Nearly 40% of the centers included in the Global Financial Centers Index ranking are located in emerging markets. Since these markets gain prominence in the global economy and financial world, GFCI conducted a separate online questionnaire focusing on emerging markets. They asked respondents to indicate which regions they think are most likely to succeed in developing their financial services industry in the next three to five years:
- Respondents indicated that China and South Korea would lead the way in Asia/Pacific though they voiced some concerns around currency controls and political stability in China;
- In the Middle East/Africa, Qatar and the UAE would appear to have best prospects, followed by Turkey;
- In Eastern Europe, Poland seems to be the country to watch most closely;
- In Latin America, financial centers in Brazil made good ground in GFCI 13 and are likely to rise further.
GFCI also asked respondents to name their most important considerations when looking to invest in emerging markets. “It is not surprising to see that the most quoted dimensions include regulation, macroeconomic stability, levels of corruption, openness and competitiveness as well as political stability”, emphasizes the survey assessment.