Foreign direct investment (FDI) outflows from OECD countries in 2007 leapt to a record USD 1.82 trillion from USD 1.2 trillion in 2006 but are projected to fall sharply in 2008, according to estimates from the OECD. If a slowdown in merger and acquisitions observed in the first half of 2008 continues, FDI outflows could fall to USD 1.14 trillion. Based upon the historical relationship between developing country inflows and OECD outflows, the projected 37% drop in OECD outflows in 2008 could result in a decline of around 40% for developing country inflows to around USD 276 billion from their 2007 record of USD 471 billion.