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Euromoney Belt and Road Results Index: Q2 2019

The Euromoney Belt and Road Index (EBRI) combines International Monetary Fund (IMF) GDP figures with investment climate (IC) scores sourced from economists and political experts who ranked countries on the Euromoney Country Risk platform. The index therefore combines qualitative, crowd-sourced opinion with quantitative data. Using these sources EBRI aims to provide a clear and credible index representing the politico-economic environment and investment climate.


Q2 2019 Results Summary

The latest Belt & Road Index results show Russia as the only country moving up a category, to tier-4 in Q2 2019, leaping ahead of Azerbaijan, Kazakhstan and Turkey among the countries in tier-5.

Russia’s rise reflects an improving political and economic climate captured in ameliorating investor risk factors, and recovery from the oil crisis propelling GDP higher.

In total, 68 countries are categorised according to improvements in their investor climates and/or GDP since China’s Belt & Road Initiative was inaugurated in 2013, with only Syria presently excluded due to a lack of data.

Only three countries, Bangladesh, Ethiopia and Laos, are in tier-1 showing the most improvement of all. 

Countries in tier-1 to tier-3, with index values larger than 100, are those that have seen rising GDP and/or better investor climates since the EBRI’s inception.

The number of tier-1 to tier-3 countries is increasing year on year. There are 52 in Q2 2019, rising from 49 in the same quarter of last year.

Bangladesh is the star performer. It has continued to rise due to persistently strong real-terms economic growth exceeding 7% per annum, contributing to the Asia region improving the most since 2013 followed by the Middle East.

Other countries rising since the first quarter include the Philippines, Vietnam, Hungary, and Cambodia, all tier-2 countries, as well as Poland (tier-3), and Belarus (tier-4), among others.

Bhutan, with sharply slowing GDP growth, is one of the countries deteriorating in the EBRI, and the only one moving down a category, from tier-3 to tier-4.

For more detailed results and the methodology used, click below:

Quarterly Result: Q2 2019

EBRI Article: Q2 2019

Historical Data: Q2 2016- Q2 2019

Graphs and Trends: Y/Y


About EBRI

The Belt and Road Initiative (BRI) – also known as One Belt and One Road – is a development strategy adopted by the Chinese government in 2013. BRI is an infrastructure and trade project intended to connect China – financially and structurally – to various economic entities across Asia, Europe, Africa and Oceania.

In response to the growing demand for information on the impact of this initiative, we have launched the Euromoney Belt and Road Index (EBRI). This index provides investors and other market participants with valuable data to evaluate investment opportunities and to track changes in investment climate and GDP in the Belt and Road region. EBRI publishes new results each quarter, providing data on 68 countries from Q4 2013 to present. 

Contact us

For commercial enquiries please contact Amy Tang

Email:; Tel: +86 13795313118

For research and data enquiries please contact Chen-Ta Sung

Email:; Tel: +44 (0) 2077798752

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