Global investment record in 2007 - According to initial estimates from the United Nations Conference on Trade and Development (UNCTAD), global foreign direct investment (FDI) inflows grew in 2007 to an estimated US$1.5 trillion, overtaking the previous record set in the year 2000 (1.4 trillion). FDI continued to rise in all of three groups of economies - in developed countries, developing economies, and in South-East Europe and the Commonwealth of Independent States (CIS) - largely reflecting increased transnational corporations' profits and their high number of mergers and acquisitions. The US is the main pole of attraction for global funds and received $192 billion, despite this growth being only 10% of what it was in 2006. The United Kingdom is in 2nd place ($171.1 billion; +22%, ahead of France which performed excellently with $123.3 billion; +52%.) Overall, industrialised countries continue to attract most cross-border investment, accounting for two thirds of the total (+17%). The European Union (EU25) alone accounted for 40% of global investment with a 15% increase ($610 billion). China and India, on the other hand, saw their attractiveness decline with -3% ($67.3 billion) and -9% ($15.3 billion) respectively. Singapore and Malaysia both had excellent results with more than a 50% increase. Africa remains stable (35.6 billion; +0.1%), while Latin America and the Caribbean experienced a +50% rise ($125.8 billion). Transition countries (Kazakhstan, Romania and the Russian Federation) had a +40% increase with $97.6 billion. UNCTAD says that 2008 will not have such good performances and believes that “several risks” could shatter current investor euphoria: increased prices of raw materials and higher interest rates, as well as the risk of recession in the US, creating too many uncertainties.