Updated Emerging Markets Book Statistics

The Emerging Markets BookIndex of Updated Statistical Tables from

The Emerging Markets Book – 2nd Edition

by Keith DeGreen, J.D.

Statistics Updated Quarterly

Unless otherwise indicated, all tables have been updated as of March 31, 2010.
Table #
from Book		 Title of Table from Book
(Click on title to see table)
4-A Annual Total Return Percent – MSCI Emerging Markets Index vs. Major U.S. Indices
5-A Performance of MSCI Emerging Markets ETF (EEM) vs. Three Major U.S. ETFs
6-A Gross National Income Per Capita (Per Person) Estimated Population and Purchasing Power Parity (PPP) – Selected Countries
6-B Partial List of International Monetary and Trade Organizations
9-A MSCI BRIC Index vs. S&P 500® Index Index Total Return
9-B India-China Comparisons
10-A BOVESPA Brazil Index vs. S&P 500® Index Total Return
10-B Projected Economic Growth Comparison: Brazil vs. U.S.
11-A Russian RTS Index vs. S&P 500® Index Total Return
11-B Projected Economic Growth Comparison: Russia vs. U.S.
12-A India SENSEX Index vs. S&P 500® Index Total Return
12-B Projected Economic Growth Comparison: India vs. U.S.
13-A Shanghai Composite Index vs. S&P 500® Index Total Return
13-B Hang Seng (Hong Kong) Index vs. S&P 500® Index Total Return
13-C Projected Economic Growth Comparison: China vs. U.S.
15-A MSCI GCC Countries Index vs. S&P 500® Index Total Return
15-B MENA Region Including GCC Countries
16-A S&P Emerging Europe BMI IV Index vs. S&P 500® Index Total Return
16-B Projected Economic Growth Comparison: Investable Emerging Europe vs. U.S.
16-C Emerging Europe for Investors
17-A S&P Latin America 40 Index vs. S&P 500® Index Total Return
17-B Projected Economic Growth Comparison: S&P Latin America Index Countries vs. U.S.
18-A Gross Domestic Product (GDP) and Projected Economic Growth Comparison: Indonesia, Thailand, Malaysia, Philippines and Vietnam
18-B MSCI Indonesia Index vs. S&P 500® Index Total Return
18-C MSCI Thailand Index vs. S&P 500® Index Total Return
18-D MSCI Malaysia Index vs. S&P 500® Index Total Return
18-E Vietnam Economic Reforms — 2000-2006
Table 4-A

Annual Total Return Percent – MSCI Emerging Markets Index vs. Major U.S. Indices
Index 1 Year Total Return % 3 Year Total Return % 5 Year Total Return % 10 Year Total Return %
MSCI Emerging Markets Index (MXEF) 81.14 16.82 107.15 102.31
NASDAQ Index (CCMP) 58.35 1.80 25.22 -44.11
S&P 500® Index (SPX) 49.72 -11.37 9.96 -6.35
Dow Industrials (INDU) 46.88 -4.37 17.83 25.21

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Table 5-A1

Performance of MSCI Emerging Markets ETF (EEM) vs. Three Major U.S. ETFs
Index ETF 1 Year Annual Return % 3 Year Total Return % 5 Year Total Return % 10 Year Total Return %
1We are comparing actual exchange traded funds (ETFs) here – investments you could actually have made. While these ETFs are based on the underlying index in their respective names, the performance of an ETF will generally be lower than its corresponding index over time due to fees and expenses. Please see our explanation in Chapter 4.

2Predates inception of fund. But over ten years the MSCI Emerging Markets Index produced a total return of 102.31. See Chapter 4 for details.
iShares Emerging Market Index ETF (EEM) 72.46 14.43 102.15 N/A2
SPDR S&P 500® ETF (SPY) 50.08 -12.06 9.72 -3.76
SPDR Dow Jones Industrial Average ETF Trust (DIA) 47.13 -4.88 16.91 23.14
Powershares NASDAQ ETF (QQQ) or (QQQQ) 59.62 12.03 34.33 -54.70

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Table 6-A
Gross National Income Per Capita (Per Person) Estimated Population and Purchasing Power Parity (PPP)3 – Selected Countries
Country Population (millions) Per Capital Income Rank (181 Countries) Purchasing Power Parity (Int’l Dollars)
3Source: Population – United Nations Dept. of Economic and Social Affairs, July 1, 2009 Estimate. Per Capita Income (PPP) – International Monetary Fund, 2009 Statistics.

4CIA Fact Sheet, 2008
United States 309.4 6 46,443
Afghanistan 28.2 171 870
Argentina 40.1 56 14,126
Bosnia-Herzegovina 3.8 92 7,490
Brazil 192.8 77 10,456
Chile 17.1 55 14,299
China (People’s Rep) 1,337.2 97 6,546
Colombia 45.4 88 8,206
Croatia 4.4 48 17,876
Czech Republic 10.5 36 24,400
Egypt 78.2 101 6,147
Estonia 1.3 46 18,051
European Union4 501.3 N/A 32,700
Hong Kong 7 N/A 42,574
Hungary 10.0 44 18,548
India 1,180.0 128 2,932
Indonesia 234.2 121 4,149
Kazakhstan 15.8 70 11,369
Lithuania 3.3 50 15,803
Malaysia 28.3 59 13,769
Mexico 107.6 60 13,542
Pakistan 169.3 132 2,671
Panama 3.5 69 11,542
Philippines 92.2 126 3,536
Poland 38.2 47 17,989
Russia 141.9 51 15,039
Singapore 5.0 5 49,433
Slovakia 5.4 40 21,374
South Africa 49.3 80 9,961
South Korea 49.8 24 27,939
Thailand 63.5 89 8,060
Turkey 72.6 66 12,339
Ukraine 46.0 98 6,461
Uzbekistan 27.5 130 2,806
Vietnam 85.8 127 2,933

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Table 6-B
Partial List of International Monetary and Trade Organizations
Organization
The World Trade Organization (WTO)
The World Bank
The International Monetary Fund (IMF)
The Latin America Integration Association (LAFTA)
The European Union (EU)
Commonwealth of Independent States (CIS)
Greater Arab Free Trade Area (GAFTA)
The North American Free Trade Association (NAFTA)
Asian Free Trade Association (AFTA)
Asia Pacific Economic Cooperation (APEC)
Association of Southeast Asian Nations (ASEAN)
The Gulf Cooperation Council (GCC)

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Table 9-A

MSCI BRIC Index vs. S&P 500® Index Index Total Return5
Index 1 Year Total Return % 3 Year Total Return % 5 Year Total Return % 10 Year Total Return %
5MSCI Brazil, Russia, India and China (BRIC) Index and S&P 500® composite indices through March 31, 2010. You may invest in the BRIC index through the iShares MSCI BRIC Index fund (BKF). You may invest in the S&P 500® Index through the SPDR S&P 500® ETF (SPY). Remember, an index is not an investment. Index-tracking ETFs will tend to slightly underperform their index due to fees and expenses.
MSCI BRIC Index (MXBRIC) 82.00 18.87 148.57 160.98
S&P 500® Index (SPX) 49.72 -11.97 9.96 -6.35
Outperformance of MSCI BRIC Index vs. S&P 500® Index 32.28 30.84 138.61 167.33

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Table 9-B

India-China Comparisons
Item India China
6Purchasing Power Parity

7This is India’s “official” literacy rate. Many experts, including The CIA Fact Book, put the figure closer to sixty percent. Five percent matters as it reflects an additional 60 million people who can neither read nor write.

8Source: World Bank, as of 2005.
Population 1.2 billion 1.3 billion
Average Income (PPP6) $2,659 $5,292
Literacy Rate7 65% 90%
% of People Living Below Poverty Level of $1/day 42%8 10%
Personal Savings Rate as % of Income 35% + 35% +
Median Age 22 33

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Table 10-A

BOVESPA Brazil Index vs. S&P 500® Index Total Return9
1 Year Total Return % 3 Year Total Return % 5 Year Total Return % 10 Year Total Return %
9BOVESPA Brazil Index through March 31, 2010. You may invest in the BOVESPA index through the iShares Brazil Large Cap ETF (EWZ). You may invest in the S&P 500® Index through the SPDR S&P 500® ETF (SPY). Remember, an index is not an investment. Index-tracking ETFs will tend to slightly underperform their index due to fees and expenses.
BOVESPA Brazil Index (IBOV) 123.36 77.78 164.45 286.79
S&P 500® Index (SPX) 49.72 -11.97 9.96 -6.35
Outperformance of BOVESPA Index vs. S&P 500® Index 73.64 89.75 288.38 293.14

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Table 10-B

Projected Economic Growth Comparison: Brazil vs. U.S.
Country 2010-2011 Projected Average Annual Economic Growth Percent10
10Source: Bloomberg Consensus Estimate as of 04-20-10
Brazil 4.75
United States 2.98
Annual Difference 1.77

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Table 11-A

Russian RTS Index vs. S&P 500® Index Total Return11
1 Year Total Return % 3 Year Total Return % 5 Year Total Return % 10 Year Total Return %
11Russian RTS Index (RTSI$), and S&P 500® composite indices through March 31, 2010. You may invest in the Russian RTS Index through BRIC index through Market Vectors Trust Russia (RSX). You may invest in the S&P 500® Index through the SPDR S&P 500® ETF (SPY). Remember, an index is not an investment. Index-tracking ETFs will tend to slightly underperform their index due to fees and expenses.
Russian RTS Index (RTSI$) 131.59 -16.44 147.26 578.15
S&P 500® Index (SPX) 49.72 -11.97 9.96 -6.35
Outperformance of Russian RTX Index vs. S&P 500® Index 81.86 -4.46 137.29 584.50

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Table 11-B

Projected Economic Growth Comparison: Russia vs. U.S.
Country 2010-2011 Projected Average Annual Economic Growth Percent12
12Source: Bloomberg Consensus Estimate as of 04-20-10.
Russia 3.83
United States 2.98
Annual Difference .85

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Table 12-A

India SENSEX Index vs. S&P 500® Index Total Return13
1 Year Total Return % 3 Year Total Return % 5 Year Total Return % 10 Year Total Return %
13India SENSEX Index (SENSEX) and S&P 500® composite indices through March 31, 2010. You may invest in the SENSEX Index in several ways, including through Wisdom Tree Earnings ETF (EPI) You may invest in the S&P 500® Index through the SPDR S&P 500® ETF (SPY). Remember, an index is not an investment. Index-tracking ETFs will tend to slightly underperform their index due to fees and expenses.
India SENSEX Index (SENSEX) 106.21 34.29 180.96 303.94
S&P 500® Index (SPX) 49.72 -11.97 9.96 -6.35
Outperformance of India SENSEX Index vs. S&P 500® Index 56.49 46.27 171.00 310.29

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Table 12-B

Projected Economic Growth Comparison: India vs. U.S.
Country 2010-2011 Projected Average Annual Economic Growth Percent14
14Source: JP Morgan as published on Bloomberg 04-20-10.
India 8.15
United States 2.98
Annual Difference 5.17

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Table 13-A

Shanghai Composite Index vs. S&P 500® Index Total Return15
1 Year Total Return % 3 Year Total Return % 5 Year Total Return % 10 Year Total Return %
15Shanghai (SHCOMP) and S&P 500® composite indices through March 31, 2010. You may invest in the Shanghai Composite Index through Morgan Stanley China A Share Fund (CAF) which is not technically a passive ETF. You may invest in the S&P 500® Index through the SPDR S&P 500® ETF (SPY). Remember, an index is not an investment. Index-tracking ETFs will tend to slightly underperform their index due to fees and expenses.

16A Shares: Companies incorporated in mainland China and traded in the mainland A-share markets. The prices of A shares are quoted in Renminbi (aka, the Yuan, China’s official currency). Currently only mainlanders and selected foreign institutional investors are allowed to trade A shares. Because mainlanders in China may typically only invest in these shares, their pricing tends to be more volatile when compared to identical H shares traded on the Hong Kong exchange. B Shares: Companies incorporated in mainland China and traded in the mainland B-share markets (Shanghai and Shenzhen).
Shanghai Composite Index (SHCOMP)16 32.87 14.47 247.76 140.39
S&P 500® Index (SPX) 49.72 -11.97 9.96 -6.35
Outperformance of Shanghai Composite Index vs. S&P 500® Index -16.86 26.44 237.80 146.74

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Table 13-B

Hang Seng (Hong Kong) Index vs. S&P 500® Index Total Return17
1 Year Total Return % 3 Year Total Return % 5 Year Total Return % 10 Year Total Return %
17Hang Seng (HSI) and S&P 500® composite indices through March 31, 2010. You may invest in the Hang Seng (Hong Kong) Index through the iShares Hong Kong ETF (EWH). You may invest in the S&P 500® Index through the SPDR S&P 500® ETF (SPY). Remember, an index is not an investment. Index-tracking ETFs will tend to slightly underperform their index due to fees and expenses.

18H shares: Companies incorporated in mainland China and listed on the Hong Kong Stock Exchange and other foreign stock exchanges. Currently, Mainland Chinese are not able to own H Shares. More efficient world markets tend to set the value of H shares. China has announced its intention to permit Mainlander trading on the Hong Kong Exchange. This will be a boon to the Hong Kong market, and may depress the value of A and B shares traded on Mainland exchanges as markets establish pricing parity among shares.
Hang Seng (Hong Kong) Index (HSI)18 60.58 18.09 85.02 68.78
S&P 500® Index (SPX) 49.72 -11.97 9.96 -6.35
Outperformance of Hang Seng Index vs. S&P 500® Index 10.86 30.06 75.05 75.14

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Table 13-C

Projected Economic Growth Comparison: China vs. U.S.
Country 2010-2011 Projected Average Annual Economic Growth Percent19
19Source: Bloomberg Composite Estimates 04-20-10.
China 9.30
United States 2.98
Annual Difference 6.32

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Table 15-A

MSCI GCC Countries Index vs. S&P 500® Index Total Return20
1 Year Total Return % 3 Year Total Return % 5 Year Total Return % 10 Year Total Return %
20MSCI GCC (MXGCC) and S&P 500® (SPX) composite indices through March 31, 2010. You may invest in the MSCI GCC Index through SPDR S&P Emerging Middle East Equity ETF (GAF). You may invest in the S&P 500® Index through the SPDR S&P 500® ETF (SPY). Remember, an index is not an investment. Index-tracking ETFs will tend to slightly underperform their index due to fees and expenses.

21Predates index inception.
MSCI GCC Countries Index (MXGCC) 51.83 -11.54 N/A21 N/A
S&P 500® Index (SPX) 49.72 -11.97 9.96 -6.35
Outperformance of MSCI GCC
Countries Index vs. S&P 500® Index		 2.11 .44 N/A N/A

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Table 15-B
MENA Region Including GCC Countries22
MENA Country Population (millions) Estimated Per Capita Income (PPP) Int’l Dollars GCC Member
22Source: Population – United Nations Dept. of Economic and Social Affairs, July 1, 2009 Estimate. Per Capita Income (PPP) – International Monetary Fund, 2009 Statistics.
Algeria 34.9 6,855
Bahrain .8 35,556 Yes
Djibouti .9 2,496
Egypt 78.2 6,147
Iran 74.2 11,202
Iraq 30.7 N/A
Israel 7.5 28,271
Jordan 6.3 5,662
Kuwait 3.0 38,876 Yes
Lebanon 4.2 13,952
Libya 6.4 14,381
Morocco 31.8 4,587
Oman 2.8 25,829 Yes
Palestinian Territories 3.8 N/A
Qatar 1.4 87,717 Yes
Saudi Arabia 25.7 23,388 Yes
Syria 21.9 4,858
Tunisia 10.4 8,285
United Arab Emirates 4.6 38,284 Yes
Total Population-MENA Including GCC 349.5

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Table 16-A

S&P Emerging Europe BMI IV Index vs. S&P 500® Index Total Return23
1 Year Total Return % 3 Year Total Return % 5 Year Total Return % 10 Year Total Return %
23S&P Emerging Europe BMI IV (GURIV) and S&P 500® (SPX) composite indices through March 31, 2010. You may invest in the S&P Emerging Europe BMI IV Index (GURIV) through the SPDR S&P Emerging Europe ETF. You may invest in the S&P 500® Index through the SPDR S&P 500® ETF (SPY). Remember, an index is not an investment. Index-tracking ETFs will tend to slightly underperform their index due to fees and expenses.

24Predates index inception.
S&P EM Euro Index (GURIV) 108.42 -15.41 N/A24 N/A24
S&P 500® Index (SPX) 49.72 -11.97 9.96 -6.35
Outperformance of S&P EM Euro Index vs. S&P 500® Index 58.70 -3.44 N/A N/A

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Table 16-B

Projected Economic Growth Comparison: Investable Emerging Europe vs. U.S.
Country 2010-2011 Projected Average Annual Economic Growth Percent25
25Based on weighted average of the four country components of the S&P Emerging Europe BMI IV Index. See text. Source: Bloomberg.

26Please see section entitled “Investable Emerging Europe”.
Investable Emerging Europe26 3.65
United States 2.98
Annual Difference .67

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Table 16-C

Emerging Europe for Investors
Country Population (millions) EU Member CIS Country Baltic States The Balkans27 Central Asia
27For political and cultural reasons, many countries within the traditionally defined Balkan area do not appreciate being called “Balkan”. Many prefer to be referred to as part of “Eastern Europe”. Some prefer the label, “Southern Europe”. I mean no offense by lumping them together. However, they are often referred to collectively as “The Balkans” in an investment context.

28Includes Turkey, which is often not included in total population counts of Emerging Europe.
Albania 3.1 X
Armenia 3.2 X X
Azerbaijan 8.9 X X
Belarus 9.5 X
Bosnia-Herzegovnia 3.8 X
Bulgaria 7.6 X X
Croatia 4.4 X
Czech Rep 10.5 X
Estonia 1.3 X X
Georgia 4.4 X X
Greece 11.3 X X
Hungary 10.0 X
Kazakhstan 15.8 X X
Krygzstan 5.5 X X
Latvia 2.3 X X
Lithuania 3.3 X X
Macedonia 2.0 X
Montenegro .6 X X
Moldavia 3.6 X
Poland 38.2 X
Romania 21.5 X X
Russia 141.9 X
Serbia 9.9 X
Slovakia 5.4 X
Slovenia 2.1 X X
Tajikistan 7.0 X X
Turkey 72.6 X
Turkmenistan 5.1 X X
Ukraine 46.0 X X
Uzbekistan 27.5 X X
Total Pop. of Emerging Europe28 488.3

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Table 17-A

S&P Latin America 40 Index vs. S&P 500® Index Total Return29
1 Year Total Return % 3 Year Total Return % 5 Year Total Return % 10 Year Total Return %
29S&P Latin America 40 (SPLAC) and S&P 500® (SPX) composite indices through March 31, 2010. You may invest in the S&P Latin America Index (SPLAC) through the SPDR S&P Latin America 40 ETF (ILF). You may invest in the S&P 500® Index through the SPDR S&P 500® ETF (SPY). Remember, an index is not an investment. Index-tracking ETFs will tend to slightly underperform their index due to fees and expenses.

30Predates index inception.
S&P Latin America 40 Index (SPLAC) 98.61 44.90 228.62 N/A30
S&P 500® Index (SPX) 49.72 -11.97 9.96 -6.35
Outperformance of S&P Latin America 40 Index vs. S&P 500® Index 48.89 56.87 218.65

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Table 17-B

Projected Economic Growth Comparison: S&P Latin America Index Countries vs. U.S.
Country 2010-2011 Projected Average Annual Economic Growth Percent31
31Based on weighted average of the four country components of the S&P Latin America 40 Index (SPLAC). See text. Source: Bloomberg.
Country Components of S&P Latin America 40 Index (weighted) 4.54
United States 2.98
Annual Difference 1.56

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Table 18-A

Gross Domestic Product (GDP) and Projected Economic Growth Comparison: Indonesia, Thailand, Malaysia, Philippines and Vietnam
Country Gross Domestic Product (PPP) in U.S. Dollars (billions)32 2010-2011 Projected Average Annual Economic Growth Percent33
32Source: International Monetary Fund, July 2009.

33Based on weighted average of the four country components of the S&P Latin America 40 Index (SPLAC). See text. Source: Bloomberg.
Indonesia 962,471 5.86
Thailand 546,095 4.25
Malaysia 384,119 4.95
Philippines 320,384 4.05
Vietnam 240,364 5.30

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Table 18-B

MSCI Indonesia Index vs. S&P 500® Index Total Return34
1 Year Total Return % 3 Year Total Return % 5 Year Total Return % 10 Year Total Return %
34MSCI Indonesia (MXID) and S&P 500® (SPX) composite indices through March 31, 2010. You may invest in the MSCI Indonesia Index through the Market Vectors Indonesia Trust ETF (IDX). You may invest in the S&P 500® Index through the SPDR S&P 500® ETF (SPY). Remember, an index is not an investment. Index-tracking ETFs will tend to slightly underperform their index due to fees and expenses.
MSCI Indonesia Index (MXID) 94.83 73.74 214.42 406.22
S&P 500® Index (SPX) 49.72 -11.97 9.96 -6.35
Outperformance of MSCI Indonesia Index vs. S&P 500® Index 45.10 85.72 204.46 412.22

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Table 18-C

MSCI Thailand Index vs. S&P 500® Index Total Return35
1 Year Total Return % 3 Year Total Return % 5 Year Total Return % 10 Year Total Return %
35MSCI Thailand (MXTH) and S&P 500® (SPX) composite indices through March 31, 2010. You may invest in the MSCI Thailand Index through the iShares MSCI Thailand ETF (THD). You may invest in the S&P 500® Index through the SPDR S&P 500® ETF (SPY). Remember, an index is not an investment. Index-tracking ETFs will tend to slightly underperform their index due to fees and expenses.
MSCI Thailand Index (MXTH) 92.19 35.57 50.51 93.56
S&P 500® Index (SPX) 49.72 -11.97 9.96 -6.35
Outperformance of MSCI Indonesia Index
vs. S&P 500® Index		 42.47 47.55 40.54 99.91

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Table 18-D

MSCI Malaysia Index vs. S&P 500® Index Total Return36
1 Year Total Return % 3 Year Total Return % 5 Year Total Return % 10 Year Total Return %
36MSCI Malaysia (MXMY) and S&P 500® (SPX) composite indices through March 31, 2010. You may invest in the MSCI Malaysia Index through the iShares MSCI Malaysia ETF (EWM). You may invest in the S&P 500® Index through the SPDR S&P 500® ETF (SPY). Remember, an index is not an investment. Index-tracking ETFs will tend to slightly underperform their index due to fees and expenses.
MSCI Malaysia Index (MXMY) 53.40 16.60 85.33 33.92
S&P 500® Index (SPX) 49.72 -11.97 9.96 -6.35
Outperformance of MSCI Indonesia Index vs. S&P 500® Index 3.68 28.57 75.36 40.27

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Table 18-E

Vietnam Economic Reforms 2000-2006
Year
2000
  • 212 State Owned Enterprises (SOEs) privatized
  • Stock market established
  • Enterprise law passed
2001
  • 204 SOEs privatized
  • U.S. bi-lateral trade agreement ratified
  • Banking reform plan passed
  • Constitution revised to give equal treatment to private sector
  • Five-year SOE reform plan adopted
2002
  • 164 SOEs privatized
  • Implementing decision on U.S. bi-lateral trade agreement
  • WTO negotiation team began working session in Geneva
  • List of goods and tax rates for international trade detailed
2003
  • 611 SOEs privatized
  • Thirty percent foreign ownership of joint stock companies allowed
  • Sixth and seventh WTO working parties conducted
  • Tariff rates officially announced
2004
  • 700 SOEs privatized
  • Land law comes into effect
  • Competition law passed
2005
  • 846 SOEs privatized
  • Foreign ownership restrictions relaxed to 49% of listed companies
  • Unified Enterprise Law issued
  • Unified Investment Law issued
  • Commercial law promulgated
  • Law on Export and Import Duties issued
2006
  • 600 SOEs privatized
  • Securities Law issued
  • Law on Real Estate Business issued
  • Unified Investment Law and Enterprise Law take effect
  • Full Membership in AFTA and APEC
  • Full Membership in WTO

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