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138 Economic Analysis (2010, Vol. 43, No. 1-2, 134-141) the period 2003–2007, global FDI inflows fell by 14% in 2008 to $1,697 billion, from a record high of $1,979 billion in 2007 (see Figure 1). Figure 1. FDI influx worldwide and in particular groups of economies, 1980-2008 (bln USD) 2000 1800 1600 1400 1200 Developing economies Developed economies Transition economies 1000 800 600 400 200 0 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 Source: Author’s elaboration based on UNCTAD FDI/TNC database FDI flows fell further as the financial crisis entered a tumultuous new phase in September 2008 following the collapse of Lehman Brothers (one of the largest financial institutions in the United States), and as major developed economies fell into, or approached, economic recession. In contrast, developing and transition economies saw FDI inflows rise in 2008 to record levels for both. Worldwide foreign investment reached the value of USD 12 trillion; the type of investment in question was made mainly by transnational corporations (TNC). The group of transnational corporations comprised about 82 000 parent companies and 810 000 foreign affiliate companies. (WIR 2009) According to business forecasting, the turnover, value added and export of the TNC in 2006 increased by 18%, 16% and 12% respectively. While the influx of FDI into developed countries increased by 45% and reached the value of USD 857 bln, the influx into developing countries amounted to USD 379 bln (21% increase), and the influx into economies undergoing a transformation amounted to USD 69 bln (68% increase), reaching the highest level in history. However, the international stature of TNC has not insulated them from the worst global recession in a generation. The 4.8% reduction in inward FDI stock worldwide was reflected in the decline in value of gross product, sales and assets, as well as employment of TNCs’ foreign affiliates in 2008, a marked contrast to huge doubledigit growth rates in 2006 and 2007. The United States regained the leading position with reference to the influx of foreign direct investment, leaving behind Great Britain and France. Among developing countries
Ślusarczyk, B., FDI and Global Economic Crisis, EA (2010, Vol. 43, No. 1-2, 134-141) 139 and the countries whose economies were undergoing a transformation, nearly all regions noticed a considerable increase in the influx of FDI in 2006. Only in Oceania, South America and the South African Republic there was an outflow of FDI. In the group of developing countries the influence of FDI was the most significant in China, Hong Kong (China) and Singapore. As for the economies undergoing a transformation, the largest influx of FDI was observed in Russia. Developed countries still remained the major source of investments (84% of all investments made). In 2006, the largest exporter of foreign direct investments were the United States (USD 217 bln). The USA was followed by the EU countries, i.e. France (USD 115 bln), Spain (USD 90 bln) and Great Britain (USD 79 bln). The role played by developing economies and economies undergoing a transformation as a source of foreign direct investment was still growing. In the group of developing economies, the most important part was played by Hong Kong (China), with USD 43 bln, and in the group of economies undergoing a transformation the most important role was played by Russia, with USD 18 bln. The value of foreign direct investments flowing out of these two groups of countries amounted to USD 193 bln, i.e. 16% of the overall world outflow of FDI. United States stayed still on the top FDI source country all over the world after crisis effects dissemination but there are changes on next places of the juxtaposition of top sources of FDI outflows. There are France, Germany, Japan and then United Kingdom as a main FDI sources (see Figure 2). Figure 2. Developed countries: top 10 sources of FDI outflows 2007-2008 (bln USD) Netherlands Belgium 29 58 68 94 2007 Spain 77 96 2008 Canada Switzerland 50 60 78 86 United Kingdom 111 275 Japan 74 128 Germany 156 180 France 225 220 United States 312 378 0 50 100 150 200 250 300 350 400 Source: Author’s elaboration based on UNCTAD FDI/TNC database
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PUBLISHER Institute of Economic Sci
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C O N T E N T S The Upsurgence of C
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Guest Editor’s Notes The current
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ORIGINAL SCIENTIFIC PAPER The Upsur
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Matray, M., The Upsurgence of Clust
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ORIGINAL SCIENTIFIC PAPER The Analy
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Erös, A., The Analysis of Long Run
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Tej, J., Economic Assessment of Sel
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References Glova, J., Matrix Theory
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Horvátová, E., Method of Banks Va
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SCIENTIFIC RIEVIEW Future Stance of
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Kotlebova, J., Future Stance of Cur
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ORIGINAL SCIENTIFIC PAPER Do Minimu
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Vokorokosová, R., Do Minimum Wage
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