Country Reports

COUNTRY REPORTS

Euler Hermes Country Report is an in-depth economic research report that provides a review of an individual country's economic profile.

 
This analysis includes sections on economic strengths and weaknesses, country rating based on country grade and country risk level, main activity sectors and trade partners countries, economic forecasts and more.
 
General information, such as GDP, population, and form of government, is also included to provide a broader understanding of each country to support companies in identifying trade opportunities and associated risk. Euler Hermes releases new reports quarterly.
 

3 changes in country risk ratings Q3 2015

 

gradinga1-bb2

Brazil

 

  gradinga1-bb2 
The recession continues to deepen (GDP contracted by -1.9% q/q in Q2, dragged down mainly by falling investment and private consumption) while inflation continues to soar. The current account deficit will remain large due to low export revenues (lack of competitiveness, low commodity prices, uncertain outlook in China, gloomy outlook in neighbouring countries). Financing of the external deficit could prove challenging (low revenues from exports, Fed tapering, capital flight) and downward pressures on the BRL will remain strong. Alongside, public finances are deteriorating with a primary deficit expected for 2016 and public debt increasing rapidly. Consequently, we have changed the Short-Term Rating to Sensitive (3) from Medium (2). The Medium-Term Rating continues to be B.

 

gradinga1-bb2

China

 

  gradinga1-bb2 
Systemic risk is contained at that stage as the government has a strong financial position. However, cyclical risks have increased. We revised down our growth forecast in the course of this year to +6.8% in 2015 (from +7%) and +6.5% in 2016 (from +6.8), with a possible deviation of +/-0.2pps each year. This revision reflects lower growth in exports and investment, a less favourable financing mix (lower cost of credit but high corporate debt) and prevailing deflationary pressures in the manufacturing sector. Financing risk has increased in line with higher financial volatility and the still high level of corporate debt. The insolvency forecast was revised up significantly to an increase by +25% in 2015 (from +8% previously). Consequently, we have changed the Short-Term Rating to Medium(2) from Low (1). The Medium-Term Rating continues to be B.

 

gradinga1-bb2

Malaysia

 

  gradinga1-bb2 
Economic growth is weakening, with GDP growth set to decelerate to +4.8% this year (from +6% in 2014). The export performance has been affected by lower commodity prices and weaker global demand. Domestic buffers have weakened. Consumer confidence is on a downward trend as a result of various political scandals, lower economic prospects and lower “global purchasing power” due to the declining ringgit. The authorities have little scope to support growth: domestic vulnerabi-lity persists including high household debt and high public debt compared to regional peers; and external risk has increased as reflected by the large fall in FX reserves and the sharp currency depreciation. Going forward, China’s slowdown and the Fed rate hike add further worries. Consequently, we have changed the Short-Term Rating to Medium(2) from Low (1) and the Medium-Term Rating to BB from A.

   

A
Algeria
Country report for AngolaAngola (updated)
Country report for ArgentinaArgentina (updated)
Country report for AzerbeijanAustralia (updated)
Country report for AzerbeijanAustria
Country report for AzerbeijanAzerbaijan 

 

B
Country report for BarhainBahrain (updated)
Country report for bangladeshBangladesh 
Country report for BelarusBelarus 
Country report for BelgiumBelgium 
Country report for BoliviaBolivia 
Bosnia and Herzegovina 
Country report for BrazilBrazil (updated)
Bulgaria 
Country report for Burkina FasoBurkina Faso 

 

C
Cambodia 
Cameroon 
Canada
Country report for ChiliChile 
Country report for ChinaChina (updated)
Colombia (updated)
Congo 

Country report for Czech republicCongo Democratic Republic
Costa Rica (updated)

Country report for Ivory CostCôte d'Ivoire 
Country report for CroatiaCroatia 

Country report for CroatiaCuba
Cyprus
Country report for Czech republicCzech Republic 

 

D
doDenmark (updated)
doDominican Republic (updated)

 

E

Ecuador
El Salvador 
Egypt
Estonia 
Ethiopia 

F
Country report for franceFinland
Country report for franceFrance 


G

Gabon 
Country report for germanyGermany 
Ghana 
Country report for greeceGreece 
Guatemala

H

Honduras
Hong Kong (updated)
Country report for HungaryHungary 

I
Iceland 
Country report for irelandIreland  
Country report for IndiaIndia 
Indonesia 
Iran (updated)
Iraq
Israel 
Country report for italiaItaly (updated)

 


joJapan
joJordan (updated)

 

K
Kazakhstan 
Kenya
Country report for KuweitKuwait

 

L
Country report for LaosLaos 
Country report for LatviaLatvia 
Country report for LebanonLebanon 
Lithuania 

 

M
Country report for MalaysiaMalaysia (updated)
Mali 
Malta
Mauritius (updated)
Mexico 
Country report for MoroccoMongolia 
Country report for MoroccoMorocco 
Mozambique 
Myanmar 

 

N

 

Country report for NigeriaNicaragua
Norway (updated)


 
 

 

O
Country report for OmanOman

 

P
pkPakistan 

Country report for PanamaPanama 
Paraguay
Country report for PeruPeru 
Philippines
Country report for PolandPoland 

Country report for PortugalPortugal 

 

 

Q
Country report for QuatarQatar (updated)

 

R
rwRomania 
rwrwRussia (updated)
rwRwanda

 

S
Saudi Arabia 
Country report for SenegalSenegal 
Country report for SerbiaSerbia 
Country report for SingaporeSingapore 
Slovak Republic
Slovenia
Country report for South AfricaSouth Africa 
South Korea 
Country report for SpainSpain 
Sri Lanka
Sweden (updated)
Switzerland

 

T
Taïwan (updated)
Country report for TanzaniaTanzania 
Thailand 
Trinidad & Tobago 
Tunisia 
Country report for TurkeyTurkey (updated)

 

U
United Arab Emirates 
Uganda 
Ukraine 
Country report for United-KingdomUnited Kingdom 
Country report for Untied-StatesUnited States 
Uruguay (updated)

 

V
vnVenezuela 
vnVietnam