The share of emerging markets and developing countries in the global economy is growing and the status of G20 in the international society is also being strengthened. Considering the trend, the economic and political rising of developing countries can be regarded as opportunities to replace developed markets whose growth potential is relatively declining. However, there are risk factors that developed markets do not have. Therefore, it is essential to measure and manage the risk in developing countries.
This study selected economic, political, and social indicators to measure risks, referencing the cases of professional country risk rating agencies, and developed an analytical framework to enable comparisons among countries. Furthermore, this study derived comprehensive country risk ranking by putting the indicators of economic, political, and social risks together and analyzed the impact of weight change on risk rating.