This publication was prepared by the Organisation for Economic Co-operation and Development (OECD) Development Centre’s Emerging Markets Network (EMnet); it includes a chapter from the Emerging Markets Institute of the Samuel Curtis Johnson College of Business at Cornell University. Bathylle Missika and Lorenzo Pavone, Head and Deputy Head, respectively, of the Networks, Partnerships and Gender Division, guided the project. The publication was developed by Edoardo Cozzi and Majda Eddaifi, Policy Analysts. It received inputs from Francisca Faden and Gabriela Jimenez Echeverri, EMnet Trainees.
The opening chapter, “Trends in foreign direct investment into emerging markets”, was prepared by Edoardo Cozzi, Francisca Faden and Gabriela Jimenez Echeverri.
Chapter 2, “Private sector insights on emerging markets”, was drafted by Edoardo Cozzi and Majda Eddaifi. The chapter captures insights from the EMnet meetings held in 2023, including the Working Group on Business and Sustainability (6 April, Paris), the Working Group on Digital Transformation (14 April, Washington DC), the Business Meeting on Latin America (6 June, Paris), the Business Meeting on Economic Resilience and Green Transition (4 October, Costa Rica), the Business Meeting on Africa (30 October, Paris), the EMnet Webinar at OECD COP 28 Virtual Pavilion (28 November). The meetings featured the participation of high-level policy makers, senior business executives and OECD experts. Further insights originate from desk research and bilateral conversations with EMnet members and other multinational companies operating in emerging markets. DHL, Mastercard, MUFG Bank, and Telefonica contributed through their review and additional comments to sharpen the analysis.
Chapter 3, “Central Banks Digital Currencies (CBDCs): What is in it for Emerging Markets”, was written by Lourdes S. Casanova, Academic Director, Anne Miroux, Faculty Fellow, and Sharwari Pandit, Research Fellow, respectively of the Emerging Markets Institute of the Samuel Curtis Johnson College of Business at Cornell University.
The chapters benefited from comments and inputs from the following experts: Arthur Minsat, Kensuke Molnar-Tanaka, Sebastian Nieto Parra, Ana Novik, Fares Al Hussami, Marie-Estelle Rey, Alexander Böhmer, Karim Dahou, Tamas Hajba, Nejla Saula, Ferre Westermann (OECD).
Finally, the team is very grateful to the OECD Development Centre’s Communications and Publications Unit, especially Delphine Grandrieux and Elizabeth Nash, for its support in producing this publication, as well as the copy editor Gemma Nellies. The authors also thank Henri-Bernard Solignac-Lecomte, Aida Buendía, Rebecca Appel and Felix Zimmermann of the OECD Development Centre’s Communications and Publications Unit for their contributions. Finally, special thanks go to Sonja Märki, Anita Buzas, Sabrina Bouldi and Esme Stout, Partnerships and Gender Division (OECD Development Centre) for their valuable assistance throughout the drafting and publishing process.