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