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Global Economic Projections: Overall Rankings

What will go wrong next?

Country Risk December 1997: It could be worse

Country Risk December 1997: It could be worse

Issuer: UPM-Kymmene

The global bear market has started. It will knock the stock markets of the mature economies back 20% off their peaks, and emerging-market debt and equity by much more.

Which are Asia's strongest companies? With the region's corporates facing difficult market conditions, declining stock prices and a credit squeeze, the difference between Asia's many underperformers and its increasingly global star players is likely to grow. Asia's leading analysts gave their views of the best companies by sector and region in Euromoney's annual survey. The results contain a few surprises. In the Indian sub-continent - included this year for the first time - Pakistan's companies are rated higher than their counterparts in India. Research by Rebecca Dobson

Trade unions and opposition parties aren't happy, but Greece's harsh budget may just put the country on course to join the European single currency. Yet, as Robert Minto reports, recent currency volatility and stock-market woes suggest the road ahead may be long and hard

It's not just Asia's leaders that are in a state of denial. So too are the legions of economists and research analysts working at investment banks and brokerages across Asia. You might have expected some would have called the crisis that has crippled the region in the past six months. But whether because of political sensitivities or the sheer lack of talent in their ranks, Asian researchers failed to spot the impending crash. Steven Irvine reports.

...and what of 1998? Most of 1997 was a borrower's market in Latin America but the October market upheavals took the shine off bonds. Structured deals fared least badly and may prove the best way upwards in the new year. Michael Marray reports.

Whether for acquisition, expansion or simply to meet regulations, banks are finding there are better ways to raise capital than straight equity issues. Innovations include issuing preference shares, step-up and call bonds and asset-backed securities. Jules Stewart reports.