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However, Bank of America Merrill Lynch analysts Wesley Fogel and Michael Harris see bright spots in the frontier stock markets around the Middle East.
Frontier markets are high risk, high growth regions that are on the verge of becoming a classified as an emerging market.
BofA argues that these markets "fairly significant and still overwhelmingly under-owned long-term investment opportunity."
The strategists honed in on five markets: Saudi Arabia, Qatar, United Arab Emirates, Kazakhstan, and Nigeria.
We broke down their analysis of each markets' economy, demographics, and stocks.
Source: http://www.businessinsider.com/bofa-frontier-markets-2012-7
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