The Financial Development Report

Financial Development Report 2009
Published 8 October 2009

The world's largest economies took the biggest hit in the World Economic Forum's second annual Financial Development Report. Global financial centres still lead in the report's 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 Index's top spot from the US, which slipped to third position behind Australia largely due to poorer financial stability scores and a weakened banking sector.

The report ranks 55 of the world's 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.

 Press release

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 change in scores this year compared to 2008 demonstrates the implications of the downturn on our assessment of the long-term development of financial systems." Nouriel Roubini, Co-author of the Financial Development Report and Chairman and Professor, Roubini Global Economics and Stern School, New York University, USA
	Watch the interview James Bilodeau, Associate Director, Financial Institutions, Head of Emerging Markets Finance, World Economic Forum USA