The Financial Development report 2012

5.14Share of total number of securitization deals

This is the three-year average of the sum of asset-backed securities (ABS), mortgage-backed securities (MBS), high-yield bonds, and highly leveraged loans deals as a percent of total deals | 2009–2011

This figure is calculated based on a three-year average of securitization deals.

Source: Dealogic Analytics (data retrieved July 2012)

6.01Spot foreign exchange turnover

This is the percent share of the world total of spot foreign exchange turnover | 2010

Transactions are measured in US dollars and involve the exchange of two currencies at a rate agreed upon on the date of the contract for value or delivery (cash settlement) within two business days. Percents are based on the 62 economies included in the Index.

Source: Bank for International Settlements, Triennial Central Bank Survey, December 2010

6.02Outright forward foreign exchange turnover

This is the percent share of the world total of outright forward foreign exchange turnover | 2010 Transactions are measured in US dollars and involve the exchange of two currencies at a rate agreed on the date of the contract for value or delivery (cash settlement) at some time in the future (more than two business days later). This category also includes non-deliverable forwards and other forward contracts for differences. Percents are based on the 62 economies included in the Index.

Source: Bank for International Settlements, Triennial Central Bank Survey, December 2010

6.03Foreign exchange swap turnover

This is the percent share of the world total of foreign exchange swap turnover | 2010

Transactions are measured in US dollars and involve the actual exchange of two currencies (principal amount only) on a specific date at a rate agreed at the time of the conclusion of the contract (the short leg), and a reverse exchange of the same two currencies at a date further in the future at a rate (generally different from the rate applied to the short leg) agreed at the time of the contract (the long leg). Percents are based on the 62 economies included in the Index.

Source: Bank for International Settlements, Triennial Central Bank Survey, December 2010

6.04Interest rate derivatives turnover: Forward rate agreements

This is the percent share of world total of over-the-counter single-currency forward interest rate agreements turnover | 2010

Transactions are measured in US dollars and involve interest rate forward contracts in which the rate to be paid or received on a specific obligation for a set

period of time, beginning at some time in the future, is determined at contract initiation. Percents are based on the 62 economies included in the Index.

Source: Bank for International Settlements, Triennial Central Bank Survey, December 2010

6.05Interest rate derivatives turnover: Swaps

This is the percent share of the world total of over-the-counter single-currency interest rate swaps turnover | 2010

Transactions are measured in US dollars and involve agreements to exchange periodic payments related to interest rates on a single currency; these can be fixed for floating, or floating for floating based on different indices. This group includes those swaps whose notional principal is amortized according to a fixed schedule independent of interest rates. Percents are based on the 62 economies included in the Index.

Source: Bank for International Settlements, Triennial Central Bank Survey, December 2010

6.06Interest rate derivatives turnover: Options

This is the percent share of the world total of over-the-counter interest rate options turnover | 2010 Transactions are measured in US dollars and involve option contracts that give the right to pay or receive a specific interest rate on a predetermined principal for a set period of time. Percents are based on the 62 economies included in the Index.

Source: Bank for International Settlements, Triennial Central Bank Survey, December 2010

6.07Foreign exchange derivatives turnover: Currency swaps

This is the percent share of the world total of over-the-counter foreign exchange currency swaps turnover | 2010

Transactions are measured in US dollars and involve contracts that commit two counterparties to exchange streams of interest payments in different currencies for an agreed period of time and to exchange principal amounts in different currencies at a pre-agreed

exchange rate at maturity. Percents are based on the 62 economies included in the Index.

Source: Bank for International Settlements, Triennial Central Bank Survey, December 2010

6.08Foreign exchange derivatives turnover: Options

This is the percent share of the world total of over-the-counter foreign exchange options turnover | 2010

Transactions are measured in US dollars and involve contracts that give the right to buy or sell a currency with another currency at a specified exchange rate during a specified period. This category also includes exotic foreign exchange options, such as average rate options and barrier options. Percents are based on the 62 economies included in the Index.

Source: Bank for International Settlements, Triennial Central Bank Survey, December 2010

6.09Stock market turnover ratio

This is the ratio of the value of total shares traded to average real market capitalization | 2010

The denominator is calculated using the following deflation method:

where T is total value traded, M is stock market capitalization, P_e is end-of period CPI, and P_a is average annual CPI.

Source: World Bank, Global Financial Development

Database, September 2012

6.10Stock market capitalization to GDP

This indicator is the value of listed shares as a percent of GDP | 2010

The ratio is calculated using the following deflation method:

where F is stock market capitalization, P_e is end-of period CPI, and P_a is average annual CPI.

Source: World Bank, Global Financial Development

Database, September 2012

6.11Stock market value traded to GDP

This is the total value of shares traded on stock market exchanges as a percent of GDP | 2010 Value of shares traded and GDP are measured over the same time period.

Source: World Bank, Global Financial Development Database, September 2012

6.12Number of listed companies per 10,000 people

This is the number of publicly listed companies per 10,000 people | 2010

Number of publicly listed companies per capita. This indicator does not include investment companies, mutual funds, or other collective investment vehicles.

Source: World Bank, Global Financial Development Database, September 2012

6.13Private domestic bond market capitalization to GDP

This variable is the domestic debt securities issued by financial institutions and corporations as a share of GDP | 2011

This ratio is calculated using the following deflation method:

where F is amount outstanding of private domestic debt securities, P_e is end-of period CPI, and P_a is average annual CPI.

Source: Bank for International Settlements, BIS Quarterly Review, June 2012; GDP data from IMF,

World Economic Outlook Database, April 2012; inflation data from IMF, International Financial Statistics

(data retrieved August 2012)

6.14Public domestic bond market capitalization to GDP

This variable is the domestic debt securities issued by the government as a share of GDP | 2011

This ratio is calculated using the following deflation method:

where F is amount outstanding of public domestic

debt securities, P_e is end-of period CPI, and P_a is average annual CPI.

Source: Bank for International Settlements, BIS Quarterly Review, June 2012; GDP data from IMF,

World Economic Outlook Database, April 2012; inflation data from IMF, International Financial Statistics

(data retrieved August 2012)

6.15Private international bonds to GDP

This variable is the international debt securities issued by financial institutions and corporations as a share of GDP | 2011

The ratio is calculated using the following deflation method:

where F is amount outstanding of private international debt securities, P_e is end-of period CPI, and P_a is average annual CPI.

Source: Bank for International Settlements, BIS Quarterly Review, June 2012; GDP data from IMF,

World Economic Outlook Database, April 2012; inflation data from IMF, International Financial Statistics

(data retrieved August 2012)

6.16Public international bonds to GDP

This variable is the international debt securities issued by the government as a share of GDP | 2011

The ratio is calculated using the following deflation method:

where F is amount outstanding of public international debt securities, P_e is end-of period CPI, and P_a is average annual CPI.

Source: Bank for International Settlements, BIS Quarterly Review, June 2012; GDP data from IMF,

World Economic Outlook Database, April 2012; inflation data from IMF, International Financial Statistics

(data retrieved August 2012)

6.17Local currency corporate bond issuance to GDP

This is investment-grade and high-yield issuance corporate bonds as a share of GDP | 2011 Corporate bonds consist of industrial and utility businesses; this variable excludes all financial firms.

Source: Dealogic Analytics (data retrieved July 2012); GDP data from IMF, World Economic Outlook Database, April 2012

7.06Foreign direct investment to GDP

This variable is comprised of equity capital, reinvested earnings, and intra-company loans | 2011

Equity capital is the foreign direct investor’s purchase of shares of an enterprise in a country other than that where the investor resides. Reinvested earnings are comprised of the foreign direct investor’s share (in proportion to direct equity participation) of earnings not distributed as dividends by affiliates or earnings not remitted to the foreign direct investor. Such retained profits by affiliates are reinvested. Intra-company loans or intra-company debt transactions refer to shortor long-term borrowing and lending

of funds between foreign direct investors (parent enterprises) and affiliate enterprises.

Source: United Nations Conference on Trade and Development, “Inward and Outward Foreign Direct Investment Flows, Annual, 1970–2011”; GDP data from IMF, World Economic Outlook Database, April 2012

7.07Market penetration of bank accounts

This is the percent of the population (15 years or older) with an account at a formal financial institution | 2011

These data are collected as part of a survey of financial inclusion administered by the World Bank. More

than 150,000 nationally represented and randomly selected adults age 15 and above were interviewed. Responses were received from 148 economies during the 2011 calendar year.

Source: Demirguc-Kunt, A. and L. Klapper. 2012. “Measuring Financial Inclusion: The Global Findex Database.” World Bank Policy Research Working Paper 6025. Washington DC: The World Bank

7.08Commercial bank branches

This is the number of commercial bank branches per 100,000 adults | 2010

These data are collected as part of an access to finance survey administered by the IMF in 2011. Responses were received from approximately 140 countries.

Source: IMF, Financial Access Survey, 2011

7.09Total number of ATMs

This is the total number of ATMs per 100,000 adults | 2010

These data are collected as part of an access to finance survey administered by the IMF in 2011. Responses were received from approximately 140 countries.

Source: IMF, Financial Access Survey, 2011

7.10Debit card penetration

This is the percent of respondents with a debit card | 2011

These data are collected as part of a survey of financial inclusion administered by the World Bank. More than 150,000 nationally represented and randomly selected adults age 15 and above were interviewed. Responses were received from 148 economies during the 2011 calendar year.

Source: Demirguc-Kunt, A. and L. Klapper. 2012. “Measuring Financial Inclusion: The Global Findex Database.” World Bank Policy Research Working Paper 6025. Washington DC: The World Bank

7.11Loan accounts at MFIs

This variable indicates the total number of active borrowers from microfinance institutions (MFIs) per 1,000 adults | 2011

The total number of people registered as active borrowers at an MFI divided by the total population.

Source: Microfinance Information Exchange, Inc. (MIX) (data retrieved August 2012)

7.12Loan from a financial institution

This is the percent of respondents who have borrowed from a financial institution in the past year | 2011

These data are collected as part of a survey of financial inclusion administered by the World Bank. More than 150,000 nationally represented and randomly selected adults age 15 and above were interviewed. Responses were received from 148 economies during the 2011 calendar year.

Source: Demirguc-Kunt, A. and L. Klapper. 2012. “Measuring Financial Inclusion: The Global Findex Database.” World Bank Policy Research Working Paper 6025. Washington DC: The World Bank

Michael Drexler

Michael Drexler is a New York-based Senior Director at the World Economic Forum, where he overlooks the Investors community. He joined the Forum after nine years at Barclays, where he most recently was Managing Director and Global Head of Strategy, Commercial/Investment Banking and Wealth Management. At Barclays, he also held positions in Principal Investments and Finance, as well as Chief of Staff to the chairman. He joined Barclays Capital in 2002 from McKinsey & Company. Prior to that, Drexler was an academic researcher at Stanford. He holds a doctorate in Mathematics from University of Oxford, and an MSc in Electronic Engineering from the Technical University at Munich. An alumnus of Magdalen College, Oxford, he actively supports his old college in its activities.

Margareta Drzeniek Hanouz

Margareta Drzeniek Hanouz is Head of Competitiveness Research and a Director and Senior Economist with

The Global Benchmarking Network at the World Economic Forum, where she researches and writes on issues of national competitiveness, especially those related to the Arab world, Eastern Europe, and international trade. She is lead author or editor of a number of regional and topical reports and papers, including The Global Enabling Trade Report. Previously, she oversaw the economic modeling for some of the Forum’s scenario projects and was charged with developing the economics section of the program for the World Economic Forum’s Annual Meeting in Davos. Before joining the Forum, Dr. Drzeniek Hanouz worked for several years with the International Trade Centre in Geneva, where she was in charge of relations with Central and Eastern European countries. Dr. Drzeniek Hanouz received a diploma in Economics from the University of Münster and holds a PhD in International Economics from the University of Bochum, both in Germany.

Darrell Duffie

Darrell Duffie is the Dean Witter Distinguished Professor of Finance at Stanford University’s Graduate School of Business. He is a member of the Financial Advisory Roundtable of the Federal Reserve Bank of New York, a Fellow and member

of the Council of the Econometric Society, a Research Fellow of the National Bureau of Economic Research, a Fellow of the American Academy of Arts and Sciences, and since 2008 a member of the board of directors of Moody’s Corporation. He serves on the editorial boards of several major academic journals. Duffie was the President of the American Finance Association in 2009. His research and teaching focus on valuation and risk in financial markets. His most recent books are How Big Banks Fail—And What to Do About It (2010), Measuring Corporate Default Risk (2011), and Dark Markets: Asset Pricing and Information Transmission in Over-the-Counter Markets (2012).

Thierry Geiger

Thierry Geiger is an Economist and Associate Director with The Global Benchmarking Network at the World Economic Forum. He leads the competitiveness research on Asia, supervises the development and computation of a wide range of composite indicators, and is responsible for the Network’s technical assistance and capacity-building activities.

His areas of expertise are private-sector development, international trade, and applied economics. Mr. Geiger is a co-author of the Forum’s flagship publications The Global Competitiveness Report, The Global Information Technology Report, and The Global Enabling Trade Report. He is the lead author of several regional and country studies. A Swiss national, Mr. Geiger holds a BA in Economics from the University of Geneva and an MA in Economics from the

University of British Columbia. He was a Fellow of the Forum’s Global Leadership Programme. Prior to joining the Forum,

he worked for the World Trade Organization and Caterpillar Inc. He is co-founder of Procab Studio, a Geneva-based IT company.

Todd Glass

Todd Glass is a Project Associate with the Emerging Markets Finance team at the World Economic Forum USA. In addition to his work on The Financial Development Report, Mr. Glass contributed to Redefining the Emerging Market Opportunity: Driving Growth through Financial Services Innovation. Immediately prior to joining the Forum, he worked as a Financial Analyst at Houlihan Lokey, where

he provided financial and economic analysis in both legal and non-litigation settings. Prior to his work at Houlihan Lokey, Mr. Glass was a consultant at Fulcrum Inquiry, a financial and economics consulting firm located in Los Angeles. His role at Fulcrum involved calculating damages and assisting in the preparation of expert testimony in matters of dispute resolution. Mr. Glass graduated Phi Beta Kappa and summa cum laude with a BA in History and a BA in Political Science (concentration in International Relations) from the University of California, Los Angeles.

Isabella Reuttner

Isabella Reuttner is an Associate Director in the World Economic Forum’s Financial Services team. In addition to

The Financial Development Report, her responsibilities include managing initiatives on current topics in which a multi-stakeholder approach could enhance dialogue by adding fresh thinking, thereby ultimately moving it forward. The most recent such initiatives include projects on sustainable credit growth and financial innovation. She joined the World Economic Forum after five years of investment banking experience. Immediately prior to joining the Forum, Ms. Reuttner worked in the Strategy & Planning team at Barclays Capital, where her role included managing projects for senior management and evaluating inorganic growth opportunities. Prior to Barclays Capital, she worked in several areas, including consulting, pharmaceutical, and Internet companies. Ms. Reuttner holds a BA (honors) in International Business with Spanish with a major in Corporate Finance.

Neeltje van Horen

Neeltje van Horen is a Senior Economist at the Research Department of De Nederlandsche Bank. She has visited and worked at the Federal Reserve Bank of Chicago Research Department, EBRD Office of the Chief Economist, and the International Monetary Fund Research Department. Prior

to joining the Central Bank, she worked as a Financial Economist at the World Bank. Her research focuses mainly on international finance and international financial markets and institutions. She has published articles on foreign banking, financial crises, contagion, and financial integration.

The World Economic Forum’s Global Benchmarking Network is pleased to acknowledge and thank

the following organizations as its valued Partner Institutes, without which the realization of

The Financial Development Report 2012 would not have been feasible:

Argentina

IAE—Universidad Austral

Eduardo Luis Fracchia, Professor

Santiago Novoa, Project Manager

Australia

Australian Industry Group

Colleen Dowling, Senior Research Coordinator

Innes Willox, Chief Executive

Austria

Austrian Institute of Economic Research (WIFO)

Karl Aiginger, Director

Gerhard Schwarz, Coordinator, Survey Department

Bahrain

Bahrain Economic Development Board

Kamal Bin Ahmed, Minister of Transportation and Acting

Chief Executive of the Economic Development Board

Nada Azmi, Manager, Economic Planning and Development

Maryam Matter, Coordinator, Economic Planning and

Development

Bangladesh

Centre for Policy Dialogue (CPD)

Khondaker Golam Moazzem, Senior Research Fellow Kishore Kumer Basak, Research Associate Mustafizur Rahman, Executive Director

Belgium

Vlerick Business School

Priscilla Boiardi, Associate, Competence Centre

Entrepreneurship, Governance and Strategy

Wim Moesen, Professor

Leo Sleuwaegen, Professor, Competence Centre

Entrepreneurship, Governance and Strategy

Brazil

Fundação Dom Cabral, Bradesco Innovation Center

Carlos Arruda, International Relations Director, Innovation and

Competitiveness Professor

Daniel Berger, Bachelor Student in Economics

Fabiana Madsen, Economist and Associate Researcher

Movimento Brasil Competitivo (MBC)

Carolina Aichinger, Project Coordinator

Erik Camarano, Chief Executive Officer

Canada

The Conference Board of Canada

Michael R. Bloom, Vice-President, Organizational

Effectiveness & Learning

Douglas Watt, Associate Director

Chile

Universidad Adolfo Ibáñez

Fernando Larrain Aninat, Director MBA

Leonidas Montes, Dean, School of Government

China

Institute of Economic System and Management, National Development and Reform Commission

Chen Wei, Research Fellow Dong Ying, Professor

Zhou Haichun, Deputy Director and Professor

China Center for Economic Statistics Research, Tianjin

University of Finance and Economics

Bojuan Zhao, Professor

Fan Yang, Professor Jian Wang, Associate Professor

Hongye Xiao, Professor

Lu Dong, Professor

Colombia

National Planning Department

Sara Patricia Rivera, Advisor

John Rodríguez, Coordinator, Competitiveness Observatory

Javier Villarreal, Enterprise Development Director

Colombian Private Council on Competitiveness Rosario Córdoba, President

Marco Llinás, Vice President

Czech Republic

CMC Graduate School of Business

Tomas Janca, Executive Director

Denmark

Danish Technological Institute, Center for Policy and Business Development

Hanne Shapiro, Center Manager

Egypt

The Egyptian Center for Economic Studies (ECES) Iman Al-Ayouty, Senior Economist

Omneia Helmy, Acting Executive Director and Director of Research

Finland

ETLA—The Research Institute of the Finnish Economy

Markku Kotilainen, Research Director

Petri Rouvinen, Research Director

Pekka Ylä-Anttila, Managing Director

France

HEC School of Management, Paris

Bertrand Moingeon, Professor and Deputy Dean

Bernard Ramanantsoa, Professor and Dean

Germany

WHU—Otto Beisheim School of Management

Ralf Fendel, Professor of Monetary Economics

Michael Frenkel, Professor, Chair of Macroeconomics and

International Economics

Ghana

Association of Ghana Industries (AGI)

Patricia Addy, Projects Officer

Nana Owusu-Afari, President

Seth Twum-Akwaboah, Executive Director

Greece

SEV Hellenic Federation of Enterprises

Michael Mitsopoulos, Senior Advisor, Entrepreneurship

Thanasis Printsipas, Economist, Entrepreneurship

Hong Kong SAR

Hong Kong General Chamber of Commerce

David O’Rear, Chief Economist

Federation of Hong Kong Industries

Alexandra Poon, Director

The Chinese General Chamber of Commerce

Hungary

KOPINT-TÁRKI Economic Research Ltd. Éva Palócz, Chief Executive Officer Peter Vakhal, Project Manager

India

Confederation of Indian Industry (CII)

Chandrajit Banerjee, Director General

Marut Sengupta, Deputy Director General

Gantakolla Srivastava, Head, Financial Services

Indonesia

Center for Industry, SME & Business Competition Studies, University of Trisakti

Tulus Tambunan, Professor and Director

Ireland

Institute for Business Development and Competitiveness School of Economics, University College Cork

Justin Doran, Principal Associate Eleanor Doyle, Director

Catherine Kavanagh, Principal Associate

Forfás, Economic Analysis and Competitiveness Department

Adrian Devitt, Manager

Conor Hand, Economist

Israel

Manufacturers’ Association of Israel (MAI)

Dan Catarivas, Director

Amir Hayek, Managing Director

Zvi Oren, President

Italy

SDA Bocconi School of Management

Secchi Carlo, Full Professor of Economic Policy, Bocconi

University

Paola Dubini, Associate Professor, Bocconi University

Francesco A. Saviozzi, SDA Professor, Strategic and

Entrepreneurial Management Department

Japan

Keio University

Yoko Ishikura, Professor, Graduate School of Media Design

Heizo Takenaka, Director, Global Security Research Institute

Jiro Tamura, Professor of Law, Keio University

Keizai Doyukai (Japan Association of Corporate Executives) Kiyohiko Ito, Managing Director, Keizai Doyukai

Jordan

Ministry of Planning & International Cooperation

Jordan National Competitiveness Team

Kawther Al-Zou’bi, Head of Competitiveness Division

Basma Arabiyat, Researcher

Mukhallad Omari, Director of Policies and Studies Department

Kazakhstan

National Analytical Centre

Diana Tamabayeva, Project Manager

Vladislav Yezhov, Chairman

Kenya

Institute for Development Studies, University of Nairobi Mohamud Jama, Director and Associate Research Professor Paul Kamau, Senior Research Fellow

Dorothy McCormick, Research Professor

Korea, Republic of

College of Business School, Korea Advanced Institute of Science and Technology KAIST

Byungtae Lee, Acting Dean

Soung-Hie Kim, Associate Dean and Professor Jinyung Cha, Assistant Director, Exchange Programme

Korea Development Institute

Joohee Cho, Senior Research Associate

Yongsoo Lee, Head, Policy Survey Unit

Kuwait

Kuwait National Competitiveness Committee

Adel Al-Husainan, Committee Member

Fahed Al-Rashed, Committee Chairman

Sayer Al-Sayer, Committee Member

Malaysia

Institute of Strategic and International Studies (ISIS)

Jorah Ramlan, Senior Analyst, Economics

Steven C.M. Wong, Senior Director, Economics

Mahani Zainal Abidin, Chief Executive

Malaysia Productivity Corporation (MPC)

Mohd Razali Hussain, Director General

Lee Saw Hoon, Senior Director

Mexico

Center for Intellectual Capital and Competitiveness Erika Ruiz Manzur, Executive Director

René Villarreal Arrambide, President and Chief Executive Officer

Rodrigo David Villarreal Ramos, Director

Instituto Mexicano para la Competitividad (IMCO) Priscila Garcia, Researcher

Manuel Molano, Deputy General Director Juan E. Pardinas, General Director

Ministry of the Economy

Jose Antonio Torre, Undersecretary for Competitiveness and Standardization

Enrique Perret Erhard, Technical Secretary for Competitiveness Narciso Suarez, Research Director, Technical Secretary

for Competitiveness

Morocco

Comité National de l’Environnement des Affaires Seloua Benmbarek, Head of Mission

Netherlands

INSCOPE: Research for Innovation, Erasmus University Rotterdam

Frans A. J. Van den Bosch, Professor Henk W. Volberda, Director and Professor

Nigeria

Nigerian Economic Summit Group (NESG)

Frank Nweke Jr., Director General

Chris Okpoko, Associate Director, Research

Foluso Phillips, Chairman

Norway

BI Norwegian Business School

Eskil Goldeng, Researcher

Torger Reve, Professor

Pakistan

Mishal Pakistan

Puruesh Chaudhary, Director Content

Amir Jahangir, Chief Executive Officer

Panama

INCAE Business School, Latin American Center for Competitiveness and Sustainable Development (CLACDS)

Ronald Arce, Researcher Arturo Condo, Rector

Marlene de Estrella, Director of External Relations Lawrence Pratt, Director

Peru

Centro de Desarrollo Industrial (CDI), Sociedad Nacional de Industrias

Néstor Asto, Project Director Luis Tenorio, Executive Director

Philippines

Makati Business Club (MBC)

Michael B. Mundo, Chief Economist

Marc P. Opulencia, Deputy Director

Peter Angelo V. Perfecto, Executive Director

Management Association of the Philippines (MAP) Arnold P. Salvador, Executive Director

Poland

Economic Institute, National Bank of Poland

Piotr Boguszewski, Advisor

Jarosław T. Jakubik, Deputy Director

Portugal

PROFORUM, Associação para o Desenvolvimento da Engenharia

Ilídio António de Ayala Serôdio, Vice President of the Board of Directors

Fórum de Administradores de Empresas (FAE) Paulo Bandeira, General Director

Pedro do Carmo Costa, Member of the Board of Directors Esmeralda Dourado, President of the Board of Directors

Romania

SC VBD Alliance Consulting Srl

Irina Ion, Program Coordinator

Rolan Orzan, General Director

Russian Federation

Bauman Innovation & Eurasia Competitiveness Institute

Katerina Marandi, Programme Manager

Alexey Prazdnichnykh, Principal and Managing Director

Stockholm School of Economics, Russia

Igor Dukeov, Area Principal

Carl F. Fey, Associate Dean of Research

Saudi Arabia

National Competitiveness Center (NCC)

Awwad Al-Awwad, President

Khaldon Mahasen, Vice President

Singapore

Economic Development Board

Anna Chan, Assistant Managing Director, Planning & Policy Cheng Wai San, Head, Research & Statistics Unit

Teo Xinyu, Executive, Research & Statistics Unit

Slovak Republic

Business Alliance of Slovakia (PAS)

Robert Kicina, Executive Director

South Africa

Business Leadership South Africa

Friede Dowie, Director

Thero Setiloane, Chief Executive Officer

Business Unity South Africa

Nomaxabiso Majokweni, Chief Executive Officer

Joan Stott, Executive Director, Economic Policy

Spain

IESE Business School, International Center for Competitiveness

María Luisa Blázquez, Research Associate Antoni Subirà, Professor

Sweden

International University of Entrepreneurship and Technology

Niclas Adler, President

Switzerland

University of St. Gallen, Executive School of Management,

Technology and Law (ES-HSG)

Rubén Rodriguez Startz, Head of Project

Tobias Trütsch, Communications Manager

Tanzania

Research on Poverty Alleviation (REPOA) Cornel Jahari, Assistant Researcher

Johansein Rutaihwa, Commissioned Researcher Samuel Wangwe, Professor and Executive Director

Thailand

Sasin Graduate Institute of Business Administration,

Chulalongkorn University

Pongsak Hoontrakul, Senior Research Fellow

Narudee Kiengsiri, President of Sasin Alumni Association

Toemsakdi Krishnamra, Director of Sasin

Thailand Development Research Institute (TDRI)

Somchai Jitsuchon, Research Director

Chalongphob Sussangkarn, Distinguished Fellow

Yos Vajragupta, Senior Researcher