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Euler Hermes upgrades 11 countries risk ratings Print E-mail
Wednesday, 09 July 2014

Euler Hermes, the worldwide leader in trade credit insurance, announces the upgrade of 11 countries risk ratings. These are Côte d'Ivoire, Greece, Hungary, India, Ireland, Italy, Nicaragua, Nigeria, Portugal, Serbia, and Spain.

"Global GDP growth is expected to pick up slightly in 2014 (+2.8%), though the pace of the recovery should remain below 3% for the third year in a row," said Ludovic Subran, Euler Hermes’ chief economist.

“Against a gradually improving global economic outlook, Euler Hermes has upgraded 11 countries ratings. However, while global insolvencies are projected to decrease by -8% in 2014, they remain 13% above the pre-crisis level, meaning the 2009 crisis has not been absorbed yet."

Advanced economies are back in the game with an expected growth of almost +2% in 2014, the fastest since 2010. The eurozone should improve (+1.0%) after two years of contraction, with all major countries registering positive growth. In the southern eurozone, exports should help countries exit recession. Most central European economies will benefit from the eurozone recovery.

Emerging markets remain crucial contributors to global growth (+4.3% in 2014), despite slowing growth outlooks for several large economies such as Brazil, China, Russia, South Africa and Turkey. India should be the exception, with growth forecast to accelerate to +5.6% in 2014.

(Source - Euler Hermes News Release)  

 

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