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Sunday, 11th October 2009

Forumís Financial Development Report shows global financial centresí lead is weakening

Forumís Financial Development Report shows global financial centresí lead is weakening
Source: World Economic Forum

The worldís largest economies took the biggest hit in the World Economic Forumís second annual Financial Development Report released today. Global financial centres still lead in the reportís Index, but the effects of financial instability have pulled down their scores compared to last year. The United Kingdom, buoyed by the relative strength of its banking and non-banking financial activities, claimed the Indexís top spot from the United States, which slipped to third position behind Australia largely due to poorer financial stability scores and a weakened banking sector.

The Financial Development Report ranks 55 of the worldís leading financial systems and capital markets. It analyses the drivers of financial system development and economic growth in developed and developing countries to serve as a tool for countries to benchmark themselves and establish priorities for reform. The rankings are based on over 120 variables spanning institutional and business environments, financial stability, and size and depth of capital markets, among other factors.

The financial crisis was acutely felt in most global financial systems and caused most countriesí scores to drop significantly compared to 2008.

+ Financial Development Report 2009



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