evidence: But the landscape for FDI, once a hallmark of globalization, has been changing. Global FDI growth has stagnated since 2010, failing to keep pace with trends in merchandise trade and GDP. The bigger concern is the recent drop in flows to developing countries, given their reliance on foreign investments as a driver of growth. FDI into emerging markets (EMs) declined 9% to $841 billion in 2023, with falling or stagnating flows across most regions. Major Asian markets witnessed the largest fall of 12% last year. China reported a rare 6% drop in FDI inflows last year. Flows to the Association of Southeast Asian Nations, which were supposed to benefit from reshoring, declined by 16%. Despite the euphoria surrounding the Indian economy and improving ties with the West, India has also been falling out of favor and struggling to become a "plus one" country as investors diversify away from China. India saw a 47% drop in FDI inflows in 2023. Repatriation and divestment by direct investors has surged.