About this work
Capital continues to cross borders despite slower growth and a more fragmented policy environment. This June 2025 report finds recovering emerging market portfolio flows alongside resilient direct investment in India, Brazil and the Gulf. Currency differences and real interest rates shape returns, while institutional strength increasingly determines which economies attract investment amid trade and geopolitical uncertainty.
Cite this work
Marcello Estevão, Jonathan Fortun (2025). Capital Flows Report: Capital Flows in an Age of Fragmentation. Institute of International Finance.