UNCTAD indicates that foreign direct investment (FDI) fell in 2014. Global foreign direct investment (FDI) fell by 16 per cent to $1.23 trillion in 2014, according to the UNCTAD World Investment Report 2015. The report says the drop can be explained by the fragility of the global economy, policy uncertainty for investors and elevated geopolitical risks. New investments were also offset by some large divestments. Largest FDI recipient developing economies. The report reveals that China became the largest recipient of FDI in 2014, followed by Hong Kong (China) and the United States of America. Developing economies as a group attracted $681 billion worth of FDI and remain the leading region by share of global investment inflows. Among the top 10 FDI recipients in the world, half are developing economies: China, Hong Kong (China), Singapore, Brazil and India. This is in line with the expansion abroad by multinationals from developing economies which reached its highest level ever, at almost half a trillion dollars. In 2014, 9 of the 20 largest investor countries were developing or transition economies (China, Hong Kong (China), Russian Federation, Singapore, Republic of Korea, Malaysia, Kuwait, Chile and Taiwan), with firms from developing Asia now investing abroad more than any other region. Record FDI outflows in developing economies. Developing economies accounted for a record 35 per cent of global FDI outflows, up from 13 per cent in 2007. A characteristic of their global expansion is investment in other developing economies. FDI stock from developing economies to other developing economies (South-South FDI), excluding Caribbean offshore financial centres, grew by two-thirds from $1.7 trillion in 2009 to $2.9 trillion in 2013. FDI decline in developed economies. At $499 billion, developed economies recorded a 28 per cent decline in inflows last year. The report, which monitors international business activity in a number of areas, found that international production by multinationals rose in 2014. The foreign sales and assets of multinationals expanded faster than their domestic counterparts, generating added value of approximately $7.9 trillion. In addition, the foreign affiliates of multinationals employed a total of 75 million people, creating four million jobs globally last year. (Isabelle Lamberty)