Public Disclosure Authorized IFD- 6 INTERNATIONAL FILE COPY FINANCE _ CORPORATION DISCUSSION PAPER NUMBER 6 Public Disclosure Authorized Trends in Private Investment in Thirty Developing Countris Public Disclosure Authorized Guy P. Pfeffermann Andrea Madarassy Public Disclosure Authorized FILE COPy
RECENT IFC DISCUSSION PAPERS No. 1 No. 2 No. 3 No. 4 Private Business in Developing Countries: Improved Prospects. Guy P. Pfeffermann Debt-Equity Swaps and Foreign Direct Investment in Latin America. Joel Bergsman and Wayne Edisis Prospects for the Business Sector in Developing Countries. Economics Department, IFC Strengthening Health Services in Developing Countries through the Private Sector. Charles C. Griffin No. 5 The Development Contribution of IFC Operations. Economics Department, IFC No. 6 Trends in Private Investment in Thirty Developing Countries. Guy P. Pfeffermann and Andrea Madarassy
INTERNATIONAL FINANCE =_. CORPORATION DISCUSSION PAPER NUMBER 6 Trends in Private Investment in Thirty Developing Countries Guy P. Pfeffermann Andrea Madarassy The World Bank Washington, D.C.
Copyright i 1989 The World Bank and International Finance Corporation 1818 H Street, N.W. Washington, D.C. 20433, U.S.A. All rights reserved Manufactured in the United States of America First printing September 1989 The International Finance Corporation (IFC), an affiliate of the World Bank, promotes the economic development of its member countries through investment in the private sector. It is the world's largest multilateral organization providing financial assistance directly in the form of loan and equity to private enterprises in developing countries. To present the results of research with the least possible delay, the typescript of this paper has not been prepared in accordance with the procedures appropriate to formal printed texts, and the IFC and the World Bank accept no responsibility for errors. This is a study by the staff of the Economics Department of the IFC, and the judgments in it do not necessarily reflect the views of the Board of Directors or the governments they represent. The material in this publication is copyrighted. Requests for permission to reproduce portions of it should be sent to Director, Economics Department, IFC, at the address shown in the copyright notice above. The IFC encourages dissemination of its work and will normally give permission promptly and, when the reproduction is for noncommercial purposes, without asking a fee. Permission to photocopy portions for classroom is not required, though notification of such use having been made will be appreciated. The complete backlist of World Bank publications, including those of the IFC, is shown in the annual Index of Publications, which contains an alphabetical title list and indexes of subjects, authors, and countries and regions. The latest edition is available free of charge from Publications Sales Unit, Department F, The World Bank, 1818 H Street, N.W., Washington, D.C. 20433, U.S.A., or from Publications, The World Bank, 66, avenue d'iena, 75116 Paris, France. Guy P. Pfeffermann is director of the Economics Departrnent of the IFC and chief economic adviser of the Corporation. Andrea Madarassy is a research analyst in the Economics Department. Library of Congress Cataloging-in-Publication Data Pfeffermann, Guy Pierre. Trends in private investment in thirty developing countries / Guy Pfeffermann, Andrea Madarassy. p. cm. -- (Discussion paper / International Finance Corporation ; no. 6) Includes bibliographical references. ISBN 0-8213-1352-5 1. Investments--Developing countries. I. Madarassy, Andrea, 1964-. II. Title. III. Series: Discussion paper (International Finance Corporation) ; no. 6. HG5993.P48 1989 332.6'7314'091724--dc2O 89-22588 CIP
Abstract Economic growth and development depend essentially on a country's ability to invest and make efficient and productive use of its resources. The role of the private sector is important here, both in terms of its contribution to the quantity of gross domestic investment and its ability to allocate and employ resources efficiently. Over the past two decades, a number of changes have occurred in the business environment for the private sector in the developing countries. Responding to these changes, private entrepreneurs have altered the level of their investment. The intention of this paper is to quantify the private investment fluctuations in thirty developing countries, and to describe the general trends. Annual private investment data was gathered and expressed both as a percentage of gross domestic product and as a percentage of gross domestic investment for the period 1970-1988. Comparisons of the level of private investment as a percentage of GDP across countries indicate great variations in business climate and government attitudes towards the private sector. There are marked regional differences as well, which are documented and discussed in the paper. The direction of change in private investment is, however, fairly similar across countries. Average trends based on the thirty country sample confirm that private investment has been on the rise in recent years.
Table of Contents Page No. Introduction.... 1 Methodology... 1 Trends... 3 Developing Country Investment Trends....... 3 Regional Trends........................ 5 Recent Country Trends............. 6 Tables... 8 Charts... 28 Notes... 63
List of Tables Page No. Table 1: Investment (Percent of GDP).............. 8 Table 2: GDP (at Current Prices)................. 13 Table 3: Breakdown of Investment by Sector........ I. 15 Table 4: Average Investment Shares for 30 Developing Countries 20 Table 5: Regional Averages................... 21 Latin America....................... 21 East Asia................................ 21 South Asia........................ 22 Africa......................... 22 Table 6a: Average Investment Shares (1970-1988)...... 23 Table 6b: Average Investment Shares (1970-1988) -- Ranked.... 24 Table 7: Trends in Private Investment as a Percent of GDP.... 25 Table 8: Trends in Share of Private Investment in GDI.... 26 Table 9: Annual Weighted Average of Investment Shares.... 27
List of Charts Page No. Chart 1: Latin America....... 28 Chart 2: East Asia... 29 Chart 3: South Asia.............. 30 Chart 4: African Countries........................ 31 Chart 5: Recent Trends (30-Country Sample).......... 32 Country Charts.... 33 Argentina....... 33 Bangladesh......... 34 Bolivia.... 35 Brazil.... 36 Chile.... 37 Colombia.... 38 Costa Rica....... 39 Ecuador.... 40 Guatemala....... 41 Hungary.... 42 India.... 43 Indonesia.... 44 Kenya....... 45 Korea... 46 Malaysia.... 47 Mexico... 48 Nigeria... 49 Pakistan... 50 Peru... 51 Philippines.... 52 Portugal... 53 Singapore... 54 Sri Lanka... 55 Thailand... 56 Tunisia... 57 Turkey... 58 Uruguay... 59 Venezuela.... 60 Zambia... 61 Zimbabwe... 62
TRENDS IN PRIVATE INVESTMENT IN 30 DEVELOPING COUNTRIES Introduction During the 1980s there has been a shift in government thinking in developing countries from an emphasis on the public sector towards greater reliance on private enterprise. It is not easy to determine whether and to what extent this new thinking has been reflected in the allocation of resources between the public and the private sector. For example there is little evidence in the literature whether or not private sector investment has grown faster than public sector investment in developing countries. Yet, after several years of structural adjustment in many developing countries, the results should have begun to show in the statistics. An attempt is made in this paper to compile private investment data for the period 1970-1988 and to show how the trends have evolved relative to public sector investment. Thirty countries 1 were selected which include most of the larger developing economies and some of the smaller LDCs. The sample countries are also aggregated into regional groupings, such as Latin America, East Asia, South Asia, and countries of Sub-Saharan Africa. The work is based on World Bank staff estimates. Methodology National accounts normally do not break down Gross Domestic Investment into its private and public sector components. "Private investment" is defined in this paper as the difference between total gross domestic investment (from national accounts) and consolidated public investment. Consolidated public investment data for each country were found mainly in World Bank Country Economic Memoranda, Public Investment Reviews, Public Expenditure Reviews, and other World Bank country reports. They reflect efforts by World Bank missions to compile 1 Argentina, Bangladesh, Bolivia, Brazil, Chile, Colombia, Costa Rica, Ecuador, Guatemala, Hungary, India, Indonesia, Kenya, Korea, Malaysia, Mexico, Nigeria, Pakistan, Peru, Philippines, Portugal, Singapore, Sri Lanka, Thailand, Tunisia, Turkey, Uruguay, Venezuela, Zambia and Zimbabwe.
-2- public sector data. In a few countries where World Bank data are not available, appropriate country data were used. Among the data problems inherent in this method, the following can be readily identified: a) The emphasis is on fixed capital formation; wherever possible financial investment has been excluded. It is not always clear from the data, however, whether or not financial investment is included under "consolidated public investment" in a particular country. b) Changes in inventories are a part of the residual "private investment" in some countries but not in others. 2 Where changes in inventories are exduded, the total investment figure used is gross domestic fixed investment (GDFI) in all calculations, rather than gross domestic investment. c) In the official statistics, the treatment of state enterprises and corporations which are partially owned by the public sector is often unclear; presumably it varies from country to country. "Government" investment usually excludes state enterprise investments and other investments made outside the central government. Such investments are normally included under such headings as "energy", "industry", etc. but are not separated out from private investment in these sectors. This accounting procedure has created some difficulty in obtaining reliable public and private investment data. Where possible, we have clarified this in the Notes. d) Data for the 1970s are scarcer than for the 1980s. The main interest of the paper centers on the period of "structural adjustment", however, and country coverage for 1980-87 is quite comprehensive. Data for 1988 are available, at this time, only for a few countries, therefore regional aggregation is not representative of actual 1988 trends. 2 Changes in inventories are excluded in Brazil, Costa Rica, Ecuador, Guatemala, Hungary, Malaysia, Mexico, Nigeria, Pakistan, Peru, Philippines, Singapore, Thailand, Tunisia, Turkey, Uruguay, Venezuela and Zambia. Investment includes changes in inventories in Argentina, Bangladesh, Bolivia, Chile, Colombia, India, Indonesia, Kenya, Korea, Portugal and Sri Lanka.
- 3 - The paper presents the investment figures in terms of five ratios for each country. There are three ratios expressed as percentage of GDP: Gross Domestic Investment (GDI/GDP); Private Investment (Private I/GDP); and Public Investment (Public I/GDP); (see Table 1 for the ratios and Table 2 for the corresponding GDP figures). Two ratios are expressed as percentage of Gross Domestic Investment: Private Investment (Private I/GDI); and Public Investment (Public I/GDI); (see Table 3). All ratios are computed using local currency units at current prices. This comprehensive 30 country data set (Table 1-3) provides raw data for further analysis. These same five ratios are analyzed in Tables 4-9. Tables 4 & 5 are simple (non-weighted) averages of annual investment shares across countries. Table 4 (a and b) shows private and public investment trends for the 30 countries, while Table 5 (a, b, c, and d) shows regional trends. Simple averages are also calculated across the years 1970-88: Table 6 (a and b) present the five ratios averaged over the whole period. Table 6b ranks countries in order of average private investment shares. Tables 7 & 8 show private investment shares for each of the countries in selected periods for a brief overview and cross country comparison of trends. The countries are ranked by the increase in private investment shares in recent years. Table 9 presents annual weighted averages of the five ratios for the 30 country sample (weighted by GDP, 1980-87). Developing Country Investment Trends It is apparent from Graphs 1 and 2 that, between 1970 and 1980, total investment was on the rise in developing countries, while in the 1980s it has declined. Private investment was substantially higher than public investment initially, but public investment has grown faster than private investment during the 1970s and early 1980s. Private investment rose, as a share of GDP, during the 1970s, it then declined, starting after the second oil shock. Public investment fell only later, after the onset of the debt crisis. Private investment seems to have begun to recover somewhat after reaching its low point around 1985-86. Overall, private investment has exceeded public investment throughout the 1970s and 80s (see also Chart 5).
-4 - Graph 1: Investment (% of GDP) 30-Country Sample 25-2 0-15 -- Public % of GDP ', - - - - -0-..0 -O- Private 1 0 f7 _ - o -E- Total 70 72 74 76 78 80 82 84 86 88 Year Graph 2: Private & Public Shares of Total Investment 30-Country Sample 60 -- N~-..0-0 o0-~o- ----- O- 3 0-20 120- _ 0- i II I I I I I I I I I I I I I I I 70 72 74 76 78 80 82 84 86 88 Year
- 5 - The annual investment data corresponding to the above two graphs are found in Table 4. They suggest that average total investment in the selected 30 developing countries increased from 18 percent of GDP in the early 1970s to a peak of about 23 percent of GDP in 1978-82, and then dedined as a result of the debt crisis, and stabilized around 18.5 of GDP in 1985-87. On average (1970-88), private investment amounted to about 12 percent of GDP and public investment to about 9 percent of GDP. The most recent data suggest that private investment is still fairly low (10-11% of GDP), but that public investment was still somewhat higher in 1986-87 (8.5 % of GDP) than it had been during 1970-72 (6.8 % of GDP). The share of public investment in total investment increased steadily from 1970 to 1983, when public and private investment represented one-half each of the total. After 1983, private investment regained some of its lost share, reaching 55 % of total investment in 1987, but has not yet returned to its high levels of the early 1970s. Regional Trends Private investment has been higher than public investment throughout the period in East Asia and, to a lesser extent, in Latin America. In Latin America, as private investment declined and public investment rose, the two had equal shares by 1983, after which the former resumed its growth and the latter fell. In South Asia public investment has slightly exceeded private investment for the entire period under consideration. In the African countries in the sample, until 1980 private investment was higher than public investment. Then the share of public investment increased as private investment declined as a percent of GDP, to the point where over 60 percent of investment is now public -- the highest proportion of any region. In recent years private investment has averaged 9 percent of GDP in Latin America, 15 percent in East Asia, 8 percent in South Asia, and 6 percent in Africa.
-6 - Recent Country Trends Private investment, as percentage of GDP, reached a low point in most developing countries around 1985. Since then, private investment (as a % of GDP) has clearly risen in 19 out of the 30 countries, including most Latin American countries. Four countries had steady investment trends. Private investment (as a % of GDP) has, however, declined in four countries. For another three countries recent data is not available (Korea, Sri Lanka, Venezuela). Observe Table 7 and the country charts for a country by country breakdown of the trends from 1983-84 to 1987. Countries are listed below by the categories they fall into, "rising" versus "falling", and "steady": Rising private investment/gdp ratio: Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Ecuador, Guatemala, Hungary, India, Indonesia, Kenya, Mexico, Nigeria, Peru, Portugal, Thailand, Turkey, and Uruguay. See Table 7 for the growth over the two years. Falling private investment/gdp ratio: Bangladesh, Malaysia, Philippines, and Tunisia. Steady private investment/gdp ratio: Pakistan, Singapore, Zimbabwe, and Zambia. As for recent changes in the respective shares of private and public investment, private investment has gained in 19 countries, public investment in three, and there has been no change in the remaining five (see Table 8 for the percentage of increase from 1983 to 1987): Rising share of private investment: Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Ecuador, Guatemala, Hungary, India, Indonesia, Mexico, Nigeria, Pakistan, Peru, Philippines, Portugal, Singapore, and Thailand. Rising share of public investment: Bangladesh, Malaysia, and Zambia. Steady shares of private and public investment: Kenya, Tunisia, Turkey, Uruguay, and Zimbabwe.
- 7 - Based on the above findings we can conclude that the long run trends of private and public investment as a percentage of GDP have been roughly similar. During the 1970s, total investment as a percentage of GDP increased steadily, but this was reversed in the eighties, and by the mid-eighties it fell to about the level of the early seventies. The private share in total investment is on average higher than public. The spread between these shares narrowed in the seventies and early eighties. However, after 1983 the share of private investment in total investment began to increase. Private investment as a percentage of GDP started rising in most developing countries around 1986-87. Finally, the data provide some insight into private sector reactions to expansion of public investment. The sample data include 31 episodes when public investment was increased by more than 0.5 percent of GDP annually over a 3-year moving average period. In 17 cases private investment as a percentage of GDP also grew, while in 14 cases it declined. The results are the same using a one year lag. The data do not support the hypothesis that rising public investment tends to discourage private investment -- a form of "crowding out" -- nor do they show consistent evidence of positive linkages between the two. Rather, the suggestion is that the direction of change will depend on country circumstances, including the state of private sector confidence.
Table 1: Investment (Percent of GDP) 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 Argentina GDUGDP 21.6 20.8 20.7 18.1 19.3 25.9 26.8 27.3 24.4 22.7 22.2 18.8 17 17.4 14.5 12.3 13 14.2 - Private l/gdp 13.4 13 12.3 10.8 11 17.1 13.9 14.4 12.5 12.5 13 9.4 8.9 7.9 6.9 5.5 6 6.8 - Public l/gdp 8.2 7.8 8.4 7.3 8.3 8.8 12.9 12.9 11.9 10.2 9.2 9.4 8.1 9.5 7.6 6.8 7 7.4 - Bangladesh GDVGDP - - - - - - - - - - 15.9 15 13.6 12.3 13.3 11.8 12.4 11.8 Private l/gdp - - - - - - - - - - 9.5 8.9 7.4 6.7 7.2 6.3 6 5.9 Public l/gdp - - - - - - - - - - - 6.4 6.1 6.2 5.6 6.1 5.5 6.4 5.9 Bolivia GDVGDP 14.3 14.5 15.1 17.4 15 18.5 19 19.1 20.2 16.5 14.2 11.4 11.5 6.6 4.7 7.1 9.6 10.3 - Private I/GDP 6.3 5.8 6.2 10.9 10 10.9 8.4 6.9 6.8 6.9 7.3 3.8 5 2 1.6 3.6 4.9 4.9 - Public I/GDP 8 8.7 8.9 6.5 5 7.6 10.6 12.2 13.4 9.6 6.9 7.6 6.5 4.6 3.1 3.5 4.7 5.4 - Brazil GDFVGDP 23.8 24.7 25.2 25.8 27.9 29.6 26.7 25.2 24.4 22.3 22.5 21 20.4 16.1 15.5 16.7 18.5 19.7 - Private l/gdp 16.6 18.2 17.6 19.7 19.7 20.9 16.1 15.7 13.6 7.7 14.5 12 11.7 9.7 9.5 10.5 12.3 12.8 - Public l/gdp 7.2 6.5 7.6 6.1 8.2 8.7 10.6 9.5 10.8 14.6 8 9 8.7 6.4 6 6.2 6.2 6.9 - Chile GDVGDP 16.4 14.5 12.2 7.9 21.2 14 12.8 14.4 17.8 17.8 21 22.7 11.3 9.8 13.6 13.7 14.6 16.9 17 Private I/GDP 9.5 6.5 4.5 0.5 9.2 3.2 4.8 7.6 11.4 12.6 15.6 17.5 6.5 4.9 7.3 6.8 7 10 9.5 Public I/GDP 6.9 8 7.7 7.4 12 10.8 8 6.8 6.4 5.2 5.4 5.2 4.8 4.9 6.3 6.9 7.6 6.9 7.5 Colombia GDVGDP 20.2 19.4 18.1 18.3 21.4 17 17.6 18.7 18.3 18.1 19 20.6 20.5 19.9 19 19 17.9 19 - Private I/GDP 14.5 13 12.3 11.3 16.2 11.8 12.1 9.6 11.5 12.3 11.4 12 11.1 11 10 9.4 9.3 11.1 - Public I/GDP 5.7 6.4 5.8 7 5.2 5.2 5.5 9.1 6.8 5.8 7.6 8.6 9.4 8.9 9 9.6 8.6 7.9 -
Table 1: Investment (Percent of GDP) 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 Costa Rica GDFVGDP - - - - - 23.5 22.4 23 26.2 23.9 24.1 20.3 18 20.1 19.3 21.8 19.9 - Private I/GDP - - - - - 15.1 14.2 15.6 17.3 14.7 15.2 13.1 11.6 13.7 12.3 12.8 15.1 Public I/GDP - - - - - 8.4 8.2 7.4 8.9 9.2 8.9 7.2 6.4 6.4 7 9 4.8 - Ecuador GDFVGDP 16.6 21.8 18 17.6 18.2 23.2 22.2 23.6 26.2 23.7 23.6 22.3 22.6 16.5 15.4 16.1 18.4 23 - Private I/GDP 9.9 14.7 11.4 10.8 10.2 14.5 13 13.4 16.8 14.5 14.1 11.7 13 8.6 9 9.5 9.8 14.6 Public I/GDP 6.7 7.1 6.6 6.8 8 8.7 9.2 10.2 9.4 9.2 9.5 10.6 9.6 7.9 6.4 6.6 8.6 8.4 - Guatemala GDFVGDP 12.6 13.3 13 13.9 14.8 15.6 20.6 18.9 20 18.7 16.5 16.8 15.1 10.5 9.6 11 10.1 12.3 13.6 Private I/GDP 10.2 10.4 9.8 10.5 11.9 12.1 14 13 14.4 12.4 9.8 8.4 8.8 5.9 5.8 8.3 8.1 9.5 10.8 Public I/GDP 2.4 2.9 3.2 3.4 2.9 3.5 6.6 5.9 5.6 6.3 6.7 8.4 6.3 4.6 3.8 2.7 2 2.8 2.8 Hungary GDFVGDP - - - - - - - - - - 28.8 26.5 25.2 24.5 23 22.4 24 24.7 - Private I/GDP - - - - - - - - - - 2.5 3 3.3 3.6 3.7 3.7 5 4.2 - Public I/GDP - - - - - - - - - 26.3 23.5 21.9 20.9 19.3 18.7 19 20.5 - India GDVGDP - 13.1 16.4 16.9 15.3 15.8 17.9 19.1 19.2 19.2 19.7 19.3 19.8 20.2 19.2 19.6 20.8 21.6 - Private I/GDP - 8.1 9.9 9.3 8.5 9.6 10.3 10.3 10.6 10.7 10.5 10.7 10.6 9.7 9.4 9.4 10.4 11 - Public I/GDP -. 5 6.5 7.6 6.8 6.2 7.6 8.8 8.6 8.5 9.2 8.6 9.2 10.5 9.8 10.2 10.4 10.6 - Indonesia GDUGDP - - - - - - - - - - - 24.1 25.9 25.8 22.5 20.7 20.5 19.8 19 Private I/GDP - - - - - - - - - - - 13.5 13.6 13.2 12.2 9.9 10.7 10.4 11 Public UGDP - - - - - - - - - - - 10.6 12.3 12.6 10.3 10.8 9.8 9.4 8
Table 1: Investment (Percent of GDP) 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 Kenya GDVGDP 19.7 22.8 22.1 20.8 19.2 20.1 20.1 20.9 25 23.7 23.5 24.1 19.3 18.8 18.3 17.9 20.4 20.2 - Private i/gdp 13.7 14 13.6 11.4 10.5 11.7 11.6 12.1 15.6 12.8 12.9 13.4 10.6 11.6 10.7 10.9 11.8 12.6 - Public l/gdp 6 8.8 8.5 9.4 8.7 8.4 8.5 8.8 9.4 10.9 10.6 10.7 8.7 7.2 7.6 7 8.6 7.6 - Korea GDUGDP - - 20.4 23 25.4 25 24 26.9 30.9 32.7 31.2 27.5 29.3 30.3 30.2 29.7 30.5 - Private I/GDP - - 13.9 18 20.5 19.3 18.8 20.7 24.5 25.8 23.4 19.8 21.7 23.5 23.3 21.8 22.4 - Public I/GDP - - 6.5 5 4.9 5.7 5.2 6.2 6.4 6.9 7.8 7.7 7.6 6.8 6.9 7.9 8.1 - Malaysia 0 GDFUGDP - - - - - - - - - - 31.1 36.1 36.6 35.3 31.9 29.8 26.4 22.6 - Private I/GDP - - - - - - - - - 19.5 19.9 18.3 17.3 16.8 14 10.7 10 - Public I/GDP - - - - - - - - - 11.6 16.2 18.3 18 15.1 15.8 15.7 12.6 - Mexico GDFUGDP 19.8 17.8 18.9 19.2 19.9 21.4 21 19.7 21.1 23.7 24.8 26.4 23.1 17.6 17.9 19.2 19.4 18.9 - Private I/GDP 13.2 13.2 12.8 11.7 12.3 12.4 12.8 11.9 12.8 13.5 13.9 14.7 12.7 10 10.8 12.2 13.3 13.5 Public UGDP 6.6 4.6 6.1 7.5 7.6 9 8.2 7.8 8.3 10.2 10.9 11.7 10.4 7.6 7.1 7 6.1 5.4 - Nigeria GDFUGDP - - - - - - - - - - 21.4 15.3 11.4 6 7.7 9.9 12.3 13.3 Private I/GDP - - - - - - - - - - 6 4.7 3.3 1.7 1.8 2.5 4.3 4.5 Public I/GDP - - - - - - - - - - - 15.4 10.6 8.1 4.3 5.9 7.4 8 8.8 Pakistan GDFUGDP 14.3 14 12.7 11.5 12.2 14.3 18.3 18.7 17.3 17.1 17.7 15.5 15.4 15.6 15.1 15 14.8 15.5 14.8 Private l/gdp 7.3 7 6.6 5.6 4.4 4.6 5.9 6.2 5.8 5.8 6.4 6.1 5.6 6 6.1 6.2 6.1 6.3 6.2 Public IGDP 7 7 6.1 5.9 7.8 9.7 12.4 12.5 11.5 11.3 11.3 9.4 9.8 9.6 9 8.8 8.7 9.2 8.6
Table 1: Investment (Percent of GDP) 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 Peru GDFVGDP 13.3 - - 15.1 17.6 16.8 14.6 13.9 14.1 17 20.5 21.9 18.3 16.4 14.1 15.6 15.6 - Private I/GDP 9.7 - - - 6.9 9.2 8.7 8.3 8.4 8.5 9.7 11.4 11.5 7.9 6.9 6.8 9.3 10.6 - Public VGDP 3.6 - - - 8.2 8.4 8.1 6.3 5.5 5.6 7.3 9.1 10.4 10.4 9.5 7.3 6.3 5 - Philippines GDFVGDP - - - - - 23.8 25.1 23.4 23.9 25.8 25.6 26.1 25.6 25.2 19 15 12.9 13.7 16.2 Private I/GDP - - - - - 18.6 17.7 16.6 16.8 18 18.4 18.5 18.1 18.8 14.5 11.4 9.7 10.6 12.5 Public I/GDP - - - - - 5.2 7.4 6.8 7.1 7.8 7.2 7.6 7.5 6.4 4.5 3.6 3.2 3.1 3.7 Portugal GDUGDP - - - - - - - - 33.7 35.6 36.4 28.8 23.2 21.8 22.8 25.1 - Private I/GDP - - - - - - - - 22.1 25 26 19.1 15.7 15.3 16.4 17.9 - Public I/GDP - - - - - - - 11.6 10.6 10.4 9.7 7.5 6.5 6.4 7.2 - Singapore GDFVGDP - - - 34.7 38 36.4 35.2 32.8 33.4 33.5 36.3 40.9 45.3 46.2 47 41.7 37.7 36 35.8 Private I/GDP - - - 27.7 29.4 26.5 23.6 21.6 22.4 25 26.7 30.4 31.9 30.7 31.3 26.7 21.9 23.4 27.4 Public I/GDP - - - 7 8.6 9.9 11.6 11.2 11 8.5 9.6 10.5 13.4 15.5 15.7 15 16.8 12.7 8.5 Sri Lanka GDYGDP 17.2 - - - - 13.9 15.3 13.8 19.8 25.2 31.3 27.4 29.6 28.5 26 23.3 23.2 - - Private I/GDP 9.8 - - - 8.2 7.9 7.2 7.9 13 12.9 12.7 13.3 14.3 11.9 10.7 10.6 - - Public VGDP 7.4 - - - - 5.7 7.4 6.6 11.9 12.2 18.4 14.7 16.3 14.2 14.1 12.6 12.6 - - Thailand GDFVGDP 23.8 23.3 22.7 22.4 23.3 22.9 22.9 26 25.3 25.6 25.2 24.7 23.4 24 24.5 23.6 21.8 23.6 25.8 Private I/GDP 16.7 16.6 16 17.3 19.6 17.7 16.1 18.6 17.6 18 16.3 15.8 15.3 15.9 16.1 14.6 14.1 17.3 20 Public UGDP 7.1 6.7 6.7 5.1 3.7 5.2 6.8 7.4 7.7 7.6 8.9 8.9 8.1 8.1 8.4 9 7.7 6.3 5.8
Table 1: Investment (Percent of GDP) 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 Tunisia GDFVGDP 20.4 19.8 19.8 20.5 20.8 25.7 29 30.7 30.9 30.5 28.4 31.1 34 31.8 30.7 26.8 24 20.3 21.5 Private l/gdp 8.5 7.7 8.8 10.7 10.5 12.3 11.6 10.9 11.7 12 13.3 14.8 15.4 14.2 13.6 12.3 10.5 9 9.1 Public I/GDP 11.9 12.1 11 9.8 10.3 13.4 17.4 19.8 19.2 18.5 15.1 16.3 18.6 17.6 17.1 14.5 13.5 11.3 12.4 Turkey GDFVGDP 22.5 20.2 21.7 21.4 19.9 22.1 24.4 25.6 23.1 21.9 20.8 20.3 19.9 18.5 18 20 23.2 24.3 - Private I/GDP 12.6 11.6 13 12.9 11.3 11.7 13.2 13.2 12.4 10.7 9.5 8.1 8.1 8.3 8.3 8.4 9.8 11.3 - Public l/gdp 9.9 8.6 8.7 8.5 8.6 10.4 11.2 12.4 10.7 11.2 11.3 12.2 11.8 10.2 9.7 11.6 13.4 13 - Uruguay GDFVGDP 11.8 11.5 9.8 9 10.3 13.3 15.5 15.2 16 16.2 16.7 15.8 15.1 11 9.3 7.5 7.3 8.5 - Private I/GDP 8.8 8.3 7.5 7.1 7.7 8.7 9 8.2 8 9.7 11.4 10.7 7.9 6.9 5.2 4.5 4.4 5.4 Public I/GDP 3 3.2 2.3 1.9 2.6 4.6 6.5 7 8 6.5 5.3 5.1 7.2 4.1 4.1 3 2.9 3.1 - Venezuela GDFVGDP 22.2 23.3 25.8 25.4 18.6 24.3 31.6 38.8 42.5 31.5 25.3 24.4 24.2 19.1 14.3 15.5 19.2 - Private l/gdp 17 17.9 16 16.4 12.6 15.8 18.6 23.6 24.5 18.1 13 9.8 7.7 4.5 6.6 6.5 6.8 - Public I/GDP 5.2 5.4 9.8 9 6 8.5 13 15.2 18 13.4 12.3 14.6 16.5 14.6 7.7 9 12.4 - Zambia GDFVGDP - - - - - - - - - - 18.7 17.6 17.2 14.6 12.8-10.4 10.8 - Private l/gdp - - - - - - - - - - 1.4 4.2 3.7 3 1.8-1.3 1.5 - Public I/GDP - - - - - - - - - - 17.3 13.4 13.5 11.6 11-9.1 9.3 - Zimbabwe GDFVGDP 16.1 17.8 18.1 21.3 22.6 23.4 19.8 17.2 14.5 14 15.3 18.8 20.1 20 18.5 17.3 17.7 16.7 - Private l/gdp 9.6 11.2 11.4 13.4 14.2 13.7 11.2 10.1 8.4 9.2 10.6 13.4 10.1 8.4 10.6 7.3 7.8 7.2 - Public I/GDP 6.5 6.6 6.7 7.9 8.4 9.7 8.6 7.1 6.1 4.8 4.7 5.4 10 11.6 7.9 10 9.9 9.5 -
Table 2: GDP (in local currency, current prices, billions) 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 Argentina 0.0000088 0.000012 0.000021 0.000035 0.000049 0.00014 0.00076 0.0021 0.0052 0.014 Bangladesh 31.73 30.88 27.74 45.11 71.09 125.74 107.46 105.36 146.37 172.82 Bolivia 12.37 13.543 17.249 26.056 43.325 49.201 56.447 65.22 76.474 92.056 Brazil 0.1961 0.2611 0.345 0.4833 0.708 1.0097 1.6251 2.4868 3.7639 6.3118 Chile 0.098417 0.126979 0.234491 1.147 9.199 35.447 128.676 287.77 487.506 772.2 Colombia 132.8 155.9 189.6 243.2 322.4 405.1 532.3 716 909.5 1188.8 Costa Rica - - - - - 16.8 20.7 26.3 30.2 34.6 Ecuador 35 40 46.9 62.2 92.8 107.7 132.9 166.4 191.3 234 Guatemala 1.904 1.984 2.101 2.569 3.161 3.646 4.365 5.481 6.071 6.903 Hungary - - - - - - - India 482.63 433.56 478.65 589.4 695.95 740.84 801.98 898.15 978.6 Indonesia - - - - - - - - - Kenya 11.45 12.7 15.05 17.57 21.21 23.93 29.07 37.2 40.99 45.5 Korea 2760 3410 4194 5397 7631 10224 13996 17985 24243 31224 Malaysia 12.86 13.53 14.85 19.56 23.88 23.33 29.34 33.78 37.89 46.42 Mexico 479 529 610 746 966 1179 1471 1972 2491 3255 Nigeria - - - - Pakistan 47.75 50.49 54.06 66.87 86.85 112.27 132.05 149.75 176.33 194.91 Peru 0.28 0.31 0.35 0.41 0.52 0.67 0.88 1.19 1.9 3.49 Philippines - - - - - 114.7 135.3 154.2 177.6 217.5 Portugal 177.8 199.1 231.8 282.2 339.3 377.2 468.9 625.8 787.3 993.3 Singapore 5.8 6.84 8.19 10.26 12.61 13.44 14.65 16.039 17.83 20.52 Sri Lanka 13.66 14.05 15.25 18.4 23.77 26.58 30.2 36.41 42.66 52.39 Thailand 24.57 25.48 27.22 38.53 54.63 53.68 55.85 74.87 85.89 100.43 Tunisia 0.76 0.88 1.07 1.15 1.55 1.74 1.93 2.19 2.48 2.92 Turkey 145.5 187.1 232.1 295.5 409.8 519.2 664 863 1274.8 2155.9 Uruguay 0.6 0.72 1.24 2.56 4.55 8.17 12.64 19.92 30.93 57.63 Venezuela 52.03 57.14 61.5 73.25 112.23 118.1 135.1 155.7 169.06 207.74 Zambia - - Zimbabwe 1.08 1.24 1.42 1.55 1.86 2 2.17 2.2 2.36 2.82
Table 2: GDP (in local currency, current prices, billions) 1980 1981 1982 1983 1984 1985 1986 1987 1988 Argentina 0.028 0.055 0.15 0.68 5.28 39.59 74.31 173.11 Bangladesh 197.98 233.26 265.14 288.42 349.92 416.96 462.01 539.17 603.77 Bolivia 122.942 157.581 392.701 1470.835 22883 2632686 8027532 9205517 Brazil 13 25 49 119 391 1418 3826 12789 Chile 1075.269 1273.123 1239.122 1557.709 1893.394 2576.638 3246.106 4159.762 5411.025 Colombia 1579.1 1982.8 2497.3 3054.1 3856.6 4965.9 6701.4 8799.4 CostaRica 41.4 57.1 97.5 129.3 163 197.9 247.8 285.3 Ecuador 293.3 348.7 415.7 560.3 812.6 1109.9 1382.1 1808.4 Guatemala 7.879 8.608 8.717 9.05 9.47 11.18 15.838 17.595 20.477 Hungary 721 779.9 848.3 896.3 978.4 1033.7 1088.8 1226.4 India 1076.58 1358.1 1594.2 1775.9 2072.7 2295.4 2617.3 2927.9 Indonesia - 58436.3 62669.2 73697.6 87348.4 94168.3 97578.1 114826.8 132017.4 Kenya 52.6 60.5 69.3 76.5 87.8 98.3 116.6 132.3 Korea 37915 47024 52913 61003 68867 75511 86653 99790 Malaysia 53.31 57.61 62.56 69.56 79.56 77.55 71.14 78.69 Mexico 4470 6128 9798 17879 29472 47403 79354 195615 Nigeria - 58.82 62.72 65.03 71.31 80.65 81.78 97.75 138.23 Pakistan 234.18 277.39 321.79 363.88 421.24 482.11 547.13 608.14 685.87 Peru 5.97 10.66 17.95 32.56 72.84 199.84 381.02 760.17 Philippines 264.7 305.2 340.6 384.1 540.5 612.7 624.4 705.5 821.8 Portugal 1235 1472.7 1856.9 2289 2824 3527 4337 5036 Singapore 25.09 29.34 32.67 36.73 40.05 38.92 38.16 42.04 48.05 Sri Lanka 66.53 85.01 102.22 124.19 152.76 165.09 182.56 196.72 Thailand 107.1 120.06 125.79 144.81 156.55 148.36 153.87 213.01 293.44 Tunisia 3.54 4.16 4.8 5.5 6.24 6.91 7.03 8 8.63 Turkey 4328 6413.6 8620.4 11531.8 18212.1 27551.8 39287.7 57766.2 Uruguay 92.2 122.45 128.7 185.01 294.36 528.15 971.73 1700.56 Venezuela 254.2 285.2 291.27 290.49 347.53 372.03 403.85 Zambia 3.06 3.48 3.59 4.18 4.93 7.05 12.95 18.08 Zimbabwe 3.44 4.43 5.17 6.22 6.42 7.61 8.88 9.72
Table 3: Breakdown of Investment by Sector (Percent) 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 Argentina Private 62 62.5 59.4 59.7 57 66 51.9 52.7 51.2 55.1 58.6 50 52.4 45.4 47.6 44.7 46.2 47.9 - Public 38 37.5 40.6 40.3 43 34 48.1 47.3 48.8 44.9 41.4 50 47.6 54.6 52.4 55.3 53.8 52.1 - Bangladesh Private - - - - - - - 59.7 59.3 54.4 54.5 54.1 53.4 48.4 50 Public - - - - - - - - - - 40.3 40.7 45.6 45.5 45.9 46.6 51.6 50 Bolivia Private 44.1 40 41 62.6 66.4 59 44.3 36.1 33.6 41.7 51.3 33.2 43.5 30.4 34.4 50.7 51 47.6 - Public 55.9 60 59 37.4 33.6 41 55.7 63.9 66.4 58.3 48.7 66.8 56.5 69.6 65.6 49.3 49 52.4 - Brazil Private 69.8 73.7 69.8 76.4 70.6 70.6 60.3 62.3 55.7 34.5 64.4 57.1 57.4 60.2 61.3 62.8 66.5 65 - Public 30.2 26.3 30.2 23.6 29.4 29.4 39.7 37.7 44.3 65.5 35.6 42.9 42.6 39.8 38.7 37.2 33.5 35 - Chile Private 58 44.8 36.8 6.9 43.5 23 37.6 52.4 63.8 70.7 74.2 77.2 57.8 50.4 53.2 49.4 48.1 59.2 55.8 Public 42 55.2 63.2 93.1 56.5 77 62.4 47.6 36.2 29.3 25.8 22.8 42.2 49.6 46.8 50.6 51.9 40.8 44.2 Colombia Private 71.6 67.2 68 61.9 75.6 69.7 68.6 51.2 63 67.9 60 58.3 54.1 55.5 52.5 49.4 52 58.5 - Public 28.4 32.8 32 38.1 24.4 30.3 31.4 48.8 37 32.1 40 41.7 45.9 44.5 47.5 50.6 48 41.5 Costa Rica Private - - 64.3 63.4 67.8 66 61.5 63.1 64.5 64.4 68.2 63.7 68.8 75.9 Public 35.7 36.6 32.2 34 38.5 36.9 35.5 35.6 31.8 36.3 31.2 24.1
Table 3: Breakdown of Investment by Sector (Percent) 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 Ecuador Private 59.8 67.5 63.5 61.5 55.9 62.5 58.6 56.7 64.2 61.3 59.7 52.5 57.4 52 58.3 58.9 53.4 63.5 - Public 40.2 32.5 36.5 38.5 44.1 37.5 41.4 43.3 35.8 38.7 40.3 47.5 42.6 48 41.7 41.1 46.6 36.5 Guatemala Private 81 78.2 75.4 75.5 80.1 77.4 68 68.8 72 66.3 59.5 49.8 58.3 56.5 60.5 75.4 80.4 77.3 79.4 Public 19 21.8 24.6 24.5 19.9 22.6 32 31.2 28 33.7 40.5 50.2 41.7 43.5 39.5 24.6 19.6 22.7 20.6 Hungary Private - - - - - 8.7 11.3 13.1 14.7 16.1 16.5 20.8 17 - Public - - - - - 91.3 88.7 86.9 85.3 83.9 83.5 79.2 83 a India Private - 62 60.4 55.1 55.6 60.9 57.7 53.9 55.3 55.6 53.2 55.4 53.5 48 49 48 50 50.9 Public - 38 39.6 44.9 44.4 39.1 42.3 46.1 44.7 44.4 46.8 44.6 46.5 52 51 52 50 49.1 Indonesia Private - - - - - - - - - - - 55.9 52.5 51.1 54.2 47.7 52.2 52.4 54.1 Public - - - - - - - - - - - 44.1 47.5 48.9 45.8 52.3 47.8 47.6 45.9 Kenya Private 69.6 61.5 61.5 54.7 54.8 58.1 57.8 57.7 62.3 54 54.8 55.7 55 61.8 58.3 61 57.7 62.3 - Public 30.4 38.5 38.5 45.3 45.2 41.9 42.2 42.3 37.7 46 45.2 44.3 45 38.2 41.7 39 42.3 37.7 - Korea Private - - 68.1 78.4 80.8 77.3 78.3 77 79.2 79 75 71.9 74.2 77.5 77.3 73.3 73.5 - Public - - 31.9 21.6 19.2 22.7 21.7 23 20.8 21 25 28.1 25.8 22.5 22.7 26.7 26.5
Table 3: Breakdown of Investment by Sector (Percent) 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 Malaysia Private - - - - - - - - - 62.6 55.2 50 49 52.6 47 40.5 44.3 - Public - - - - - - - 37.4 44.8 50 51 47.4 53 59.5 55.7 - Mexico Private 66.7 74.1 67.6 60.9 61.8 57.9 61 60.5 60.6 56.9 56 55.7 55.1 56.7 60.4 63.4 68.6 71.4 - Public 33.3 25.9 32.4 39.1 38.2 42.1 39 39.5 39.4 43.1 44 44.3 44.9 43.3 39.6 36.6 31.4 28.6 - Nigeria Private - - - - - - - - - 27.9 30.9 29.2 28.3 23.2 25.4 34.7 33.6 Public - - - - - - - - - - 72.1 69.1 70.8 71.7 76.8 74.6 65.3 66.4 Pakistan Private 51.1 50.1 52 48.7 36.2 32.1 32.3 33.1 33.6 34 36.1 39.3 36.4 38.3 40.4 41.4 41.2 40.7 42.1 Public 48.9 49.9 48 51.3 63.8 67.9 67.7 66.9 66.4 66 63.9 60.7 63.6 61.7 59.6 58.6 58.8 59.3 57.9 Peru Private 72.7 - - - 45.6 52.3 51.8 56.9 60.3 60.2 57 55.6 52.6 43.2 42 48.1 59.5 67.8 - Public 27.3 - - - 54.4 47.7 48.2 43.1 39.7 39.8 43 44.4 47.4 56.8 58 51.9 40.5 32.2 - Philippines Private - - - - - 78.3 70.6 71 70.3 69.8 71.8 70.9 70.6 74.7 76.4 75.7 75.2 77.3 77.2 Public - - - - - 21.7 29.4 29 29.7 30.2 28.2 29.1 29.4 25.3 23.6 24.3 24.8 22.7 22.8 Portugal Private - - - - - - - - - - 65.6 70.2 71.4 66.3 67.7 70.2 71.9 71.3 - Public - - - - - - - - - - 34.4 29.8 28.6 33.7 32.3 29.8 28.1 28.7 -
Table 3: Breakdown of Investment by Sector (Percent) 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 Singapore Private - -. 79.8 77.3 72.7 67.1 65.8 67.1 74.7 73.6 74.3 70.5 66.5 66.6 64.1 58.1 64.8 76.3 Public - - - 20.2 22.7 27.3 32.9 34.2 32.9 25.3 26.4 25.7 29.5 33.5 33.4 35.9 41.9 35.2 23.7 Sri Lanka Private 56.7 - - 58.9 51.7 52.3 39.8 51.5 41.2 46.4 45 50.2 45.8 45.9 45.6 - - Public 43.3 - - - 41.1 48.3 47.7 60.2 48.5 58.8 53.6 55 49.8 54.2 54.1 54.4 - - Thailand Private 70.2 71.2 70.5 77.1 84 77.4 70.4 71.6 69.7 70.3 64.6 63.9 65.5 66.3 65.6 61.8 64.8 73.3 77.7 Public 29.8 28.8 29.5 22.9 16 22.6 29.6 28.4 30.3 29.7 35.4 36.1 34.5 33.7 34.4 38.2 35.2 26.7 22.3 Tunisia Private 41.7 38.9 44.6 52.1 50.4 47.9 40 35.5 37.8 39.4 46.9 47.6 45.3 44.7 44.3 45.9 43.8 44.3 44.3 Public 58.3 61.1 55.4 47.9 49.6 52.1 60 64.5 62.2 60.6 53.1 52.4 54.7 55.3 55.7 54.1 56.2 55.7 55.7 Turkey Private 55.9 57.3 60 60.2 56.9 53 54.1 51.5 53.7 48.9 45.6 40 40.7 44.9 46 41.9 42.3 46.4 - Public 44.1 42.7 40 39.8 43.1 47 45.9 48.5 46.3 51.1 54.4 60 59.3 55.1 54 58.1 57.7 53.6 - Uruguay Private 74.6 72.3 76.9 79 74.8 65.2 58.1 54 50.2 59.9 68.2 67.9 52.4 63 56.1 60.1 60.6 63.7 - Public 25.4 27.7 23.1 21 25.2 34.8 41.9 46 49.8 40.1 31.8 32.1 47.6 37 43.9 39.9 39.4 36.3 - Venezuela Private 76.7 76.7 62.1 64.6 67.6 65 58.9 60.9 57.6 57.4 51.4 40.1 31.8 23.6 46.3 42 35.4 - Public 23.3 23.3 37.9 35.4 32.4 35 41.1 39.1 42.4 42.6 48.6 59.9 68.2 76.4 53.7 58 64.6 -
Table 3: Breakdown of Investment by Sector (Percent) 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 Zambia Private - - - - - - - - - 7.5 23.9 21.5 20.5 14.1-12.5 13.9 - Public - - - - - - - - - - 92.5 76.1 78.5 79.5 85.9-87.5 86.1 - Zimbabwe Private 59.5 63 63 62.9 62.9 58.5 56.7 58.8 58.1 65.6 69.3 71.4 50.3 42 57.3 42.2 44.1 43.1 - Public 40.5 37 37 37.1 37.1 41.5 43.3 41.2 41.9 34.4 30.7 28.6 49.7 58 42.7 57.8 55.9 56.9 -
Table 4a: Annual Averages in Investment Shares for 30 Developing Countries 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 Average Total l/gdp 18.1 18.4 18.3 19.2 19.9 21.1 22 22.3 23.1 22.6 23.8 23.2 22.5 20.5 19 18.5 18.5 18.5 18.9 20.6 Private l/gdp 11.5 11.6 11.3 12.4 12.8 13.2 12.8 12.8 13.5 13.3 13.1 12.7 11.9 10.6 10.3 9.9 9.7 10.3 11.7 11.8 Public I/GDP 6.6 6.8 7 6.8 7.1 7.9 9.2 9.5 9.6 9.3 10.7 10.5 10.6 9.8 8.7 8.6 8.8 8.2 7.2 8.8 Table 4b: Average Breakdown of Investment between Public and Private Sectors for 30 Developing Countries 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 Average Private ]/Total I 63.4 62.4 61.2 62 62.9 61.1 57.4 56.7 57.7 58.3 55.5 53.4 51.4 50 51.8 52.7 52.1 54.9 59 56.2 Public I/Total I 36.6 37.6 38.8 38 37.1 38.9 42.6 43.3 42.3 41.7 44.5 46.6 48.6 50 48.2 47.3 47.9 45.1 41 43.8
Table 5a: Investment Shares for Latin America (Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Ecuador, Guatemala, Mexico, Peru, Uruguay, Venezuela) 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 Average Total l/gdp 17.5 18.2 17.6 17.3 18.3 20 21.2 21.5 22.3 21 20.6 20.4 18.5 15.1 14.2 14.3 15.2 16.2 18.3 Private l/gdp 11.7 12.1 11 11 11.6 12.4 12.2 12.2 13 12.2 12.4 11.4 9.8 7.6 7.8 8 8.7 10.4 10.8 Public I/GDP 5.8 6.1 6.6 6.3 6.7 7.6 9 9.3 9.3 8.8 8.2 9 8.7 7.5 6.4 6.3 6.5 5.8 7.5 Private I/Total I 67 65.7 62.1 60.9 63.5 60.8 56.9 56.3 58.3 58.2 60.2 55 53.1 50.1 53.4 55.7 57.5 63.4 58.8 Public I/Total I 33 34.3 37.9 39.1 36.5 39.2 43.1 43.7 41.7 41.8 39.8 45 46.9 49.9 46.6 44.3 42.5 36.6 41.2 Table 5b: Investment Shares for East Asia (Indonesia, Korea, Malaysia, Philippines, Singapore, Thailand) 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 Average Total VGDP 23.8 23.3 22.7 28.6 30.7 27.7 27.7 27.4 27.5 28.3 29.9 29.9 31 31.1 29.2 26.8 25 23.1 27.3 Private l/gdp 16.7 16.6 16 22.5 24.5 20.9 19.1 18.9 18.9 20.3 20.9 19.6 19.8 19.9 19 16.4 14.9 14.3 18.8 Public VGDP 7.1 6.7 6.7 6.1 6.2 6.8 8.6 8.5 8.6 8 9 10.3 11.2 11.2 10.2 10.4 10.1 8.8 8.5 Private I/Total I 70.2 71.2 70.5 78.5 80.7 76.1 69.3 69.4 69 71.6 69.5 65.4 63.9 64.2 65.4 61.6 60.7 62.5 69 Public I/Total I 29.8 28.8 29.5 21.5 19.3 23.9 30.7 30.6 31 28.4 30.5 34.6 36.1 35.8 34.6 38.4 39.3 37.6 30.5
Table 5c: Investment Shares for South Asia (Bangladesh, India, Pakistan, Sri Lanka) 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 Average Total l/gdp 15.8 13.5 14.5 14.1 13.8 14.7 17.1 17.2 18.8 20.5 22.9 19.5 19.9 21.4 18.1 19.3 17.6 16.5 17.4 Private l/gdp 8.6 7.5 8.2 7.4 6.5 7.5 8 7.9 8.1 9.8 9.9 9.7 9.6 10 8.5 8.8 8.3 7.8 8.5 Public l/gdp 7.2 6 6.3 6.7 7.3 7.2 9.1 9.3 10.7 10.7 13 9.8 10.3 11.4 9.6 10.5 9.3 8.7 8.9 Private I/Total I 53.9 56.1 56.2 51.9 45.9 50.6 47.2 46.4 42.9 47 43.5 50.2 48.6 45.5 47.4 45.1 47.6 46.7 48.4 Public I/Total I 46.1 43.9 43.8 48.1 54.1 49.4 52.8 53.6 57.1 53 56.5 49.8 51.4 54.5 52.6 54.9 52.4 53.3 51.6 Table 5d: Investment Shares for Africa (Kenya, Nigeria, Zambia, Zimbabwe) 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 Average Total l/gdp 18 20.3 20.1 21 20.9 21.8 19.9 19.1 19.8 18.9 20.7 20.5 18 16.2 13.9 14.3 14.7 15 16.5 Private l/gdp 11.7 12.6 12.5 12.4 12.4 12.7 11.4 11.1 12 11 10.7 9.3 7.3 6.6 6.2 6.7 5.9 6.4 7.2 Public l/gdp 6.3 7.7 7.6 8.6 8.5 9.1 8.5 8 7.8 7.9 10 11.2 10.7 9.6 7.7 7.6 8.8 8.6 9.3 Private I/Total I 64.6 62.2 62.3 58.8 58.9 58.3 57.3 58.2 60.2 59.8 43.9 44.8 39.4 38.4 39.5 42.1 34.9 38.5 40.4 Public I/Total I 35.4 37.8 37.7 41.2 41.1 41.7 42.7 41.8 39.8 40.2 56.1 55.2 60.6 61.6 60.5 57.9 65.1 61.5 59.6
- 23 - Table 6a: Average Investment Shares (1970-1988) Total I/GDP Private l/gdi Public I/GDP Private I/GDI Public I/GDI Argentina 19.9 10.9 9 53.9 46.1 Bangladesh 13.2 7.2 6 54.2 45.8 Bolivia 13.6 6.2 7.4 45.1 54.9 Brazil 22.6 14.4 8.2 63.3 36.7 Chile 15.3 8.2 7.1 50.7 49.3 Colombia 19 11.7 7.3 61.4 38.6 Costa Rica 21.6 14.2 7.4 66 34 Ecuador 20.5 12.2 8.3 59.3 40.7 Guatemala 14.6 10.2 4.4 70.5 29.5 Hungary 24.9 3.6 21.3 14.8 85.2 India 18.4 9.9 8.5 54.4 45.6 Indonesia 22.5 11.8 10.7 52.5 47.5 Kenya 20.9 12.3 8.6 58.8 41.2 Korea 27.8 21.2 6.6 76 24 Malaysia 31.2 15.8 15.4 50.1 49.9 Mexico 20.5 12.6 7.9 62 38 Nigeria 12.2 3.6 8.6 29.2 70.8 Pakistan 15.2 6 9.2 40 60 Peru 16.3 8.9 7.4 55 45 Philippines 21.5 15.7 5.8 73.5 26.5 Portugal 29.8 19.7 10.1 69.3 30.7 Singapore 38.2 26.7 11.5 69.5 30.1 Sri Lanka 24.7 12.8 11.9 48.5 51.5 Thailand 23.9 16.8 7.1 70.3 29.7 Tunisia 26.1 11.4 14.7 44 56 Turkey 21.6 10.8 10.8 49.9 50.1 Uruguay 12.1 7.7 4.4 64.3 35.7 Venezuela 25 13.8 11.2 54 46 Zambia 14.5 2.4 12.1 16.3 83.7 Zimbabwe 18.2 10.4 7.8 57.2 42.8 Average 20.5 11.7 8.8 56.2 43.8
- 24 - Table 6b: Average Investment Shares (1970-1988) Total I/GDP Private Il/GDPPublic l/gdp Private l/gd4 Public l/gdi Korea 27.8 21.2 6.6 76 24 Philippines 21.5 15.7 5.8 73.5 26.5 Guatemala 14.6 10.2 4.4 70.5 29.5 Thailand 23.9 16.8 7.1 70.3 29.7 Singapore 38.2 26.7 11.5 69.5 30.1 Portugal 29.8 19.7 10.1 69.3 30.7 Costa Rica 21.6 14.2 7.4 66 34 Uruguay 12.1 7.7 4.4 64.3 35.7 Brazil 22.6 14.4 8.2 63.3 36.7 Mexico 20.5 12.6 7.9 62 38 Colombia 19 11.7 7.3 61.4 38.6 Ecuador 20.5 12.2 8.3 59.3 40.7 Kenya 20.9 12.3 8.6 58.8 41.2 Zimbabwe 18.2 10.4 7.8 57.2 42.8 Peru 16.3 8.9 7.4 55 45 India 18.4 9.9 8.5 54.4 45.6 Bangladesh 13.2 7.2 6 54.2 45.8 Venezuela 25 13.8 11.2 54 46 Argentina 19.9 10.9 9 53.9 46.1 Indonesia 22.5 11.8 10.7 52.5 47.5 Chile 15.3 8.2 7.1 50.7 49.3 Malaysia 31.2 15.8 15.4 50.1 49.9 Turkey 21.6 10.8 10.8 49.9 50.1 Sri Lanka 24.7 12.8 11.9 48.5 51.5 Bolivia 13.6 6.2 7.4 45.1 54.9 Tunisia 26.1 11.4 14.7 44 56 Pakistan 15.2 6 9.2 40 60 Nigeria 12.2 3.6 8.6 29.2 70.8 Zambia 14.5 2.4 12.1 16.3 83.7 Hungary 24.9 3.6 21.3 14.8 85.2 Note: Countries are ranked by share of private in total investment.
- 25 - Table 7: Trends in Private Investment as a Percentage of GDP 1970-79 1980-81 1985 1987 % Change 1985-87 Nigeria. - 6 1.8 4.3 138.9 Peru 8.3 10.5 6.8 10.6 55.9 Ecuador 12.9 12.9 9.5 14.6 53.7 Chile 7 16.5 6.8 10 47.1 Bolivia 7.9 5.6 3.6 4.9 36.1 Turkey 12.3 8.8 8.4 11.3 34.5 Argentina 13.1 11.2 5.5 6.8 23.6 Costa Rica 15.6 15 12.3 15.1 22.8 Brazil 16.6 13.3 10.5 12.8 21.9 Uruguay 8.3 11 4.5 5.4 20 Thailand 17.4 16.1 14.6 17.3 18.5 Colombia 12.5 11.7 9.4 11.1 18.1 India 9.7 10.6 9.4 11 17 Portugal - 23.6 15.3 17.9 17 Kenya 12.7 13.2 10.9 12.6 15.6 Guatemala 11.9 9.1 8.3 9.5 14.5 Hungary - 2.8 3.7 4.2 13.5 Mexico 12.7 14.3 12.2 13.5 10.7 Indonesia 13.5 9.9 10.7 8.1 Pakistan 5.9 6.2 6.2 6.3 1.6 Singapore 25.2 28.6 26.7 26.7 0 Zambia - 2.8 1.5 1.5 0 Zimbabwe 11.2 12 7.3 7.2-1.4 Philippines 17.5 18.5 11.4 10.6-7 Bangladesh - 9.5 7.2 6-16.7 Tunisia 10.5 14 12.3 9-26.8 Malaysia - 19.7 14 10-28.6 Korea 20.2 21.6 21.8 - - Sri Lanka 9 12.8 10.7 Venezuela 18.1 11.4 6.5 - - Average 12.9 12.7 9.6 10.3 18.8 Note: Countries are ranked by the percent increase in private investment as a share of GDP from 1985, the lowest level of private investment share, to 1987.
- 26 - Table 8: Trends in Share of Private Investment in Total Investment 1970-79 1980-81 1983 1987 % Change 1983-87 Peru 57.1 56.3 43.2 67.8 57 Bolivia 46.9 42.2 30.4 47.6 56.6 Mexico 62.8 55.8 56.7 71.4 26 Ecuador 61.2 56.1 52 63.5 22.1 Nigeria - 27.9 29.2 34.7 18.8 Costa Rica 65.4 62.3 64.4 75.9 17.9 Guatemala 74.3 54.7 65.5 77.3 18 Chile 43.7 75.7 50.4 59.2 17.5 Hungary - 10 14.7 17 15.6 Thailand 73.2 64.3 66.3 73.3 10.6 Brazil 64.4 60.8 60.2 65 8 Portugal - 67.9 66.3 71.3 7.5 Pakistan 40.3 37.7 38.3 40.7 6.3 Singapore 72.1 74 66.5 70.6 6.2 India 57.4 54.3 48 50.9 6.1 Argentina 57.8 54.3 45.4 47.9 5.5 Colombia 66.5 59.2 55.5 58.5 5.4 Indonesia - 55.9 51.1 53.3 4.3 Philippines 72 71.3 74.7 77.3 3.5 Turkey 55.1 42.8 44.9 46.4 3.3 Zimbabwe 60.9 70.4 42 43.1 2.6 Uruguay 66.5 68.1 63 63.7 1.1 Kenya 59.2 55.3 61.8 62.3 0.8 Tunisia 42.8 47.3 44.7 44.3-0.9 Malaysia - 58.9 49 44.3-9.6 Bangladesh - 59.7 54.4 48.4-11.1 Zambia - 15.7 20.5 13.9-32.2 Korea 77.3 73.5 77.5 - Sri Lanka 51.8 43.8 50.2 Venezuela 64.7 45.7 23.6 - Average 60.6 53.5 50.4 55.6 9.9 Note: Countries are ranked by the percent increase in private share of investment from 1983, the lowest level of private investment share, to 1987.
- 27 - Table 9a: Annual Weighted Average Investment Shares for Recent Years (30-Country Sample) (Percent of GDP) 1980 1981 1982 1983 1984 1985 1986 1987 Public 9.7 10.5 10.3 9.4 8.1 8.4 8.5 8.3 Private 13.7 12.6 11.8 10.6 10.4 10.2 11.2 11.5 Total 23.4 23.1 22.1 20.5 18.5 18.5 19.7 19.8 Table 9b: Annual Weighted Average Investment Shares for Recent Years (30-Country Sample) (Percent of GDI) 1980 1981 1982 1983 1984 1985 1986 1987 Public 41.9 46.2 47.6 48.8 46 46.8 44.2 41.9 Private 58.1 53.8 52.4 51.2 54 53.1 55.8 58.1
- 28 - Chart 1: Latin America Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Ecuador, Guatemala, Mexico, Peru, Uruguay, Venezuela Annual Average Investment Shares (Percent of GDP) 25-20 -/ -Pi 15----- *- Total I % of GDP l_>-oo- - - Private I 10 ---- _7- *-- Public I 5. 70 72 74 76 78 80 82 84 86 88 Average Private Public Shares of Total Investment 70 60 50 - _----------- -- % of GDI T - -~O *-Pbi 30 - ~~~~~~~~~~~~~~.- Private i 20-30 10-70 72 74 76 78 80 82 84 86 88
- 29 - Chart 2: East Asia Indonesia, Korea, Malaysia, Philippines, Singapore, Thailand Average Investment Shares (Percent of GDP) 35-30- \7. _ 25 : * O_ -- Public 20~~~~~~~~~~ % of GDP O - Private 1- Total 5 1 I I II 70 72 74 76 78 80 82 84 86 88 Average Private Public Shares of Total Investment 90-80 --.. 70, 60 - _ -------- % of GDI 50- -}- Public 40 0- Private 3 0 --------...... 20 - ------ 10-20 70 72 74 76 78 80 82 84 86 88
- 30 - Chart3: South Asia Bangladesh, India, Pakistan, Sri Lanka Average Investment Shares (Percent of GDP) 25-20 A is ------ ----------- Total I % of GDP - Private I 5-40 10E- o\ Rvo-^u U- Public I 21 I i i I a I 70 72 74 76 78 80 82 84 86 88 Average Private and Public Shares of Total Investment 60-40 %of GDI 30-50 0... AN*A\ <*~*.* 50 -* / 0 '\n/-' 0-o o 0, 4- Public I 0- Private I 20 10 * 0 70 72 74 76 78 80 82 84 86 88
- 31 - Chart 4: African Countries Kenya, Nigeria, Zambia, Zimbabwe Average Investment Shares (Percent of GDP) 25 20,._... 15 - Total I % of GDP I 000 '00110-- Private I 10 -O- U- Public I 01;;;; I;; i; ; ;~~~0- I {,,~~~~~~~.,..... I 70 72 74 76 78 80 82 84 86 Average Private Public Shares of Total Investment 70 60 - oe 0 0-0--------- 50 * % of GDI l 40 - -- Public I 30-0- Private i 20-10 0 I I I I I I I I I I I I I I I I 70 72 74 76 78 80 82 84 86
- 32 - Chart 5: Recent Trends (Weighted Averages) Weighted Average of Investment Shares (1980-87) (30-Country Sample) 25 1 5 L -- Public I 0 1 0.- * = 4 =0_-0 *-- Total % of GDP lo- Private 5-80 81 82 83 84 85 86 87 Weighted Average of Breakdown of Investment by Sector (1980-87, 30-Country Sample) 60. 40 %- Public %ofgdl 30 I -0- Private 20 1 0 * 10 80 81 82 83 84 85 86 87
- 33 - Argentina Investment (Percent of GDP) 30 20 %ofgdp 15 N. \o- *- Public Private 10 V... U- GDI 5, 0 I IIIIIII I Ii II. 1 1:1 700 6 05 Private and Public shares of GDI ------- 0 25-40 - 10*~~~~~~~- Public 30- - Private 20-1 0-70 72 74 76 78 80 82 84 86
- 34 - Bangladesh Investment (Percent of GDP) 16 1 4-1 2-10 o- Public %of GDP 8 j,- Private 6 o 0 - GDI 4,- 81 82 83 84 85 86 87 88 Private and Public Shares of GDI 60 o 50 '- 40 %ofgdi 30-2 0- -- Public - Private 01-81 82 83 84 85 86 87 88
- 35 - Bolivia Investment (Percent of GDP) 20- ' %of GDP 15 \--- -Public ' 0- Private 10 ; * M- GDI 70 72 74 76 78 80 82 84 86 Private and Public Shares of GDI 7 0 -_ 40 - so2 j e ~~~~~~~~4- Public % ofgdi l ~ZO o 30-10~~~~~~~~~~~~ ' - Private 20 40 11I11I1IPublicI 70 72 74 76 78 80 82 84 86
-36 - Brazil Investment (Percent of GDP) 30-25 20 \\ *M 4- Public %ofgdp 1 5 NO -o- Private 1 0 ; U M- GDFI 5. 0 l l l l l l l ll l l 70 72 74 76 78 80 82 84 86 Private and Public Shares of GDFI 80 70 6iOO ----- 60-50 - %ofgdfi 40- NO/ A A ~~~~~~~-Public.0- Private 20 1 0 7 70 72 74 76 78 80 82 84 86
- 37 - Chile Investment (Percent of GDP) 25-20~~~ 2 0 -~~~~~ 1 5 ---------- ----... * - Public %ofgdp NE 0 - Private 10 I~ ----- - GDI o~ ~ 70 72 74 76 78 80 82 84 86 88 Private and Public Shares of GDI 1 00 90-00- 60 0 0 0~~~~~~~~~~~ ~~-- Public %ofgdi 0V --- o 40 A * 0- Private 30 N 20 0 I..._ 10 70 72 74 76 78 80 82 84 86 88
- 38 - Colombia Investment (Percent of GDP) 251 20w-~~ 2 0 - -----Z A *-- >---- 15~ 0-- Public %of GDP -. - - 0 0 0 Private 10 =-- GDI 5 0O l llll l : l l ll l 70 72 74 76 78 80 82 84 86 Private and Public Shares of GDI 80 70 ' -- -- 60-3of 40;\~0~~0\ GOt *- Public 20-2 0-70 7 70 72 74 76 78 80 82 84 86