- Asia: According to the first estimates by UNCTAD (United Nations Conference on Trade and Development), FDI flows to developing Asia in 1999 increased by 1% over 1998 to US$91 billion, contrary to a decline anticipated in the wake of the 1997-1998 financial crisis. These results nonetheless conceal considerable variation between countries: i) China, the main FDI recipient in developing Asia throughout the 1990s, retained its lead but saw a nearly 8% drop to just over US$40 billion; ii) this was compensated for by the boom in the Republic of Korea with flows of 55%, or US$8.5 billion, as well as in Singapore (over 20%, US$8.7 billion) and Taiwan (2.4 billion); iii) a substantial decline was recorded in Indonesia, the Philippines and Thailand while figures for Malaysia remain steady and skyrocketed for the Republic of Korea. These five countries, which had been the most affected by the crisis, together gained 1%, reaching US$18 billion.