Pakistan's Year 2019 in Review: Economic and Security Challenges
Pakistan started the year 2019 in the midst of a very serious economic crisis with very high twin deficits and extremely low foreign exchange reserves. While Pakistan's internal security challenges subsided, the external security concerns grew with India's attack on Balakot in 2019. Tough actions by PTI government have started to pay off at the end of year 2019. Toward the end of the year, Pakistan's twin deficits declined substantially and credit rating agency Moody's upgraded Pakistan's outlook from negative to stable. Mass migration continued both within and outside Pakistan. About 600,000 Pakistanis went to work overseas in 2019. And at least 4 times more Pakistanis moved from rural to urban areas. Pakistan had high profile visits of the royal families from the UK and the Netherlands as well as the visit of the Sri Lankan cricket team, the first foreign team to play test series in Pakistan in a decade. Conde Nast Travel picked Pakistan as the top tourism destination for 2020. Regional security situation worsened with Indian and Kashmiri Muslims facing the threat of genocide at the hands of newly re-elected Indian government of Hindu fanatic Prime Minister Narendra Modi.
Economic Crisis:
The year 2019 began with Pakistan battling massive twin deficits, deteriorating foreign currency reserves, low exports, diminishing tax revenues, a weak currency, unsustainable external debt payments, and soaring sovereign debt. This crisis has forced the country to seek IMF (International Monetary Fund) bailout, the 13th such request in Pakistan's 72 year history.
Tough actions by PTI government have started to pay off at the end of year 2019. In October 2019, Pakistan saw a monthly trade surplus of $99 million, its first in decades. Pakistan's exports in November 2019 jumped 9.6% to $2.02 billion while imports dropped 17.53% to $3.815 billion over corresponding month of last year, the Ministry of Commerce data showed.
In December 2019, IMF's Pakistan representative Maria Teresa Daban Sanchez said as follows: “Pakistan has put behind its difficult years of security. Now, it is time for the business community and society in general to enjoy this new time and to really unleash the potential of Pakistan.”
Moody's credit rating agency upgraded Pakistan's outlook from negative to stable as the year 2019 came to a close.
Security Challenge:
While newly elected PTI government was still dealing with the economy, the Indian Air Force entered Pakistani airspace and dropped bombs in Balakot on the orders of India's far-right Prime Minister Narendra Modi. The Indian action drew strong Pakistani response with Pakistan Air Force crossing the Line of Control in Kashmir and shooting down two Indian fighter jets. Pakistan also captured an Indian fighter pilot shot down down in Azad Kashmir. It was Pakistani Prime Minister Imran Khan's deft handling of the regional crisis that prevented further escalation into a full-blown India-Pakistan war that could have gone nuclear. The year 2019 ended with Pakistani economy stabilizing and Indian and Kashmiri Muslims facing the threat of genocide at the hands of newly re-elected Indian government of Hindu fanatic Prime Minister Narendra Modi.
The Indian action drew strong Pakistani response with Pakistan Air Force crossing the Line of Control in Kashmir and shooting down two Indian fighter jets. Pakistan also captured an Indian fighter pilot shot down down in Azad Kashmir. It was Pakistani Prime Minister Imran Khan's deft handling of the regional crisis that prevented further escalation into a full-blown India-Pakistan war that could have gone nuclear. The year 2019 ended with Pakistani economy stabilizing and Indian and Kashmiri Muslims facing the threat of genocide at the hands of newly re-elected Indian government of Hindu fanatic Prime Minister Narendra Modi.
Pakistan saw lowest terror related fatalities in a decade with 228 deaths in the first half of 2019. This is a huge improvement from 2009 when Pakistan had nearly 12,000 deaths in terrorism related incidents.
Improved security helped Pakistan earn number one spot among top tourism destinations picked by Conde Nast Travel magazine. Pakistan hosted Prince William and his wife Kate Middleton as well as Queen Maxima of the Netherlands among other top foreign dignitaries. In December, Pakistan had its first cricket test series at home in a decade with the visit of the Sri Lankan cricket team.
International Relations:
Pakistan's relations with India sank to a new low when Prime Minister Narendra Modi ordered bombing of Balakot in February 2019 and Pakistan responded by crossing the Line of Control and shooting down two Indian fighter jets in Kashmir and capturing an Indian pilot. It was Pakistani Prime Minister Imran Khan's deft handling of the regional crisis that prevented further escalation into a full-blown India-Pakistan war that could have gone nuclear. The year 2019 ended with Pakistani economy stabilizing and Indian and Kashmiri Muslims facing the threat of genocide at the hands of newly re-elected Indian government of Hindu fanatic Prime Minister Narendra Modi.
Prime Minister Imran Khan's visit to the White House and meeting with President Trump helped warm up ties with the United States. Speaking with the media in a joint press conference with Prime Minister Imran Khan in the Oval Office, President Trump said: "It's my honor to have the very popular and great athlete, the Prime Minister of Pakistan at White House". The President added that Pakistan was helping the US to "extricate" US troops from Afghanistan, through political negotiations.
Prime Minister Imran Khan's rally drew nearly 30,000 Pakistani-Americans to Capital One Arena on Sunday, July 21, 2019. It was the largest ever public gathering of any diaspora to welcome a foreign visiting leader in the United States until the more recent Howdy Modi rally in Houston that drew nearly 60,000 people. Earlier record of 18,000 was set by Indian Prime Minister Narendra Modi's rally at New York City's Madison Square Garden in 2014.
China, Saudi Arabia and United Arab Emirates maintained close ties with Pakistan and offered valuable assistance to Islamabad to deal with its economic difficulties. United States and the European Union (EU) nations also supported IMF's bailout of Pakistan.
Massive Migration:
Nearly 600,000 Pakistanis went overseas for work in the first 11 months of 2019, according to figures recently released by Pakistan Bureau of Emigration and Overseas Employment. This phenomenon helped contain unemployment in a country where about 2 million young people are entering the job market each year. It has also helped remittances soar nearly 21X to nearly $21 billion since the year 2000.
Pakistan is in the midst massive migration, both internal and external. Over half a million Pakistanis are migrating overseas while about 2 million are migrating internally from rural to urban areas. These trends are transforming the nation. Overseas remittances are soaring. Pakistan is becoming more urban. The country is also seeing growing foreign cultural influences from both the West and the Middle East.
Summary:
Pakistan faced serious economic and security challenges in 2019. While Pakistan's internal security challenges subsided, the external security concerns grew with India's attack on Balakot in 2019. Tough actions by PTI government have started to pay off at the end of year 2019. Toward the end of the year, Pakistan's twin deficits declined substantially and credit rating agency Moody's upgraded Pakistan's outlook from negative to stable. Mass migration continued both within and outside Pakistan. About 600,000 Pakistanis went to work overseas in 2019. And at least 4 times more Pakistanis moved from rural to urban areas. Pakistan had high profile visits of the royal families from the UK and the Netherlands as well as the visit of the Sri Lankan cricket team, the first foreign team to play test series in Pakistan in a decade. Conde Nast Travel picked Pakistan as the top tourism destination for 2020. Regional security situation worsened with Indian and Kashmiri Muslims facing the threat of genocide at the hands of newly re-elected Indian government of Hindu fanatic Prime Minister Narendra Modi.
Related Links:
Haq's Musings
South Asia Investor Review
Pakistan's Debt Crisis
India's Attack on Balakot and Pakistan's Response
Internal and External Mass Migration in Pakistan
Retired Justice Katju: Dark Clouds Over India
Pakistan Tourism Boom
Digital BRI: China and Pakistan Building Fiber, 5G Networks
LNG Imports in Pakistan
Growing Water Scarcity in Pakistan
China-Pakistan Economic Corridor
Ownership of Appliances and Vehicles in Pakistan
CPEC Transforming Pakistan
Pakistan's $20 Billion Tourism Industry Boom
Riaz Haq's YouTube Channel
PakAlumni Social Network
Economic Crisis:
The year 2019 began with Pakistan battling massive twin deficits, deteriorating foreign currency reserves, low exports, diminishing tax revenues, a weak currency, unsustainable external debt payments, and soaring sovereign debt. This crisis has forced the country to seek IMF (International Monetary Fund) bailout, the 13th such request in Pakistan's 72 year history.
Tough actions by PTI government have started to pay off at the end of year 2019. In October 2019, Pakistan saw a monthly trade surplus of $99 million, its first in decades. Pakistan's exports in November 2019 jumped 9.6% to $2.02 billion while imports dropped 17.53% to $3.815 billion over corresponding month of last year, the Ministry of Commerce data showed.
 |
| Pakistan Trade Data 2019 |
In December 2019, IMF's Pakistan representative Maria Teresa Daban Sanchez said as follows: “Pakistan has put behind its difficult years of security. Now, it is time for the business community and society in general to enjoy this new time and to really unleash the potential of Pakistan.”
Moody's credit rating agency upgraded Pakistan's outlook from negative to stable as the year 2019 came to a close.
Security Challenge:
While newly elected PTI government was still dealing with the economy, the Indian Air Force entered Pakistani airspace and dropped bombs in Balakot on the orders of India's far-right Prime Minister Narendra Modi. The Indian action drew strong Pakistani response with Pakistan Air Force crossing the Line of Control in Kashmir and shooting down two Indian fighter jets. Pakistan also captured an Indian fighter pilot shot down down in Azad Kashmir. It was Pakistani Prime Minister Imran Khan's deft handling of the regional crisis that prevented further escalation into a full-blown India-Pakistan war that could have gone nuclear. The year 2019 ended with Pakistani economy stabilizing and Indian and Kashmiri Muslims facing the threat of genocide at the hands of newly re-elected Indian government of Hindu fanatic Prime Minister Narendra Modi.
The Indian action drew strong Pakistani response with Pakistan Air Force crossing the Line of Control in Kashmir and shooting down two Indian fighter jets. Pakistan also captured an Indian fighter pilot shot down down in Azad Kashmir. It was Pakistani Prime Minister Imran Khan's deft handling of the regional crisis that prevented further escalation into a full-blown India-Pakistan war that could have gone nuclear. The year 2019 ended with Pakistani economy stabilizing and Indian and Kashmiri Muslims facing the threat of genocide at the hands of newly re-elected Indian government of Hindu fanatic Prime Minister Narendra Modi.
 |
| Source: South Asia Terrorism Portal |
Pakistan saw lowest terror related fatalities in a decade with 228 deaths in the first half of 2019. This is a huge improvement from 2009 when Pakistan had nearly 12,000 deaths in terrorism related incidents.
 |
| Source: Conde Nast Traveller |
Improved security helped Pakistan earn number one spot among top tourism destinations picked by Conde Nast Travel magazine. Pakistan hosted Prince William and his wife Kate Middleton as well as Queen Maxima of the Netherlands among other top foreign dignitaries. In December, Pakistan had its first cricket test series at home in a decade with the visit of the Sri Lankan cricket team.
International Relations:
Pakistan's relations with India sank to a new low when Prime Minister Narendra Modi ordered bombing of Balakot in February 2019 and Pakistan responded by crossing the Line of Control and shooting down two Indian fighter jets in Kashmir and capturing an Indian pilot. It was Pakistani Prime Minister Imran Khan's deft handling of the regional crisis that prevented further escalation into a full-blown India-Pakistan war that could have gone nuclear. The year 2019 ended with Pakistani economy stabilizing and Indian and Kashmiri Muslims facing the threat of genocide at the hands of newly re-elected Indian government of Hindu fanatic Prime Minister Narendra Modi.
Prime Minister Imran Khan's visit to the White House and meeting with President Trump helped warm up ties with the United States. Speaking with the media in a joint press conference with Prime Minister Imran Khan in the Oval Office, President Trump said: "It's my honor to have the very popular and great athlete, the Prime Minister of Pakistan at White House". The President added that Pakistan was helping the US to "extricate" US troops from Afghanistan, through political negotiations.
Prime Minister Imran Khan's rally drew nearly 30,000 Pakistani-Americans to Capital One Arena on Sunday, July 21, 2019. It was the largest ever public gathering of any diaspora to welcome a foreign visiting leader in the United States until the more recent Howdy Modi rally in Houston that drew nearly 60,000 people. Earlier record of 18,000 was set by Indian Prime Minister Narendra Modi's rally at New York City's Madison Square Garden in 2014.
China, Saudi Arabia and United Arab Emirates maintained close ties with Pakistan and offered valuable assistance to Islamabad to deal with its economic difficulties. United States and the European Union (EU) nations also supported IMF's bailout of Pakistan.
Massive Migration:
Nearly 600,000 Pakistanis went overseas for work in the first 11 months of 2019, according to figures recently released by Pakistan Bureau of Emigration and Overseas Employment. This phenomenon helped contain unemployment in a country where about 2 million young people are entering the job market each year. It has also helped remittances soar nearly 21X to nearly $21 billion since the year 2000.
 | |
|
Pakistan is in the midst massive migration, both internal and external. Over half a million Pakistanis are migrating overseas while about 2 million are migrating internally from rural to urban areas. These trends are transforming the nation. Overseas remittances are soaring. Pakistan is becoming more urban. The country is also seeing growing foreign cultural influences from both the West and the Middle East.
Summary:
Pakistan faced serious economic and security challenges in 2019. While Pakistan's internal security challenges subsided, the external security concerns grew with India's attack on Balakot in 2019. Tough actions by PTI government have started to pay off at the end of year 2019. Toward the end of the year, Pakistan's twin deficits declined substantially and credit rating agency Moody's upgraded Pakistan's outlook from negative to stable. Mass migration continued both within and outside Pakistan. About 600,000 Pakistanis went to work overseas in 2019. And at least 4 times more Pakistanis moved from rural to urban areas. Pakistan had high profile visits of the royal families from the UK and the Netherlands as well as the visit of the Sri Lankan cricket team, the first foreign team to play test series in Pakistan in a decade. Conde Nast Travel picked Pakistan as the top tourism destination for 2020. Regional security situation worsened with Indian and Kashmiri Muslims facing the threat of genocide at the hands of newly re-elected Indian government of Hindu fanatic Prime Minister Narendra Modi.
Related Links:
Haq's Musings
South Asia Investor Review
Pakistan's Debt Crisis
India's Attack on Balakot and Pakistan's Response
Internal and External Mass Migration in Pakistan
Retired Justice Katju: Dark Clouds Over India
Pakistan Tourism Boom
Digital BRI: China and Pakistan Building Fiber, 5G Networks
LNG Imports in Pakistan
Growing Water Scarcity in Pakistan
China-Pakistan Economic Corridor
Ownership of Appliances and Vehicles in Pakistan
CPEC Transforming Pakistan
Pakistan's $20 Billion Tourism Industry Boom
Riaz Haq's YouTube Channel
PakAlumni Social Network
Comments
https://nyti.ms/2QIldPt
The de facto United Arab Emirates ruler, Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan, instructed the Khalifa Fund for Enterprise Development to allocate $200 million to support small and medium economic projects in Pakistan, state news agency reported on Thursday.
The Crown Prince is in Islamabad where he met Prime Minister Imran Khan, and the two discussed "regional and international issues of mutual interest as well as ways to enhance bilateral ties," according to Sheikh Mohammed's tweet earlier in the day.
(Reporting by Tuqa Khalid, Editing by William Maclean)
The Modi government’s singular obsession with Pakistan has got the hyphen with Pakistan back. Says a senior foreign office official wryly: “Our institutional memory should remind us that all governments worked hard to ensure that the world should stop the hyphenation of India with Pakistan. Now the Modi government only compares us to Pakistan.”
The Modi government’s Pakistan obsession is puzzling. Modi said at a rally that the Opposition and students protesting against the CAA and its bigoted twin the NRC, should protest against the way the minorities are treated in Pakistan.
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The Narendra Modi government’s controversial domestic actions such as the religious filter in the proposed National Register for Citizens (NRC), the abrupt removal of Jammu and Kashmir’s special status and whittling down India’s only Muslim state to a municipality are finally beginning to have international consequences.
The world is wondering that with the application of a religious filter to policy decisions can India still be called a secular republic?
How has the world’s largest democracy (our prized tag) snuffed out the Internet and democracy in Kashmir?
Indulge me when I tell you about a phone call I got from the fiery young Iltija Mufti, the daughter of Mehbooba Mufti, former chief minister of Jammu and Kashmir. Mufti along with two other former chief ministers, Omar Abdullah, and his father, 83-year-old Farooq Abdullah, have now been in detention for five months.
A tearful Iltija told me that she had been detained in her Srinagar home and was not being allowed to visit the grave of her grandfather Mufti Mohamed Sayeed, also a former chief minister of Jammu and Kashmir.
Iltija asked me: “What is my crime? Was I going to throw stones? Is it a sin to want to seek comfort from my family when my mother has been detained for five months? They will never release her. My mother will die.”
The brave firebrand I know was openly sobbing on the phone gulping down her tears.
I felt stricken -- unable to offer her any comfort. What could I say? What reassurance could I offer a daughter about her mother in detention for months.
In case of GDP, the report noted that the revised estimates for the kharif season suggest that the production
of important crops is likely to fall short of target for FY20. The large-scale manufacturing sector witnessed a
decline of 5.9 percent in Q1-FY20 on YoY basis. This contraction was broad-based, as construction-allied
industries, petroleum and automobile industries continued on downward path. In contrast, previous
corrections in the exchange rate helped the export-oriented industries, as reflected in the relatively better
performance of textiles and leather. On balance, however, achieving the real GDP growth target of 4 percent
appears unlikely.
The report further highlighted that the average headline CPI inflation reached 11.5 percent in Q1-FY20,
extending the steep upward trend persistent since the beginning of FY19. Not only this level was double the
inflation observed in the same quarter last year, it was also the highest level of quarterly inflation since Q4-
FY12. This outcome was attributed to the lagged pass-through of the exchange rate depreciation towards the
end of FY19; rationalization of energy tariffs; and revenue-led fiscal measures taken in the budget 2019-20,
which included the imposition of federal excise duty on a number of consumer items, and the ending of the
zero-rating regime for export-oriented sectors and of the reduced GST regime on sugar.
On the external front, the balance of payments continued to improve during Q1-FY20. Beside significant
improvement in trade deficit, and with the receipt of the first EFF tranche from the IMF and increase in foreign
portfolio investment, the current account gap was plugged by the available financial flows. These inflows also
helped the SBP to increase its foreign exchange reserves by US$ 656.2 million and reduce its net forward
liabilities by US$ 1.3 billion during the quarter.
Going forward, the report emphasizes, it is vital that the government continues to address the underlying
structural vulnerabilities and put the economy on a balanced and sustainable growth trajectory. Furthermore,
there is a need to build on gains on the ease of doing business front. Side by side, it is equally important for
firms to leverage on the facilitative policies, particularly the export-promotion incentives, and gain a foothold
in the global value chains (GVCs). As mentioned in a separate special section in the report, increased
participation in the GVCs would not only align the country’s product mix with trends in global demand, but
also put the exports on a sustainable growth path.
On Jan. 1, the second phase of the Pakistan-China free trade agreement kicked-off. According to the minister, the first phase "resulted in a huge trade deficit in Pakistan," but the country recognized the need to correct the problem. "Under [the second phase], we can export 313 new items -- especially textile, surgical instruments, sportswear and agricultural products -- to China with zero duties."
Pakistan expects the new phase of the FTA will increase exports by $500 million to $600 million.
The 38-year-old minister noted other bright spots in the economy, saying that "tax revenues in July-November 2019 rose 17% from last year," driving down the current-account deficit by 73% in the same period.
Continuing on the upbeat note, Azhar said that Pakistan rose in the World Bank's Ease of Doing Business ranking to 108th, up 28 places from last year. He also pointed out that foreign portfolio investment has returned after three years, and that the benchmark stock index Karachi Stock Exchange 100, rallied 11,000 points in five months, hitting the 40,000 mark.
Furthermore, ratings agency Moody's upgraded Pakistan's outlook in December 2019 from Negative to Stable, based on a positive evaluation of policy changes and improvement in the country's balance of payments.
"The Pakistani economy has been stabilizing since last year," Azhar said. "Once we've completed stabilization, then we'll shift gears and enter a higher growth phase from [fiscal 2021]. I think we're out of the economic crisis."
Regarding GDP growth next year, the minister said it "depends on whether inflation and interest rates come down, but it will be certainly higher than the current fiscal year."
However, Pakistan is not yet out of the woods. Retail inflation in November was 12.7%. In addition, due to servicing a $6 billion bailout package from the IMF, the country had to hike gas and power tariffs. Inflationary pressure remains high.
"Most of the inflation is in food, and is seasonal. 20% to 25% of our economy is based on agriculture," Azhar explained, adding that suspending trade with India affected food prices. To reverse the trend, the minister stated that "our cabinet is already considering to lift the import embargo on medicines and essential items from India."
Pakistan also needs to increase tax revenues, partly by improving domestic tax collection. "Despite [declining] imports, tax collection is rising," he said. "If you look at domestic tax collection, it's growing at close to 25% to 30%."
The minister added that the government is becoming more aggressive in its approach. "We're using the latest technologies to track the flow of money and [guarding against] smuggling."
Pakistan's industry lobbies are chiming in with more demands for business-friendly policies to promote investment. They also want custom duties lowered and more government incentives. Last December, import duties on cotton were slashed to help the country's textile industry. In addition, Azhar has promised to increase lending to small and medium-sized enterprises, which contribute almost 40% to Pakistan's GDP.
India under Mr. Modi’s rule has been marked by continuous explosions of violence in both virtual and real worlds. As pro-Modi television anchors hunted for “anti-nationals” and troll armies rampaged through social media, threatening women with rape, lynch mobs slaughtered Muslims and low-caste Hindus. Hindu supremacists have captured or infiltrated institutions from the military and the judiciary to the news media and universities, while dissenting scholars and journalists have found themselves exposed to the risk of assassination and arbitrary detention. Stridently advancing bogus claims that ancient Hindus invented genetic engineering and airplanes, Mr. Modi and his Hindu nationalist supporters seemed to plunge an entire country into a moronic inferno. Last month the Indian army’s official twitter account excitedly broadcast its discovery of the Yeti’s footprints.
Yet in the election that began last month, voters chose overwhelmingly to prolong this nightmare. The sources of Mr. Modi’s impregnable charisma seem more mysterious when you consider that he failed completely to realize his central promises of the 2014 election: jobs and national security. He presided over an enormous rise in unemployment and a spike in militancy in India-ruled Kashmir. His much-sensationalized punitive assault on Pakistan in February damaged nothing more than a few trees across the border, while killing seven Indian civilians in an instance of friendly fire.
Mr. Modi did indeed benefit electorally this time from his garishly advertised schemes to provide toilets, bank accounts, cheap loans, housing, electricity and cooking-gas cylinders to some of the poorest Indians. Lavish donations from India’s biggest companies allowed his party to outspend all others on its re-election campaign. A corporate-owned media fervently built up Mr. Modi as India’s savior, and opposition parties are right to suggest that the Election Commission, once one of India’s few unimpeachable bodies, was also shamelessly partisan.
None of these factors, however, can explain the spell Modi has cast on an overwhelmingly young Indian population. “Now and then,” Lionel Trilling once wrote, “it is possible to observe the moral life in process of revising itself.” Mr. Modi has created that process in India by drastically refashioning, with the help of technology, how many Indians see themselves and their world, and by infusing India’s public sphere with a riotously popular loathing of the country’s old urban elites.
Rived by caste as well as class divisions, and dominated in Bollywood as well as politics by dynasties, India is a grotesquely unequal society. Its constitution, and much political rhetoric, upholds the notion that all individuals are equal and possess the same right to education and job opportunities; but the everyday experience of most Indians testify to appalling violations of this principle. A great majority of Indians, forced to inhabit the vast gap between a glossy democratic ideal and a squalid undemocratic reality, have long stored up deep feelings of injury, weakness, inferiority, degradation, inadequacy and envy; these stem from defeats or humiliation suffered at the hands of those of higher status than themselves in a rigid hierarchy.
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Interesting facts and figures
~361
trillion USD - global wealth in 2019
~47
million millionaires worldwide
70849
USD - average 2019 wealth per adult in 2019
459
trillion USD - global wealth by 2024
Winners and losers among countries
Comparing total wealth gains and losses across the most important countries, the United States (USD 3.8 trillion) again leads the way by a considerable margin, continuing an astonishing spell that has seen wealth per adult increase each year since 2008 (however, even the United States is not immune to temporary blips: wealth per adult fell by 2% during the latter half of 2018, then recovered during the first half of 2019). China (USD 1.9 trillion) is in second place again, followed by Japan (USD 930 billion), India (USD 625 billion), and Brazil (USD 312 billion). The main losses occurred in Australia (down USD 443 billion), Turkey (down USD 257 billion) and Pakistan (down USD 141 billion).
Viewed in terms of wealth per adult, Switzerland tops the winners (up USD 17,790) followed by the United States (USD 11,980), Japan (USD 9,180) and the Netherlands (USD 9,160): see Figure 2. The main loser was Australia (down USD 28,670), with other significant losses in Norway (down USD 7,520), Turkey (down USD 5,230) and Belgium (down USD 4,330).
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Emerging Markets refer to China plus Argentina, Brazil, Chile, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan (Chinese Taipei), Thailand, Turkey and United Arab Emirates. To avoid double count- ing, countries in this list are excluded from
the “Europe” and “High-Income Asia-Pacific” categories.