COUNTRY RISK ASSESSMENT MAP • JANUARY 2018
160 COUNTRIES UNDER THE MAGNIFYING GLASSA UNIQUE METHODOLOGY• Macroeconomic expertise in assessing country risk
• Comprehension of the business environment
• Microeconomic data collected over 70 years of payment experience
UNITED STATES
MEXICO
ALGERIA
ICELAND
CCO
MALI
TUNISIA
COSTA RICA
PANAMA
REPUBLIC
HAITI
CUBA
GUATEMALAEL SALVADOR
NICARAGUA
HONDURAS
JAMAICA
GUINEA
SIERRA LEONE
LIBERIA GHANA
MAURITIUS
ILE DE LA RÉUNION
GROENLAND(DENMARK)
BURKINAFASO
SENEGALCABO VERDE
ITALY
SPAINPORTUGAL
FRANCE
GERMANY
SWITZERLAND
CANADAIRELAND
UNITED KINGDOM
BELGIUM
BELIZE
BRAZIL
ARGENTINA
PERU
BOLIVIA
VENEZUELA
ECUADOR
KENYA
DR CONGO
SOUTH AFRICA
LESOTHO
ANGOLA
NAMIBIA
ZAMBIA
MOZAMBIQUE
COLOMBIAFRENCHGUYANA
DOMINICAN
GUYANASURINAME
BURUNDI
UGANDA
MALAWI
ZIMBABWE
BOTSWANAPARAGUAY
CHILE
URUGUAY
TRINIDAD AND TOBAGO
LIBYAEGYPT
SUDAN
MADAGASCAR
NIGER
CENTRAL AFRICAN REPUBLIC
ETHIOPIA
TANZANIA
MAURITANIA
GABON
NIGERIA
CHAD
IVORYCOAST
TOGO
SAO TOME& PRINCIPE
RWANDA
ERITREA
CAMEROON
BENIN
CONGO
SAUDIARABIA
PAKISTAN
OMAN
YEMEN
IRAQIRAN
DJIBOUTI
KUWAIT
UNITEDARABEMIRATES
AFGHANISTAN
KAZAKHSTAN
INDIA
TURKEY
BANGLADESH
ISRAEL
JORDAN
SYRIALEBANON
CYPRUS
NEPAL
KYRGYZSTAN
TAJIKISTANTURKMENISTAN
GEORGIA
ARMENIA
BAHRAINQATAR
UZBEKISTAN
AZERBAIJAN
HUNGARY
POLAND
ROMANIA
BULGARIA
BOSNIA
GREECE
AUSTRIA
SLOVENIA
CZECHREPUBLIC
SLOVAKIA
NORWAY
SWEDEN
FINLAND
UKRAINE
LITHUANIA
LATVIA
ESTONIA
BELARUS
CHINA
INDONESIA
PHILIPPINES
MORO
SRI LANKA
MYANMAR
VIETNAMCAMBODIA
LAOS
MALAYSIA
TAIWAN
MALDIVES
HONG KONG
SINGAPORE
THAILAND
RUSSIA
AUSTRALIA
MONGOLIA
JAPAN
PAPUANEW GUINEA
NEW ZEALAND
SOUTH KOREA
GUINEA-BISSAU
SERBIA
MALTA
PALESTINIANTERRITORIES
NORTH KOREA
EQUATORIAL GUINEA
TIMOR-LESTE
SOUTHSUDAN
MOLDOVIA
TURKEY
GERMANY
FRANCE
ITALY
SPAIN
UNITED KINGDOM
FINLAND
SWEDEN
DENMARK
PORTUGAL
ICELAND
IRELAND
RUSSIA
LITHUANIA
LATVIA
ROMANIA
POLAND
UKRAINE
BULGARIA
HUNGARY
SLOVAKIA
CZECHREPUBLIC
GREECE
ALBANIA
MONTENEGRO
BOSNIA
CROATIA
SERBIA
LUXEMBOURG
ESTONIA
BELARUS
MALTA
CYPRUS
MOLDOVA
BELGIUM
NORWAY
SLOVENIA
MACEDONIA
SWITZERLAND AUSTRIA
NETHERLANDS
CB
GUINEA
BURKFASO
MAURITANIA
C
B
B
GEORGIAGEORGIA
BUKRAINE
C
MONGOLIA
C
SOUTH KOREA
A2
A2
LAOS A2
A2
TRINIDAD AND TOBAGO
C
D
DENMARK
A1
GREECEGREECE
B
GREECE
CEDONIACEDONIACEDONIA
GREECEB
CDR CONGOB
BUSINESS DEFAULTING RISK
EXTREME
EA1 A2 A3 A4 B C DVERY LOW LOW SATISFACTORY REASONABLE FAIRLY HIGH HIGH VERY HIGH
UPGRADES DOWNGRADES
CSAUDI ARABIA
DOWNGRADEUPGRADES
BGREECEBRAZIL A1NETHERLANDS SINGAPORE A2 SOUTH KOREA A2 UKRAINE
The country is heavily dependent on oil prices, which are still volatile. Internal political tensions are increasing and are in danger of damaging the business environment in the eyes of investors
After an agreement reached with international creditors last June, household and business confi dence is back. The weakness of the euro has strengthened the competitiveness of exports of goods, and the bounce-back in the tourism sector has benefi ted exports of services
The recovery is mainly due to private consumption. Macroeconomic fundamentals become more favourable, such as the fall in the unemployment rate, low infl ation and a solid monetary easing cycle
In 2018, activity should continue to record a very dynamic growth rate, above 2%. Coface predicts a further decline in insolvencies (for the 5th year in a row) which could be 10% down
In 2018, Singapore’s economic growth should be stable, driven by global demand
Although down slightly, growth is expected to continue to be robust in 2018 thanks to exports and budget support
In 2018 growth in the Ukraine is expected to increase (3%(f)) with the stabilization in both the situation in the eastern provinces and its relations with Russia. Under pressure from the IMF, reforms are moving forward even though the process is slow
CB