The last six months have seen a marked turnaround for the world economy. A year ago the larger emerging-market countries were falling in the rankings as investors lost confidence in Brazil, Russia and other crisis-ridden giants. This year favourable commodity prices, better risk management and buoyant developed country economies point to better times ahead. There are some big winners in the latest Euromoney country risk ranking. Research by Andrew Newby.

You only have to see Jeremy Isaacs's triangular-shaped office - which comfortably fits a boardroom-size conference table - at Lehman Brothers' Broadgate headquarters in London to realize that this is a man who's doing well. At 35, he's the youngest person to head an American investment bank in Europe.