The shifts in economic power and market capital have surpassed all predictions. Emerging economies are now integral to the global economy. They represent 40 percent of the world's exports, 50 percent of the world's energy consumption and 70 percent of foreign exchange reserves.
Of course, our global economy produces great challenges as well as great opportunities. For KPMG member firms, this means heightened responsibilities. In fact, KPMG member firms' role in contributing to the integrity of the capital markets by providing transparent, accurate financial reporting never has been more valued.
It's an exciting time to be in our profession. Member firms play a critical role in an increasingly complex and borderless world. Ultimately, we help the capital markets to be efficient and help investors understand the companies they are investing in.
This review provides insights from our senior leadership and other KPMG people about the pace of globalization, the velocity of change in the markets we serve, the impact of change on those markets, emerging issues and our responsibility as corporate citizens.