Euromoney Belt and Road Results Index: Q4 2019


Jeremy Weltman
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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.


Q4 2019 Results Summary

The Q4 Belt and Road Index (EBRI) results indicate there are still 52 countries with values larger than 100, comprising the first three (of five) categories, or tiers, that have seen rising GDP and/or improving investor climates since the EBRI’s inception. This number is unchanged from Q3.

Bhutan’s rapid economic growth has seen it move into tier one for the first time in Q4, joining Ethiopia, the Maldives, Laos, Bangladesh and Nepal.

In total, 68 countries are categorized according to improvements (or otherwise) in their investor climates and/or GDP since China’s Belt & Road Initiative was inaugurated in 2013; only Syria remains excluded due to the lack of data.

As far as the regions are concerned, only Asia has a value above 100, but Africa, the Middle East, and Central and Eastern Europe (CEE) all improved in Q4 as Asia’s strengths faded slightly due to lower index values for India, Indonesia, Myanmar and South Korea.

Of the 28 countries with higher EBRI values since Q3, no fewer than 16 are in the broadly defined CEE category, led by Tajikistan, Bosnia-Herzegovina and Montenegro. This is due to upgrades to a range of pro-investor political and economic risk factors, and higher GDP highlighting the region’s potential.

Other countries improving in Q4 include Saudi Arabia and Vietnam, while Lebanon, though still showing improvement overall, experienced the biggest drop in its index value. 

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

Quarterly Result: Q4 2019

EBRI Article: Q4 2019

Historical Data: Q4 2016- Q4 2019


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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