Publications

- Fall 2008 Vol. 1 No. 3

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Cliffs Notes: A Guide to Recent Research Reports and Papers

by Drew Campbell

Emerging Markets Infrastructure: Just Getting Started

By Morgan Stanley Investment Management The complete report can be found by searching keyword “infrastructure” at www.morganstanley.com/views

Synopsis: Morgan Stanley expects $21.7 trillion of infrastructure spending in emerging markets during the next 10 years, with Asia representing 67 percent of this forecast. Several factors are driving this trend, including urbanization, burgeoning emerging market economies and demand for emerging market exports in the developed world.

Strong GDP growth and supportive balance of payment positions in emerging market countries “have provided funding to build infrastructure in most emerging market countries, albeit that delivery capability still varies significantly,” the report notes.

In anticipation of the increased spending, “the number of listed emerging market infrastructure- related entities —

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