Combined, these three items recorded an amount equivalent to 17.2 percent of the country’s gross domestic product (GDP) in 2018. Another solid source of foreign exchange is foreign direct investments (FDIs), which amounted to about $ billion both in 2017 and 2018. In 2010 and earlier years, FDIs hovered at only less than $ billion.
Whereas the immediate post-recession years had seen a strong cross-correlation between the performances of different emerging market assets, as they shared common drivers in the form of liquidity injections and interest rate expectations in the world’s major economies, such correlations have already started to wane in 2013.