The year ahead holds reasons for cautious optimism. Citi projects global GDP to accelerate to 3.3% in 2014. Compared to recent history, growth prospects have improved for advanced economies, while the reverse is true for many emerging markets. For treasurers, the task will be that of refining strategies to manage an increasingly diverse portfolio of currencies, funding needs, cash investments and commodity exposures against a setting of changing regulatory frameworks and market volatility.

Backdrop

Despite the relative slowdown in many emerging markets, given the continued shift in global demand, companies continue to look to these markets for an increasing share of top-line growth. Many are investing into an even broader array of countries, with regions such as Sub-Saharan Africa coming into focus. With more operating exposure to these markets, which often come with capital controls and other complexities, treasurers face greater challenges in funding and risk management. Trapped cash continues to grow.