Markets that tick two of the boxes include Romania, with strong GDP and low unemployment; Turkey, with strong GDP growth and a very high comparative inflation rate; and Tunisia, with its high growth rate and strong CPI. Then we have most of the Persian Gulf states, including Saudi Arabia, the UAE, Qatar and others with strong growth and low unemployment whose localization policies require them to hire scarce local talent. Those policies will likely result in labor pressures.
Other markets tick only one of the boxes. These include Algeria, with high GDP growth, and Egypt, with a high inflation rate and almost flat salary budget increases projected for 2014.