#48JANUARY2025

GlobalInvestment

TrendsMonitor

GlobalFDIestimated8%downin2024

Projectfinanceplummets,greenfieldinvestmentweak,M&Asstable

HIGHLIGHTS

bGlobalforeigndirectinvestment(FDI)flowsreachedanestimated$1.4trillionin2024,anapparentincreaseof11%.However,

excludingfinancialflowsthroughEuropeanconduiteconomiestheyweredownabout8%(figure1).

bFDIindevelopingcountriesfellfora

secondyear(-2%),withdeclinesin

CentralandWestAsiaandSouthAmerica.However,FDIincreasedmarginallyin

ASEANandmoresignificantlyinAfrica,

SouthAsia(India),andcentralAmericaandtheCaribbean.

Greenfieldinvestmentannouncementsandinternationalprojectfinancedealsshoweddeclinesinbothprojectnumbersand

values.Projectfinancewasespeciallyweak,sufferingfromdifficultfinancingconditionsandwithinvestorsholdingoutdueto

expectedinterestratecuts.Cross-borderM&Asroseby2%,indicatingapotentialreversalofthedownwardtrendobservedoverthepasttwoyears.

ProspectsforglobalFDIin2025arefor

moderategrowthduetoimprovedfinancingconditionsandanexpectedincreasein

M&Aactivity.However,significantdownsiderisksandinvestoruncertaintyremain.

Figure1

Globalinvestmenttrends,2024vs2023

(Billionsofdollars)

20232024

1.8

-7%

1.5

-31%

1.2

0.9

0.6

Source:UNCTAD,basedoninfor-

mationfromTheFinancialTimes,

fDiMarkets

(www.

fD

)andLSEGData&Analytics.

FDICross-borderM&AsAnnounced

Internationalprojects?nance

green?eldprojects

+2%,

-8%

0.3

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Globaltrends

Globalforeigndirectinvestment(FDI)declined8%in2024,excludingfinancialflowsthroughEuropeanconduiteconomies.1Includingtheseeconomies,globalFDIreachedanestimated$1.4trillion,an11%increasefrom2023.

Greenfieldprojectannouncements,primarilyinindustrialsectors,sawamoderatedeclineof8%innumberand7%invalue.Despitethedrop,thevalueofgreenfieldprojectsremainedhigh,secondonlytotherecordreachedin2023,drivenbylarge-scaleinvestmentsinsemiconductormanufacturingandAItechnologies.

Internationalprojectfinance,mainlyconcentratedininfrastructuresectors,continueditsdownwardtrendwiththenumberofdealsfallingby26%andtheirvaluedecliningbynearlyathird.Cross-borderM&Aactivity(thenumberofdeals)fellby13%,buttotalvaluesincreasedby2%,withhigh-valuedealsproppingupFDIflowsinseveraldevelopedcountries.

TheglobalinvestmentenvironmentremainschallengingforsectorscriticaltoachievingtheSustainableDevelopmentGoals(SDGs)indevelopingcountries,whichrelyespeciallyoninternationalprojectfinance.ThenumberofSDG-relatedinvestmentsfellby11%in2024.Whiletherehasbeensomegrowthinrenewableenergyandhealthandeducation,threesectors–infrastructure,agrifoodsystems,andwaterandsanitation–sawfewerinternationallyfinancedprojectsin2024thanin2015,whentheSDGswereadopted(table1).

UNCTAD’sGlobalInvestmentTrendsMonitorreportsinternationalinvestmenttrendsbasedonquarterlyforeigndirectinvestment(FDI)statisticsprovidedbymemberStates,aswellasdataonthreetypesofinvestmentprojects:

?Crossbordermergersandacquisitions(M&As)–transactionsthatdirectlyaffectFDIflows.

?Greenfieldprojects–announcement-baseddatathatreflectinvestmentintentionsinthereportingyearandsignaldirectionalFDItrendsahead.Greenfieldprojectsmostlycoverindustrialsectors.

?Internationalprojectfinance–announcementsoflarge-scaleprojectsinvolvingmultipleinvestorsandcontainingasignificantdebtcomponent.TheseprojectsmostlycoverinfrastructuresectorsandarethereforeespeciallyrelevantforSDGinvestment.

ProjectdataaresourcedfromTheFinancialTimes,fDiMarkets(

www.fDimarkets.

com

)forgreenfieldandLSEGData&AnalyticsforM&Asandprojectfinance.

Full-yearprojectionsinthismonitorarebasedonthreequarters.ThirdquarterFDIdatahavebeencollectedfor130economiescovering95%ofglobalFDIstock.Availablemonthlyprojectdataforthefourthquarterhasbeenusedtocalibrateestimations.

1SeveralEuropeaneconomies,includingIreland,Luxembourg,theNetherlands,SwitzerlandandtheUnitedKingdom,whereFDIstatisticsaresignificantlyaffectedbyconduitfinancialflows,continuetoreportlargefluctuationsinflowsandnegativenumbersover2023and2024.Lessnegativenumbersin2024thanin2023exertanetpositiveeffectonglobalflowsofabout$270billion.

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Table1

Developingcountries:investmentinsectorsrelevanttotheSustainableDevelopmentGoals

(Numbersofprojectsandpercentagechange)

Growthrate2023-2024(%)

201520232024

Growthrate2015-2024(%)

Infrastructurea

439

445

417

-5

-6

Renewableenergy

378

707

577

53

-18

Water,sanitationandhygiene(WASH)

33

31

20

-39

-35

Agrifoodsystemb

368

348

315

-14

-10

Healthandeducation

277

340

333

20

-2

Source:UNCTAD,basedoninformationfromTheFinancialTimes,fDi

Markets(www.fD

)andLSEGData&Analytics.

aIncludingtransportinfrastructure(onlyinternationalprojectfinance),powergenerationanddistribution(exceptrenewables)andtelecommunication.

bIncludingagriculturalproductionandprocesses;fertilizers,pesticidesandotherchemicals;researchanddeve-lopment;andtechnology.

Regionaltrends

Developedeconomies

Transactionsbymultinationalenterprises(MNEs)inconduiteconomiescontinuetoaffectFDIflowsindevelopedcountries.Excludingconduiteconomies,FDIinEuropefellby45%(figure2).IntheEuropeanUnion,flowsdeclinedin18ofthe27memberStates.ThelargesteconomiesandFDIrecipientsallexperiencedlowerinflows,withGermanyandPolanddown60%,Italy35%,andSpainandFrance13%and6%,respectively.Incontrast,FDIrose13%inNorthAmerica,witha10%increaseintheUnitedStatescausedmostlybyhigherM&Avalues.

Cross-borderM&Aactivity,whichtypicallyaccountsforalargeshareofFDIindevelopedcountries,roseby19%to$364billionlargelyduetoan80%surgeofM&AsalesintheUnitedStates.LargedealsindevelopedcountriesincludedagroupofinvestorsacquiringthefixednetworkbusinessofTelecomItaliaSpA(Italy)for$24billion,AonPLC(Ireland)purchasinginsurancecompanyNFPCorp(UnitedStates)for$13billion,andCarrierGlobalCorp(UnitedStates)buyingViessmannClimateSolutionsSE(Germany)for$13billion.Therewerealsonotabledivestmentstodomesticcompaniesin2024,includingtheRoyalBankofCanada’sacquisitionofHSBCBank’sCanadianoperationfor$10billionandthemergerofMasmovilIbercomSA(Masmovil)(Spain)withtheSpanishoperationsofOrangeEspagneSA(France)for$8billion.

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Figure2

Regionalinvestmenttrends,2024vs2023

FDIvalue

World1,378Developedeconomies522

Europe104

NorthAmerica317Otherdevelopedeconomies101

Developingeconomies854Africa94

LatinAmericaandtheCaribbean173

Asia588

Growthrates(%)

FDI

+11(-8)*+43(-15)*..(-45)*

+13+16 -2+86 -9-7

Green?eldprojects

-8-10-23+20+11 -6-22 -9-2

International

project

?nancedeals

-26

-29

-26

-34

-32

-23

-13

-24

-25

Source:UNCTAD,basedoninformationfromTheFinancialTimes,fDi

Markets(www.fD

)andLSEGData&Analytics.

*Excludingconduiteconomies.

Thenumberofgreenfieldprojectannouncementsindevelopedeconomiesfellby10%,withapproximately1,000fewerprojectsthanin2023.NotabledeclineswereseeninGermany,Poland,andFrance.However,newgreenfieldprojectsannouncementsinNorthAmericaroseby20%.

Theoverallvalueofgreenfieldprojects(projectedcapitalexpenditures)indevelopedeconomiesroseby15%,withhigheraveragevaluesdriventoalargeextentbymegaprojectsinsemiconductors.SignificantincreasesinprojectvalueswererecordedintheUnitedStates(+93%,reaching$266billion),theUnitedKingdom(+32%,to$85billion),andItaly(+71%,to$43billion).

Internationalprojectfinancedealsindevelopedeconomiesdecreasedby29%,continuingthedownwardtrendobservedin2023.Thisdeclinewaswidespreadacrossallindustriesandcountrieswithveryfewexceptions.

Developingeconomies

Followingthe6%declinein2023,FDIflowstodevelopingeconomieswere2%downagain.Greenfieldinvestmentannouncementsindevelopingcountriesdeclinedby6%innumberand24%invalue.Theincreaseinthenumberofmanufacturingprojectsobservedin2023(seeUNCTAD’sreportontheimpactof

globaleconomicfracturing)

didnotrepeatin2024.ThebiggestdeclinesingreenfieldprojectnumberstookplaceinAfrica(almost200fewerprojects)andAsia(almost150fewerprojects).Internationalprojectfinancedroppedby23%innumberand33%invalue,mainlyduetofewerdealannouncementsinAsia.Severallargeemergingmarkets,includingBrazil,China,India,IndonesiaandMexicoexperienceddeclinesinprojectnumberssignificantlylargerthantheglobalaverage.Cross-borderM&Avalues,whichaccountforarelativelysmallpartofFDIindevelopingcountries,werealso$50billionlowerthanin2023.

FDIflowstodevelopingAsia–byfarthelargestrecipientregion–were7%lower.AmongmajorAsianFDIhosteconomies,FDIinChinafellforasecondyear,by29%;FDIflowstoChinaarenowabout40%lowerthanattheirpeakin2022.FDIflowsincreasedmarginallyinASEAN(+2%)toanewrecordofanestimated$235billion.Theyroseby13%inIndia,wheregreenfieldprojectannouncementsalsoincreasedinnumberandvalue.

FDIinflowstoAfricasurged,increasingby84%toanestimated$94billion,thehighestvalueeverrecorded.TheincreasewaslargelydrivenbyasingleinternationalprojectfinancedealinEgyptforthedevelopmentoftheRasEl-HekmapeninsulabyADQ,aUAE-basedsovereigninvestmentfund.NetoftheincreaseinEgypt,FDIflowstoAfricawerestillup23%,buttheyremainedmodestatabout$50billion.

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InLatinAmericaandtheCaribbean,FDIflowsdecreasedby9%,inpartduetolowerenergypricesin2024.InBrazil,theregion’slargestrecipient,FDIfellby5%.However,severalcountriesintheSouthAmerica,includingBrazil,ArgentinaandColombiarecordedariseinthenumberandvalueofgreenfieldprojectannouncements,buckingtheglobaltrendandpotentiallysignalinghigherinflowsahead.InCentralAmerica,FDIflowsincreased(inflowstoMexicogrewby11%)butwithgenerallyweakerprojectannouncements.

Industrytrends

Greenfieldprojectannouncementsoverallfellby8%innumberand7%invaluein2024.However,withtotalprojectcapitalexpendituresat$1.3trillion,thevalueofannouncedprojectswasstillthesecondhighesteverrecorded,boostedbyasignificantnumberofmegaprojects(table2).

Table2

The10largestgreenfieldprojectsannouncedin2024

HomeeconomyIndustrysegmentHosteconomyParentcompany

Estimated

capital

expenditure

(billionsofdollars)

Estimed

jobs

created

(thousands)

Malaysia

Cokeandrefinedpetroleum

Semiconductors

Semiconductors

Basicmetalandmetalproducts

Cokeandrefinedpetroleum

Informationandcommunication

Semiconductors

Semiconductors

Informationandcommunication

Renewableenergy

Argentina

UnitedStates

UnitedStatesIndia

Mexico

UnitedKingdom

UnitedStatesIndia

UnitedKingdom

Australia

Petronas

TaiwanSemiconductorManufacturing

SamsungGroup

ArcelorMittal

MexicoPacific

QTSRealtyTrust

MubadalaInvestmentCompany

PowerchipTechnology

A

AmpEnergy

30.0

25.0

24.0

16.5

15.0

13.0

11.0

11.0

10.5

9.8

3.0

1.1

3.0

20.0

2.8

1.6

1.3

3.0

3.0

3.0

Taiwan,ProvinceofChina

RepublicofKorea

Luxembourg

UnitedStates

UnitedStates

UnitedArabEmirates

Taiwan,ProvinceofChina

UnitedStates

Canada

Source:UNCTAD,basedoninformationfromTheFinancialTimes,fDiMarkets(www.fD).

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Afterasignificantriseingreenfieldprojectsinextractiveindustriesin2022and2023,projectedcapitalexpendituresinthissectoralmosthalvedin2024to$41billion,returningtotheaveragelevelofthepastdecade.Thisdeclinewaspartlydrivenbylowerenergypricesin2024.Investmentsinenergyandgassupplyalsofellby25%invalue,largelyduetosignificantdecreasesintheEU,Asia,andAfrica.Manufacturingofcokeandrefinedpetroleumsawa10%increase,pushedupbythelargestgreenfieldprojectannouncedin2024inwhichPetronas(Malaysia)andYPF(Argentina)committedover$30billiontodevelopaliquefiednaturalgas(LNG)plantinArgentina.

Thenumberandvalueofgreenfieldmanufacturingprojectsdeclinedby5%and2%,respectively,in2024.Valuesroseindevelopedeconomiesbutfellindevelopingcountries,reversingthetrendobservedin2023.Twocountriesexperiencedsignificantgrowthinmanufacturingprojects,reachingnewrecordlevels:theUnitedStatesandIndia.IntheUnitedStates,thevalueincreasewasdrivenbymajorsemiconductorprojectsandautomotiveprojects.InIndia,semiconductorprojectsandbasicmetalsprojectscontributedtotheriseinmanufacturingactivity.Semiconductorprojectswerealsoannouncedelsewhere,includinginItalyandSingapore.

Greenfieldprojectsintheservicessectordeclinedby6%invalueand11%innumber.Alongwithenergyandgassupply,projectvaluesalsodroppedintransportandstorage(-25%)andconstruction(-16%).Incontrast,projectvaluesintheICTsectornearlydoubledto$200billion,primarilydrivenbyinvestmentsindatacentersanddataprocessing(table3).Thegrowthofthedigitaleconomyandthedevelopmentofartificialintelligence(AI)applicationshaveacceleratedinvestmentsindatainfrastructureandinsemiconductormanufacturing–bothsignificantlyrepresentedinthelistofthelargestgreenfieldannouncements–withthelatterboostedalsobyindustrialpoliciesaimedatsecuringthesupplyofchipsandexpandingproductivecapacityinhomemarkets.

Table3

Largestgreenfieldprojectsindataprocessingannouncedin2024

Estimated

capital

Estimed

jobs

created

expenditure

HomeeconomyHosteconomyParentcompany

(millionsofdollars)

UnitedStates

UnitedKingdom

QTSRealtyTrust

12978

1600

UnitedStates

UnitedKingdom

A

10460

3000

UnitedStates

Spain

QTSRealtyTrust

8170

200

Singapore

Japan

GlobalLogisticProperties

5900

2293

UnitedStates

SaudiArabia

A

5300

1653

Source:UNCTAD,basedoninformationfromTheFinancialTimes,fDiMarkets(www.fD).

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Infrastructuretrends

In2024,announcementsofgreenfieldprojectsandinternationalprojectfinancedeals(combined)ininfrastructuredecreasedby10%innumberand17%invalue,primarilyduetoreducedinvestmentinrenewableenergy(table4).

Internationalprojectfinance,especiallycriticalforinfrastructuredevelopment,continuedthedeclinethatstartedin2023duetohighinterestrates.Dealsfellby31%innumberand26%invalue.Internationalprojectfinanceperformedrelativelybetterthandomesticprojectfinance,astheequityparticipationofaninternationalinvestorcanallowaccesstomorefavourablefinancingconditions.Projectsledbydomesticsponsorssawa56%decreaseinnumberanda40%decreaseinvalue.

Internationalprojectfinanceinrenewableenergy,amajordriverofgrowthinprojectfinanceinrecentyears,furtherslowedby16%inbothnumberandvalue,followingthedeclinein2023.Asinoverallinternationalprojectfinancetrends,thedeclineindomesticprojectfinanceforrenewableswasevensteeper,withareductionofaround60%inbothnumberandvalue.Byregion,internationalprojectfinanceinrenewableenergygenerationfellby22%inNorthAmerica,18%indevelopingAsia,and14%inLatinAmericaandtheCaribbean.Africawastheonlyregiontoseeanincreaseof8%.

Table4

Investmentprojectsininfrastructure

(Billionsofdollars,numberandpercentage)

Greenfieldinvestmentprojects

Internationalprojectfinancedeals

Growth

Growth

2022

2023

2024*

2023-2024

2022

2023

2024*

2023-2024

(%)

(%)

Infrastructureindustries

436

434

433

0

753

718

503

-30

Value

Numberofprojects

1389

1501

1488

-1

2039

1719

1405

-18

Powera

9

14

5

-61

146

102

54

-48

Value

Numberofprojects

52

72

77

7

197

159

101

-36

Renewableenergy

365

349

267

-24

409

396

294

-26

Value

Numberofprojects

560

873

840

-4

1575

53

116

1339

107

90

1125

35

77

-16

-67

-14

Transportinfrastructure

Value

Numberofprojects

Telecommunicationb

63

72

161

125

145

113

121

7

Value

Numberofprojects

777

556

571

3

151

131

101

-23

Source:UNCTAD,basedoninformationfromTheFinancialTimes,fDiMarkets(www.fD)andLSEGData&Analytics.

aExcludingrenewableenergy.

bIncludinginformationservicesactivities.

*Thedatafor2024isestimatedbasedonthefirstthreequartersoftheyear.

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Prospectsfor2025

TheoutlookforglobalFDIin2025willhingeoneconomic,geopolitical,andpolicyfactors.Overall,thereispotentialformoderategrowthinglobalFDIflows,withsignificantregionalvariations.FlowsareexpectedtogrowmorerapidlyintheUnitedStatesduetostrongeconomicgrowthprospects,andintheEuropeanUnion,whichcurrentlyhasverylowlevelsofinvestment.Regionsthatareadjacenttoorwell-connectedwithmajordevelopedmarkets,suchasASEAN,EasternEurope,WestAsia,NorthAfrica,andpartsofCentralAmerica,couldalsobenefitfromglobalsupplychainrestructuring.

Keyvariablesthatwillaffectprospectsincludemacroindicators(GDPgrowth,capitalformation,trade,inflation,currencyandfinancialmarketvolatility–seetable5),technologytrendsandsectoralshifts,geopoliticaldynamicsandeconomicfracturing,policyandregulatorydevelopments,andtheevolvingroleofincreasinglyimportantinvestorgroupssuchasprivateequityfundsandsovereigninvestors.

ThetrajectoryofglobaleconomicgrowthwillsignificantlyshapeFDItrends.GDPgrowthisexpectedtoremainstable,withslightlyimprovingprojectionsforcapitalformationandtrade(importantforglobalvaluechainrelatedinvestment).Theinterestrate-cuttingcycleanticipatedinmajoreconomiesmayreduceborrowingcosts,encouragingcross-borderinvestments,especiallyprojectfinance.MarketanalystsexpectstronggrowthforM&As,althoughthismaynottranslateintoequalgrowthforcross-borderM&Asinthecurrentpolicyenvironment.

TechnologicaladvancementsandsectoralshiftswillcontinuetoaffecttheFDIlandscape.Investmentsintechnology-relatedsectors,includingAI,cloudcomputing,andcybersecurity,arelikelytosteerFDIflowsascompaniesmodernizeanddigitizeoperations.Datacenterprojectsandsemiconductormanufacturingarealreadyprevalentamongthetopinvestmentprojects.Theenergytransition,similarly,isalreadyplayinganimportantroleinshapingFDIpatterns.Investmentprojectsinrenewableenergy,greenhydrogen,andelectricvehicle(EV)supplychainshavepushedupprojectnumbersinrecentyears,althoughinternationalinvestmentsinrenewableenergyhaveslowedinthelasttwoyears.

Globaltradepolicies,tariffsandindustrialpoliciesaimedatattractingmanufacturingcapacity,strategicindustriesandsecurity-sensitivesectorswillcontinuetoplayapivotalroleindirectingFDI.Globaleconomicfracturingisdivertinginvestmentsfromcross-bordertodomesticortomoregeopoliticallyalignedlocationswiththeproductivecapacity,infrastructureandmarketaccessneededtotakeadvantageofshiftingtradepreferencesandsupplychainriskconcerns.ThesetrendsarealsoexpectedtopushregionalFDIflows.

Divergenttrendsinpolicyandregulatoryenvironmentswillbeanimportantfactor.ThenewUnitedStatesadministrationmayleadthewayinstreamliningbusinessregulationsandincentivizinginvestors,followedbyothercountriesandregions.Atthesametime,thedriveforenhancedFDIscreeningandheightenedscrutinyinsectorslikedefense,technology,andcriticalinfrastructure,especiallyintheUnitedStatesandtheEuropeanUnion,isexpectedtocontinue.

Privateequityfundsandinstitutionalinvestorshaveampledrypowderattheirdisposalandareagrowingforceininternationalinvestment,especiallygiventheirpredilectionfortechnologyfirmsandthecurrentboomcausedbyAIadvances.PrivateequityfirmsareexpectedtodriveFDIinemergingmarketsandgrowthsectors.Institutionalinvestors,includingsovereignonessuchaspublicpensionfundsandsovereignwealthfunds,areshowinganincreasedappetiteforlong-term,inflation-resistantassetssuchasinfrastructureanddigitalconnectivityprojects.

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ContinuingelevatedinvestoruncertaintywillholdbackFDIflows.Policyuncertainty,securityrisksandvolatilecurrencyandfinancialmarketswillposeriskstoFDIattractivenessincertainregions.Weaktrendsinthepurchasingmanagersindex–asaproxyforconfidencelevels–acrossthemajorcapitalexportingregionsattesttohighlevelsofinvestoruncertainty.Regionaldivergencewillpersistamonginvestorhomeregions,withUnitedStatesinvestorscontinuingtofocusrelativelymoreondomesticcapitalexpenditures,andChineseinvestorslookingforopportunitiesoutsidetheirhomemarkets.OutwardinvestmentfromtheUnitedStatesinthelastfewyearsdeclinedfromapeakof30%ofglobalgreenfieldcapitalexpenditurein2020to14%lastyear,whileChineseoutwardgreenfieldinvestmentincreasedfrom4%to12%ofglobalgreenfieldcapexlastyear,afterseveralyearsofdeliberaterestraint.

Table5

KeyindicatorsforFDIprospects

(Percentage)

20242025*ImpactonFDIin2025

GDPgrowth

3.2

3.2

=

Grossfixedcapitalformation(GFCF)

3.0

3.7

+

Trade

3.1

3.4

+

Inflationoutlook

5.8

4.3

+

Foreignechangevolatility

7.5

8.7

-

Stockmarketvolatilyindex

13.8

18.7

-

Commodity/energypriceindex

105.1

99.0

-

Purchasingmanagers'index(PMI)

48.8

48.3

-

Globaleconomicpolicyuncertaintyindex

229.7

339.4

-

Source:UNCTADbasedonIMFforGDP,GFCF,tradeandinflationoutlookandWorldBankforcommodity/energypriceindexandforGlobaleconomicpolicyuncertaintyindex.

Note:PMIistheaveragefortheUnitedStates,ChinaandtheEuropeanUnion;Tradeisexportsofgoodsandservices;indicesarereportedasofJanuaryofeachyear;ForeignexchangeratevolatilityistheDeutscheBankFXVolatilityIndex,theStockmarketvolatiliyindexisChicagoBoardOptionsExchangevolatilityindex(VIX).

*Projections.

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Table6

FDIinflowsandcross-borderM&As

(Billionsofdollarsandpercentage)

FDI

NetcrossborderM&Asales

Region/economicgrouping

2022

2023

2024*

Growth

2023-2024

(%)

2022

2023

2024*

Growth

2023-2024

(%)

World

1317

1242

1378

11

707

381

387

2

Developedeconomies

389

365

522

43

599

305

365

19

Europe

-130

-1

104

..

356

159

147

-8

EuropeanUnion

-119

82

182

122

132

78

92

18

OtherEurope

-11

-83

-78

..

224

81

55

-33

NorthAmerica

363

280

317

13

155

103

179

75

Otherdevelopedeconomies

156

87

101

16

89

43

39

-11

Developingeconomies

929

876

855

-2

107

76

22

-71

Africa

55

51

95

86

9

9

-1

..

NorthAfrica

15

13

51

276

4

1

0.1

-92

OtherAfrica

39

37

44

18

5

7

-1

..

Asia

677

635

588

-7

84

56

24

-56

CentralAsia

10

7

4

-39

0

-1

0

..

EastAsia

316

297

258

-13

30

21

14

-33

South-EastAsia

224

230

235

2

12

28

12

-59

SouthAsia

56

35

39

13

5

4

-2

..

WestAsia

71

67

51

-24

37

3

-0.2

..

LatinAmericaandtheCaribbean

196

190

173

-9

15

11

-1

..

SouthAmerica

146

140

117

-16

5

10

3

-65

CentralAmerica

46

47

51

10

9

1

-4

..

Caribbean

4

3

4

23

1

-

-0.3

..

Source:UNCTAD,

FDI/MNEdatabase(/fdistatistics

)andLSEGData&Analytics.

Note:FDIdataarebasedonquarterlydataderivedfromthe(extended)directionalprincipleuptothethirdquarterof2024.Forafewcountriestheasset/liabilityprinciplewasusedforestimation.ThedataexcludesfinancialcentresintheCaribbeanandspecial-purposeentitiesinreportingcountries.

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Table7

Numberofannouncedgreenfieldprojectsandinternationalprojectfinancedeals,byeconomicgroupingandregion

(Numberandpercentage)

Announcedgreenfieldprojects

Internationalprojectfinancedeals

Region/economicgrouping

2022

2023

2024*

Growth

2023-2024

(%)

2022

2023

2024*

Growth

2023-2024

(%)

World

18097

18763

17215

-8

3005

2450

1803

-26

Developedeconomies

11139

10705

9607

-10

1812

1513

1079

-29

Europe

7702

7292

5588

-23

1155

885

653

-26

EuropeanUnion

6014

5641

4163

-26

865

713

523

-27

OtherEurope

1688

1651

1425

-14

290

172

131

-24

NorthAmerica

2492

2516

3021

20

440

449

297

-34

Otherdevelopedeconomies

945

897

997

11

217

179

128

-28

Developingeconomies

6958

8058

7608

-6

1193

937

724

-23

Africa

775

830

644

-22

186

153

133

-13

NorthAfrica

261

267

207

-23

47

43

57

33

OtherAfrica

514

563

437

-22

139

110

76

-31

Asia

4756

5841

5696

-2

641

521

389

-25

CentralAsia

49

158

140

-11

20

21

28

33

EastAsia

597

705

672

-5

96

48

29

-39

South-EastAsia

1104

1571

1492

-5

242

156

132

-15

SouthAsia

1093

1168

1191

2

230

192

108

-44

WestAsia

1913

2239

2201

-2

53

104

92

-12

LatinAmericaandtheCaribbean

1419

1373

1251

-9

363

260

199

-24

SouthAmerica

683

653

675

3

294

220

160

-27

CentralAmerica

696

682

541

-21

50

3