The document is an investor newsletter that discusses investment opportunities in international economies. It summarizes the following: 1) It divides countries into three categories for investment purposes: high-income countries, middle-income countries, and low-income countries. Each category has different growth and risk profiles that may not be suitable for all investors. 2) It analyzes the historical GDP growth and risk ratings of countries in each category over the past 30 years. GDP has grown consistently across all categories, while risk ratings have remained stable or improved. 3) It compares the recent performance and characteristics of each country category, such as average annual returns, GDP composition, population growth, and standard of living. High-income countries