1146210234

0.5526646024

0.6285301488

0.6777558632

0.1769649246

0.5866919297

-0.6063839174

0.9186556638

0.6646987516

0.6175067634

0.336202765

-0.1786861104

-0.1438275167

-0.9666865105

0.3033339325

-0.2324440346

0.2523301756

-0.2615179568

0.6688625487

0.8295742998

-1.0407316862

0.3032969644

0.0406971235

0.4259872363

0.1007631118

-0.2041438082

0.1244598698

-0.9723713695

0.5759264033

-0.1251725753

0.0456711366

-0.1350880276

-0.4187590736

-0.8417214817

-0.5973521732

-0.1169656992

-0.3119783889

-0.2460316745

-0.4550995661

-0.4292902178

-0.7651520528

-0.146089775

-0.5422107034

-0.3278970531

-0.4943577517

-0.4319428894

-0.6484253082

-0.9399179282

0.1944149955

-1.0996568404

-0.2370813876

-0.4691980487

-0.5208489259

-0.7483616909

-0.9860044259

-0.0360820286

-0.9570942263

-0.4014575549

-0.7502347338

-0.602684064

-0.8784991533

-0.646498672

0.438232399

-0.8873083846

-0.5293868573

-0.8269454167

-0.461777184

BELMChart

1987198719871987198719871987

1988198819881988198819881988

1989198919891989198919891989

1990199019901990199019901990

1991199119911991199119911991

1992199219921992199219921992

1993199319931993199319931993

1994199419941994199419941994

1995199519951995199519951995

1996199619961996199619961996

1997199719971997199719971997

1998199819981998199819981998

1999199919991999199919991999

2000200020002000200020002000

2001200120012001200120012001

2002200220022002200220022002

2003200320032003200320032003

2004200420042004200420042004

2005200520052005200520052005

2006200620062006200620062006

2007200720072007200720072007

2008200820082008200820082008

2009200920092009200920092009

2010201020102010201020102010

2011201120112011201120112011

2012201220122012201220122012

2013201320132013201320132013

2014201420142014201420142014

Africa

Asia

Eastern Europe

Latin America

Middle East

Developed

Global EM

Average of Country Scores

Banking System External Liquidity - Average Score by Region- Q1 2014

-0.77948451

0.0653201601

0.2978228172

-0.4351984736

0.031391627

0.2078868304

-0.1275583222

-0.8032300498

-0.1014680747

0.3594746153

-0.489696879

0.054252514

0.1237925146

-0.1560944149

-0.7346818312

-0.1398332652

0.3563086987

-0.3579666499

0.0799755373

0.047152277

-0.1202488187

-0.6372552785

0.0562573407

0.3513475335

-0.1497437173

0.0202654842

-0.010545611

-0.0368892565

-0.5249234019

-0.2469800773

0.196276687

-0.034118829

0.0500547108

0.0082232343

-0.0824256834

-0.5429189005

-0.3432032901

0.204549273

-0.1557434317

-0.1306086575

0.065054301

-0.1655893126

-0.4452553813

-0.4897920237

0.2303679864

-0.2726179023

-0.0391386229

0.1432059264

-0.1779176346

-0.4451903959

-0.5034470309

0.3814447671

-0.3299766059

-0.0905265837

0.066637979

-0.1689804773

-0.2270263033

-0.6344456415

0.3426225844

-0.3562461141

-0.1161579705

0.1083563635

-0.1795946352

-0.2465361466

-0.9116030064

0.3813159337

-0.3328737692

-0.146162509

0.1276479996

-0.2287330981

-0.204858802

-1.0209975301

0.3830894067

-0.3399445745

-0.1741156024

0.1511247806

-0.2502326647

-0.2146987177

-0.382734003

0.3801028925

-0.3753411215

-0.268337122

0.1409562144

-0.1565818212

-0.3434838249

0.001184882

0.4339520069

-0.1578427005

-0.3892850989

0.0844948999

-0.0702189162

-0.2432758457

0.1607456172

0.4943543613

-0.1251685284

-0.174239498

0.0682939541

0.0423233256

-0.1951843314

0.3841730241

0.5487834874

-0.1148029066

-0.0451691949

-0.126278915

0.1348028842

0.0090775481

0.270789934

0.3991489713

-0.0787504793

0.0040340244

-0.2214892711

0.1289951996

0.1146791074

0.1380085788

0.1954049696

0.2241951279

-0.0568385642

-0.2273857157

0.1245394684

0.2614456015

0.0895647308

0.1115790576

0.4868710811

0.478246294

-0.3656796506

0.2871957667

0.5777104469

0.2852809516

-0.1517395477

0.5530930402

0.6002322747

-0.3559780443

0.3544697219

0.8123477548

0.6944131912

-0.4675834707

0.8193538863

1.0937155621

-0.1653055698

0.5583846168

0.8514707516

0.6143570899

-0.9853915223

0.8650609261

0.4987314146

-0.1414412258

0.3153786501

0.9770944451

0.4982143636

-1.315514895

0.4461611477

0.1004290195

-0.0703101125

0.0654666031

0.5347398007

0.7222925562

-0.9390874905

0.5046635238

0.1096724631

-0.0757229592

0.1389784349

0.4465204877

0.5970593966

-0.803192217

0.403919257

-0.2264919696

-0.00977552

0.039894147

0.7310322891

0.2985947142

-0.4924413138

0.0514324324

-0.1163438148

-0.1257389992

0.0470729612

0.507088786

0.1653846042

-0.0731409641

0.0108602091

-0.1613104744

0.1760131778

0.063627965

0.2642140832

-0.0365162363

0.0671060497

0.0156720047

-0.3380001315

0.2260730385

-0.0178826443

0.3889383289

-0.0626551184

0.1011098542

0.0205268653

-0.2796933757

0.2199470609

0.017818748

REERChart

1987198719871987198719871987

1988198819881988198819881988

1989198919891989198919891989

1990199019901990199019901990

1991199119911991199119911991

1992199219921992199219921992

1993199319931993199319931993

1994199419941994199419941994

1995199519951995199519951995

1996199619961996199619961996

1997199719971997199719971997

1998199819981998199819981998

1999199919991999199919991999

2000200020002000200020002000

2001200120012001200120012001

2002200220022002200220022002

2003200320032003200320032003

2004200420042004200420042004

2005200520052005200520052005

2006200620062006200620062006

2007200720072007200720072007

2008200820082008200820082008

2009200920092009200920092009

2010201020102010201020102010

2011201120112011201120112011

2012201220122012201220122012

2013201320132013201320132013

2014201420142014201420142014

Africa

Asia

Eastern Europe

Latin America

Middle East

Developed

Global EM

Average of Country Scores

Competitiveness - Average Score by Region- Q1 2014

-0.3308023134

-0.2536439752

1.0350045264

0.8456436217

-0.6381028261

0.2998905631

0.2616954433

-0.2044297814

-0.2149979776

1.0379141675

1.0157563037

-0.3060600424

0.0971687195

0.3583333419

-0.1129368805

-0.4125149726

1.0326332091

0.7184174346

-0.2493251843

0.2093754516

0.322283579

-0.0539631973

-0.2544873534

1.1998583649

0.7877010537

-0.026678899

-0.188115936

0.2320537312

-0.0190609859

-0.141231795

1.122654158

0.6311809153

-0.1499615347

-0.3364090418

0.1398150857

-0.1623765043

-0.2777251652

1.1614219662

0.5438263407

0.2123409252

-0.0964650038

0.1534071961

-0.2633501603

-0.2731160826

1.0798255031

0.2570521685

0.2116053841

0.2354987657

0.1936441507

-0.1386689835

-0.2928284888

0.8434663142

0.0208765849

0.4060205989

0.182417637

0.1474506583

-0.1915714289

-0.3975102395

0.5523559365

0.1185582682

0.6013358937

0.0037907514

0.0333323694

-0.1521352539

-0.6940056081

0.3191851024

-0.0563146735

0.3877771805

-0.0108874281

-0.0879018389

-0.2705047203

-0.6009108946

0.0415813661

-0.4963149181

0.0127480818

0.1394774921

-0.1249357098

-0.3419161883

0.2079891913

-0.1030626319

-0.568356434

-0.2878209236

0.2644508421

-0.079751214

0.0435040301

0.2258033316

0.2216489786

-0.2313377349

-0.0718035369

0.3546570082

0.1596025337

-0.0120842159

0.3408140946

0.1011946115

-0.3199999883

-0.2914567674

0.5528663989

0.2397005461

0.2724324278

0.4296084511

-0.106648324

-0.4968260983

-0.3368010699

0.6681635794

0.2052604228

0.5264810571

0.4499210376

-0.1688153469

-0.1571461555

-0.2361924599

0.3028039251

0.195299973

0.3636687559

0.6805439161

-0.128177649

0.5158745518

0.1825170031

-0.0566369653

0.2038227591

0.3123434082

0.8738246276

-0.2457855728

0.5343992912

0.4785361725

-0.1651279683

0.1996980317

0.3449035231

0.7225063043

-0.4561365397

0.1099093766

0.4086854753

-0.2552215597

0.0636092654

0.3355547393

0.3708665245

-0.6169613689

0.0843000226

0.3142401705

-0.1429576356

-0.0229152023

0.4475332849

0.3538377507

-0.8304104723

0.1076658408

0.2506770812

-0.1608286489

-0.0844010919

0.3359985371

0.2543689376

-1.1454846489

-0.1228291804

-0.0595317441

0.0131156328

-0.269624312

-0.0012797255

0.3100845668

-0.9538034864

-0.1928394722

-0.115305511

0.2082664575

-0.2797050865

-0.2085197324

0.0094287314

-0.9819617195

-0.5376262436

-0.2024985863

-0.2013359362

-0.3742684133

-0.104401839

-0.0840226768

-1.0329856695

-0.5039439471

-0.0273764216

-0.4661292035

-0.3917289703

-0.154843178

-0.2795719824

-1.0131692852

-0.9473095003

-0.0140555018

-0.4849843934

-0.4199997692

-0.0478119215

-0.3870175088

-1.0407514418

-0.9733907079

-0.1406957838

-0.4847973682

-0.4504456616

-0.0591309398

-0.4495187007

-1.0143829212

-0.7226582641

-0.2490101883

-0.3016253804

-0.4567734285

Credit Cycle

1987198719871987198719871987

1988198819881988198819881988

1989198919891989198919891989

1990199019901990199019901990

1991199119911991199119911991

1992199219921992199219921992

1993199319931993199319931993

1994199419941994199419941994

1995199519951995199519951995

1996199619961996199619961996

1997199719971997199719971997

1998199819981998199819981998

1999199919991999199919991999

2000200020002000200020002000

2001200120012001200120012001

2002200220022002200220022002

2003200320032003200320032003

2004200420042004200420042004

2005200520052005200520052005

2006200620062006200620062006

2007200720072007200720072007

2008200820082008200820082008

2009200920092009200920092009

2010201020102010201020102010

2011201120112011201120112011

2012201220122012201220122012

2013201320132013201320132013

2014201420142014201420142014

Africa

Asia

Eastern Europe

Latin America

Middle East

Developed

Global EM

Average of Country Scores

Credit Cycle - Average Score by Region- Q1 2014

-0.0868063349

0.4537756614

-0.6620055899

0.0727497077

-0.4449841382

-0.2662063704

-0.155484396

0.0585839368

0.3771176404

-0.5721734567

0.1225435108

-0.4010327796

-0.2056897484

-0.1070978366

-0.0358447652

0.2834837044

-0.4886154277

0.1352662758

-0.3289097298

-0.2590026763

-0.1031579675

0.0897138735

0.1782004132

-0.4107127392

0.205064412

0.0021141662

-0.2845531298

-0.0014998818

0.0558590566

0.1796127853

-0.3054061778

0.2301526008

0.0875041482

-0.1029803262

0.040703032

0.0846335636

0.1840397216

-0.1993432534

0.182977488

0.0752764733

0.0423679446

0.057784636

0.1033799854

0.090416779

-0.0838231036

0.1366042676

0.0898650893

0.1586163823

0.0623322171

0.2917503029

-0.0323928804

0.054610055

-0.0708065933

0.1063287524

0.185429824

0.0597478538

0.1713572942

-0.2854285416

0.2173329351

-0.1809905853

0.0530849365

0.3191419583

-0.0053866305

0.2692036195

-0.6268317237

0.3481020452

-0.1042240442

0.1115112879

0.3802093371

0.0024641601

0.1319165216

-0.8301966512

0.3945693986

-0.3053191671

0.0818687164

0.2543949623

-0.0964371526

0.0474661588

-0.5427024801

0.4410408303

-0.3476993096

0.0023829249

0.2708293934

-0.0693473276

0.0164335164

0.0266449644

0.5999808466

-0.1641082863

0.194669896

0.2612988001

0.1510085365

-0.3181604656

-0.0612065379

0.7896924943

-0.2357487549

0.3294254195

0.0867949021

0.1377790578

-0.2998035979

-0.0056705768

1.0360652684

-0.0721916586

0.4418908806

0.2764587414

0.2656952707

0.1077055321

-0.1198360064

1.1604049355

-0.0378918402

0.561180969

0.4462093399

0.3686997794

0.0326656108

-0.1834220603

1.0712033363

0.063478658

0.7705955863

0.4408305454

0.3896645989

-0.182235933

-0.201672416

0.9497852885

0.2978275257

0.5938834811

0.2203698657

0.3366529975

0.0653531559

-0.0799278246

0.7426772703

0.3876467851

0.4165729363

-0.0047889559

0.3335862018

0.3102093884

0.2305088056

0.2647528914

0.4276662462

-0.0152593008

-0.3043821462

0.2406693384

0.4502238723

0.2113630219

-0.3896243792

0.2106130725

-0.3352617485

-0.7368393948

-0.0032261921

0.0133654625

0.1916475991

-1.0414031072

0.2067798556

-1.289824876

-1.0774647682

-0.4264275068

0.2024248791

0.7603172625

-1.1409007779

0.5140289446

-0.4299864257

-0.7328319311

-0.0638225629

0.1607216945

0.4790938187

-0.9948733726

0.3408673359

-0.2936848418

-0.4944209887

-0.0991339764

0.4301323261

0.3557479472

-0.6672553322

0.043503309

-0.276214231

0.103948655

-0.0646040707

0.1294104175

0.0572394657

-0.253333513

-0.3736903349

-0.2467160243

0.6315298729

-0.1569102474

0.1481511088

-0.1669539412

-0.0842610747

-0.1187967941

-0.043804535

0.9526277514

-0.0622761981

0.1481511088

-0.1669539412

-0.0842610747

-0.1187967941

-0.043804535

0.9526277514

-0.0622761981

OveralScore Chart

1987198719871987198719871987

1988198819881988198819881988

1989198919891989198919891989

1990199019901990199019901990

1991199119911991199119911991

1992199219921992199219921992

1993199319931993199319931993

1994199419941994199419941994

1995199519951995199519951995

1996199619961996199619961996

1997199719971997199719971997

1998199819981998199819981998

1999199919991999199919991999

2000200020002000200020002000

2001200120012001200120012001

2002200220022002200220022002

2003200320032003200320032003

2004200420042004200420042004

2005200520052005200520052005

2006200620062006200620062006

2007200720072007200720072007

2008200820082008200820082008

2009200920092009200920092009

2010201020102010201020102010

2011201120112011201120112011

2012201220122012201220122012

2013201320132013201320132013

2014201420142014201420142014

Africa

Asia

Eastern Europe

Latin America

Middle East

Developed

Global EM

Overall Risk Score - Average Score by Region- Q1 2014

-2.3130079053

-0.9490028662

-0.2898666289

-0.275766727

-1.9125283619

-0.0603772175

-0.9920265525

-2.0044286956

-1.0125941863

-0.0929315921

0.0958938541

-1.6306808776

-0.3179816969

-0.810234076

-2.1675753024

-1.8834809998

0.0436132645

-0.6832354102

-1.2538143819

-0.6493047939

-1.0181258225

-1.6190798567

-2.0000707158

0.4800449328

0.1080166968

-0.4819775021

-1.3735458618

-0.7550486733

-1.4439250351

-1.9339066073

0.5878572263

0.6333979516

-1.7414268787

-1.1112925084

-0.8876680578

-1.8097366143

-1.9877191891

0.7395639271

-0.0023014118

-1.0670625286

-0.5779062174

-0.9172367378

-1.8686741844

-2.1421057156

1.0340335147

-1.2851472852

-1.2925890394

0.5437926706

-1.0723001398

-1.3132096939

-2.0535600195

2.1263250671

-1.1231816585

-0.7976011466

0.8236456173

-0.5794600314

-1.6268102748

-3.0854019878

2.0497689325

-1.0412302389

-0.2306654584

0.6712280096

-0.7898091781

0.0291971455

-4.0287689539

0.8818200948

-0.7611128645

-0.2313861868

0.8145725437

-0.8532297162

-0.0026191429

-4.0057077746

0.2686261587

-1.6967825724

-0.8786184603

1.0494907051

-1.1283080526

-0.9414187514

-0.7355880935

0.487811238

-2.8165907616

-1.9438024997

0.9883453176

-1.0436828585

-0.3789879079

0.9867442475

1.9061056445

-0.7582897648

-1.0364042199

0.5196906437

0.3099047571

0.5062881234

1.3916383743

2.9896054475

-0.4668496366

0.9317416198

1.5241418594

1.4096995612

1.3456430112

1.47338785

2.4140279438

-0.7598259963

0.8416166421

1.2493427323

1.3437564559

2.1998612982

2.2517031137

2.9252682974

0.4547989512

1.5088843538

1.455859516

2.009113577

2.6648645651

2.9120858063

2.3423148112

2.4806584904

2.6899900542

0.8285498041

2.5027913369

2.4157589502

3.1821077127

1.8346101631

3.8258591136

3.1393296571

0.8787031114

2.7048565943

3.2810212439

2.7290879356

0.5556455248

3.6640211738

3.271481237

0.0560659953

2.496127072

3.4884312811

3.4674522244

-1.7764038212

3.724377734

3.4959565789

0.1099558403

2.2442270632

3.3167630948

2.9419029681

-4.2135009566

2.6421576071

1.4492705785

-0.6519565894

0.882417023

2.7805186763

2.3764747758

-5.5166037725

0.931947799

-0.5628257746

-1.5915031828

-0.3549384829

1.1713551801

3.3087217306

-4.1613483162

1.8767844889

-0.202703562

-1.0887351603

0.1698975641

0.5992078231

2.1993571245

-2.7080735268

0.4169744387

-0.0629023981

-0.7993747676

0.0125678897

0.307677766

0.7205470486

-1.638153446

-0.3149539888

0.2969071404

-0.8313314486

-0.2013590655

-0.8048531812

-0.2488018502

-0.7185386641

-2.2463580689

-0.0584813881

0.0848600716

-0.7323351018

-0.8263083187

-1.1581117788

-0.1886115179

-2.1667484206

-0.3645641233

0.1787365197

-0.826189489

-0.9124420098

-0.9139844307

0.4928770415

-1.7199852223

-0.6538787391

0.6046486325

-0.6325785031

ScorebyFActors

TurkeyTurkeyTurkeyTurkeyTurkeyTurkeyTurkey

ChinaChinaChinaChinaChinaChinaChina

SingaporeSingaporeSingaporeSingaporeSingaporeSingaporeSingapore

KenyaKenyaKenyaKenyaKenyaKenyaKenya

AustraliaAustraliaAustraliaAustraliaAustraliaAustraliaAustralia

jordanjordanjordanjordanjordanjordanjordan

CanadaCanadaCanadaCanadaCanadaCanadaCanada

LuxembourgLuxembourgLuxembourgLuxembourgLuxembourgLuxembourgLuxembourg

PeruPeruPeruPeruPeruPeruPeru

TunisiaTunisiaTunisiaTunisiaTunisiaTunisiaTunisia

MoroccoMoroccoMoroccoMoroccoMoroccoMoroccoMorocco

IndonesiaIndonesiaIndonesiaIndonesiaIndonesiaIndonesiaIndonesia

ColombiaColombiaColombiaColombiaColombiaColombiaColombia

PolandPolandPolandPolandPolandPolandPoland

KuwaitKuwaitKuwaitKuwaitKuwaitKuwaitKuwait

IndiaIndiaIndiaIndiaIndiaIndiaIndia

BrazilBrazilBrazilBrazilBrazilBrazilBrazil

IrelandIrelandIrelandIrelandIrelandIrelandIreland

UkraineUkraineUkraineUkraineUkraineUkraineUkraine

BelgiumBelgiumBelgiumBelgiumBelgiumBelgiumBelgium

JamaicaJamaicaJamaicaJamaicaJamaicaJamaicaJamaica

Dominican RepublicDominican RepublicDominican RepublicDominican RepublicDominican RepublicDominican RepublicDominican Republic

ChileChileChileChileChileChileChile

New ZealandNew ZealandNew ZealandNew ZealandNew ZealandNew ZealandNew Zealand

BotswanaBotswanaBotswanaBotswanaBotswanaBotswanaBotswana

NigeriaNigeriaNigeriaNigeriaNigeriaNigeriaNigeria

QatarQatarQatarQatarQatarQatarQatar

VietnamVietnamVietnamVietnamVietnamVietnamVietnam

SlovakiaSlovakiaSlovakiaSlovakiaSlovakiaSlovakiaSlovakia

LebanonLebanonLebanonLebanonLebanonLebanonLebanon

ThailandThailandThailandThailandThailandThailandThailand

BahrainBahrainBahrainBahrainBahrainBahrainBahrain

UruguayUruguayUruguayUruguayUruguayUruguayUruguay

LatviaLatviaLatviaLatviaLatviaLatviaLatvia

MexicoMexicoMexicoMexicoMexicoMexicoMexico

PanamaPanamaPanamaPanamaPanamaPanamaPanama

MalaysiaMalaysiaMalaysiaMalaysiaMalaysiaMalaysiaMalaysia

FinlandFinlandFinlandFinlandFinlandFinlandFinland

UAEUAEUAEUAEUAEUAEUAE

BulgariaBulgariaBulgariaBulgariaBulgariaBulgariaBulgaria

Saudi ArabiaSaudi ArabiaSaudi Ara