The logistics industry is concerned about China’s slowdown but is hopeful that there will be an uptick in the growth of emerging economies, according to the 2016 Agility Emerging Markets Logistics Index released by Agility Logistics and research firm Transport Intelligence.

As part of the index, 1,118 executives working in the logistics and supply-chain industries were surveyed on their impressions of the overall state of the industry. They were also asked to rank the top 45 emerging markets in the world based on factors such as size, business conditions and infrastructure.

The executives saw lowering oil prices and China’s slowing economy as the top risks for the global economy. Similarly, the top risk in the Asia-Pacific region was economic shock, whereas the leading risks used to be natural disasters and corruption. As a result, 38% of those surveyed said that they were reassessing their strategies for China.

“It was a volatile year for emerging markets, and you see that in the index,” said Essa Al-Saleh, president and CEO of Agility Global Integrated Logistics. “Eight of the top 10 emerging markets shifted places. Despite the turbulence, the fundamentals driving growth remain consistent – a rising middle class with spending power, progress in poverty reduction, growing populations. That’s why we are still positive on the outlook for emerging markets and see them driving global growth.”

Even though China was still the leading emerging market, India was felt to be the country with the highest growth potential. This was the first time that India, which climbed two places to third, has surpassed China.

The United Arab Emirates, which ranked second, was seen as having the best business climate and the best infrastructure and transport connections. Other markets in the Gulf also ranked highly, including Qatar, Oman and Saudi Arabia.