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edit-to-GDP ratio and its long-term trend in percentage points. Long-term trend is calculated using an HP filter. Source: Investment Strategy Group, Bank for International Settlements. direct investment has reversed and is now negative. In our view, neither China’s high savings rate nor its increasing government control of financi
Page: HOUSE_OVERSIGHT_014565 →urce: Investment Strategy Group, Emerging Advisors Group, Goldman Sachs Global Investment Research. both China and the US, such as Korea, Taiwan and Malaysia, would be particularly vulnerable. While the net effect of these competing forces is positive in our base case, the risks are tilted to the downside
Page: HOUSE_OVERSIGHT_014579 →(cost basis) ] 9 10 8 10 11 12 11 - Middle East oil exporters gross claims on US banks 81 122 106 101 136 132 134 129 = 120 Saudi Arabia deposits in Bank for International Settlements (BIS) reporting banks Cross-border deposits with BIS reporting banks 163 180 169 167 188 244 224 210 212 of which, implied deposits from banks and ot
Page: HOUSE_OVERSIGHT_016119 →versification drive introduced by the NTP follows the typical macro template, in our view. We discuss in a later section diversification lessons from Malaysia and Norway and conclude that the NTP contains elements from these successful case studies. In particular, it a) identifies key sectors with relativel
Page: HOUSE_OVERSIGHT_016124 →er and Executive Vice-President General Manager, Bank for International Settlements (BIS), Basel Vice-President International News an
nd (IMF) The Uncultured Project LightSquared Holcim Ltd Dogus Group Consolidated Contractors Company (CCC) USA Switzerland United Arab Emirates Malaysia United Arab Emirates Nigeria USA India Canada Qatar Russian Federation Turkey Germany Germany South Africa USA USA USA Switzerland Switzerla
Page: HOUSE_OVERSIGHT_017060 →Entities connected to both Malaysia and Bank for International Settlements

Philippines
LOCATION
United States
LOCATION
Barack Obama
PERSON
United Kingdom
LOCATION
Donald Trump
PERSON
Chile
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Columbia University
LOCATION
Marc Rich
PERSON
Norway
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Venezuela
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Bahrain
LOCATION
John F. Kennedy
PERSON
Nigeria
LOCATION
Middle East
LOCATION
Kuwait
LOCATION
Frankfurt
LOCATION
United Arab Emirates
LOCATION
U.S. Treasury
ORGANIZATIONthe Dubai Financial Services Authority
ORGANIZATION
Kazakhstan
LOCATION