Mongolia was never listed among the emerging market countries until February 2011 when Citigroup analysts determined Mongolia to be one of the "global growth generating" countries, which are countries with the most promising growth prospects for 2010–2050. The Mongolian Stock Exchange, established in 1991 in Ulaanbaatar, is among the world's smallest stock exchanges by market capitalisation. In 2011, it had 336 companies listed with a total market capitalization of US$2 billion after quadrupling from US$406 million in 2008. Mongolia made a significant improvement in the ease of doing business in 2012, ranking 76th compared with 88th the previous year in the "Doing Business" report by the International Finance Corporation (IFC).