1. www.circulodeempresarios.org
Emerging leaders
Between 2009 and 2014, the world leading
emerging companies in their sectors have
grown three times as fast as those in matu-
re markets. This development has come in
the context of a slowing down of macro-
economic growth, an increase in geopoliti-
cal risks, and the depreciation of many cu-
rrencies, among other imbalances.
This expansive trend is supported by some
more favorable demographic and consum-
ption conditions, among them:
• From 2015 to 2030 the population in
emerging markets will grow by 17%
(three times more than in mature
markets).
• By 2030, the urban population in sub-
Saharan Africa will have grown 70%
(double the rate in the Asia-Pacific
area and triple that of Latin America).
• During the next five years, China and
India will bring an additional 3.9
trillion dollars in consumption
(equivalent to the German GDP).
• In 2020, emerging markets will account
for one-third of world consumption.
New local firms
According to the Boston Consulting Group (BCG), the companies in emerging markets will not
only face traditional multinationals, but also new local firms (approximately 1,500), which,
thanks to their present growth rates, can become the leaders in their sectors over the next 10
years-
71%
29%
69%
31%
67%
33%
Latin America and
Caribbean
174
Así está…July 2016
The company
2009
2014
Total revenues of the top 100 corporates
33 tn $ 43 tn$
Emerging market companies Mature market companies
2015
2018
2020
Share of global consumer spending
%
Emerging market companies
Mature market companies
China
770
South Asia
125
Africa
61
Central Asia and Russia
61
Middle East
103
Southeast Asia
179
Note: Bubble size indicates relative number of new local firms
Source: Círculo de Empresarios based on BCG, 2016
Source: Círculo de Empresarios based on BCG, 2016
Source: Círculo de Empresarios based on BCG, 2016
New local firms
geographical distribution

2. ‘Así está…The company’, a publication of the Círculo de Empresarios produced by its Department of the Economy, contains information and opinion from reliable sources.
However the Círculo de Empresarios does not guarantee its accuracy and does not take responsibility for any errors or omissions. This document is merely informative. As a
result, the Círculo de Empresarios is not responsible for any uses that may be made of the publication. The opinions and estimates of the Department can be modified without
any warning.
www.circulodeempresarios.org
FinTech 2016
According to a PwC survey:
• Some 95% of the managers in the tradi-
tional financial sector recognize that the
appearance of new competitors can put
their share of business at risk.
• The fintech companies could account
for 23% of the activity by financial enti-
ties.
• Some 67% of these managers recognize
that this disruptive transformation is
exerting downward pressure on the
margins and profitability of financial
institutions.
Petroleum
Energy intensity
Between 1990 and 2015, global energy in-
tensity (energy consumption per unit of
GDP) has diminished by more than 30%.
At the same time, the OECD countries use
12% less energy per dollar of GDP than
those non-OECD countries.
Spain Automobile sector
Since 2012, the Spanish auto industry has
undergone a more intense recovery than the
rest of the sector because of:
1. Its main export character.
2. A drop in unit labor costs in compari-
son with other automotive-producing
countries, which has generated greater
investment and employment.
3. Greater flexibility in labor conditions.
4. A low level of debt at the start of the
financial crisis (15 pp below the average
for the rest of the manufacturing
sector).
Negative Interest rates
Since the Brexit, according to Fitch, global
debt in negative rates has grown by more
than 1 trillion dollars a 11.7 trillion..
• 61% believe that over the next five years
more than 60% of their clients will be
using mobile applications.
5. A reduced financial burden (with
considerable use of intra-group
financing).
On July 13, Germany issued 10-year debt at
negative rates. At present, more than 60%
of its debt is below the deposit rate (-
0.4%), which would leave those bonds
outside the Corporate Purchase program.
21%
22%
23%
24%
28%
0% 5% 10% 15% 20% 25% 30%
Payments
Banks
Average
Wealth management
Insurance companies
Percentage of business at risk of being lost to
standalone Fintech companies, 2020
0
2
4
6
8
10
1990 2000 2015 2020 2030
Energy intensity
Thousands btu $ 2010
OECD Non OECD
-60
-40
-20
0
20
40
Automobile sector, industrial production
Annual change
0
2
4
6
8
10
12
14
April May June
Negative global sovereing debt
$, by mature
Less than 1 year 1-7 years + 7 years
37%
63%
German debt
> -0,4% < -0,4%
Source: PwC, 2016
Source: EIA, 2016
Source: INE, 2016
Source: Círculo de Empresarios based on Fitch, 2016 Source: Círculo de Empresarios based on UBS, Bloomberg, 2016