BlackRock Investment Institute | March 2023

Emerging markets marker

Compare emerging markets across key metrics

Size by:
Market cap (MSCI)
Government debt

Select market for more detail
Emerging market Developed market
Sources: BlackRock Investment Institute, with data from Refinitiv Datastream, IMF, MSCI, January 2023.
Notes: The markets shown are those within the MSCI Developed, Emerging or Frontier indexes at the end of 2019. Emerging and developed highlighting is based on MSCI classification. The size of the circles are dynamic and will change based on the metric selected above. Data for gross domestic product (GDP), government debt and population are as at the end of 2019. The share of GDP calculated using purchasing power parity (PPP) is shown by selecting the GDP (PPP) button. Gross government debt is based on IMF data. Market cap (MSCI) shows the market capitalization of the market's MSCI index at month-end.

Past performance is not a reliable indicator of current or future results. It is not possible to invest directly in an index.
Note: Countries based on largest market capitalization within the MSCI Emerging Markets Index as at 31st December 2022. Chart currently excludes Turkey. Chart metrics used:
Currency: 12-month change in the spot currency exchange rate versus the U.S. dollar.
Equity performance: 12-month total return of the MSCI equity country index in U.S. dollars
Debt performance: 12-month total return of the J.P. Morgan EMBI country bond index.
Price to book value: price to book value of the MSCI equity country index for the current month.
Current account: IMF estimate of the current account balance as a share of GDP for the current year. The current account is the sum of the balance of trade (goods and services exports less imports), net income from abroad and net current transfers. A positive current account indicates that a nation is a net lender to the rest of the world, while a negative current account indicates that it is a net borrower.
Inflation: IMF estimate of the average year-on-year change in the consumer price index (CPI) for the current year.
GDP growth: IMF estimate of real GDP annual growth rate for the current year.
Fiscal balance:  IMF estimate of general government net lending/borrowing as a share of GDP for the current year.
Government debt: IMF estimate of general government gross debt as a share of GDP for the current year.
External debt:  the outstanding amount of debt owed to non-residents expressed as a share of GDP, based on Oxford Economics estimates for the current year.
Real policy rate: calculated by subtracting the IMF estimate of average year-on-year consumer price index (CPI) inflation for the current year from the benchmark interest rate.
FX reserves: show how many months of imported goods can be purchased using foreign exchange reserves, based on estimates from Oxford Economics for the current year.