News & Economic Publications

What's new

09/14/2021
Economic Publications

All Coface Publications

07/16/2020
Economic Publications

Global Transport: What does the future hold beyond COVID-19?

The COVID-19 pandemic has triggered a mobility crisis, mainly because of physical distancing requirements and the necessity to avoid confined spaces, in order to limit the virus’ propagation. This has had a disastrous impact on the global transport sector, with air passenger transport being the most affected segment.

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07/09/2020
Economic Publications

United States: Two-speed business bankruptcies

The COVID-19 pandemic has hit the United States (U.S.) very hard, inflicting a heavy human and economic toll.

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07/02/2020
Economic Publications

Asia-Pacific Corporate Payment Survey 2020: COVID-19 will overturn last year’s incipient recovery

Coface’s annual Asia Corporate Payment Survey evaluates the payment behaviour of companies across nine economies in Asia Pacific.

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06/23/2020
Economic Publications

Focus: Are corporate balance sheets in Spain and Italy ready for the COVID-19 shock?

Spain and Italy will be amongst the economies hardest hit by COVID-19, contracting by 12.8% and 13.6% respectively in 2020, according to Coface’s forecasts. Taking a closer look at the health of Spanish and Italian corporate balance sheets should help identify pockets of vulnerability where widespread defaults are more likely to materialize.

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06/16/2020
Economic Publications

Focus: Corporate insolvencies in Europe - temporary framework amendments kick the can down the road

The economic consequences of the COVID-19 pandemic are of unprecedented scale in Europe. The double shock of supply and demand has resulted in the halting – at least partially – of production in many companies due to the impossibility for some employees to go to work, and in a fall in consumption because of mobility restrictions.

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06/08/2020
Economic Publications

Country & Sector Risk Barometer: Q2 2020 Quarterly Update

From a massive shock to a differentiated recovery

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06/02/2020
Economic Publications

China Payment Survey 2020: Payment delays will increase further because of COVID-19

Our survey shows a deterioration in payment behaviour in 2019, which ultimately does not bode well for Chinese companies in the context of weaker activity in 2020. Coface expects growth to fall to 1.0%, the lowest level in 30 years, so given the historic correlation between economic activity and payment delays, we anticipate a sharp deterioration in 2020.

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05/26/2020
Economic Publications

Focus: World Trade - despite a sudden interruption, global value chains still have a bright future

In the midst of the COVID-19 pandemic, global trade has been dragged down by numerous factors. However, as tight border controls begin to ease and producers begin to adapt, the good news is that global value chains still have a bright future.

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04/29/2020
Economic Publications

Focus: COVID-19 swings the spotlight back onto emerging countries’debt

While the focus, so far, has mainly been on China, Europe and the United States, the consequences of the COVID-19 pandemic are likely to be even more severe in emerging economies.

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04/17/2020
Corporate Publications

Universal Registration Document 2019

The Universal Registration Document of COFACE SA for 2019 (Document d’enregistrement universel 2019 in French) was filed with the French financial markets authority (Autorité des marchés financiers - AMF) on 16th April 2020 under the number D.20-0302.

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04/14/2020
Economic Publications

Focus: Can China shield its economy from the impact of COVID-19?

China will likely miss its 2020 growth target due to the impact of the coronavirus pandemic on the global economy.

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04/06/2020
Economic Publications

Country & Sector Risk Barometer: Q1 2020 Quarterly Update

COVID-19: heading towards a sudden global surge in corporate insolvencies

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03/05/2020
Economic Publications

Poland Payment Survey: reduced payment delays, but a challenging outlook

Despite the economic slowdown, Coface’s latest survey on business payments in Poland shows that payment delays have systematically shortened since 2017 - but the impact of the coronavirus epidemic on the Polish economy remains to be seen.

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02/04/2020
Economic Publications

Country & Sector Risk Barometer: Q4 2019 Quarterly Update

World trade in the face of political and environmental change.

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02/04/2020
Economic Publications

Country risk assessment map - february 2020

New edition of the country risk map. Consult, download and print the map of the 161 countries assessed by Coface.

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02/04/2020
Economic Publications

Sector risk assessment map - february 2020

13 major sectors assessed worldwide. Coface assessments are based on 70 years of Coface expertise and on the financial data published by listed companies from 6 geographical sectors. 5 financial indicators are taken into account: turnover, profitability, the net debt ratio, cashflow, and claims observed by our risk managers.

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01/23/2020
Economic Publications

Turkey Payment Survey 2019: better picture in payment terms but companies are still cautious regarding economic prospects

Following the economic recession during the second half of 2018, the private sector remains mixed in terms of the economic outlook.

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12/10/2019
Economic Publications

The global automotive industry and enhanced regulations: a very steep path ahead

The global auto sector is facing several challenges including enhanced and stricter regulations against environmental risks in the context of a slowdown of the global economy.

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12/10/2019
Economic Publications

Corporate insolvencies in France: fewer in number, larger in size

Corporate insolvencies fell by 3.3% in France during the first ten months of the year. After a difficult first quarter, due in particular to the repercussions of the “yellow vest” movement, they have been steadily declining since May 2019. As a result, the number of corporate insolvencies is expected to decline over the full year, for the fourth consecutive time. However, Coface expects a slight rebound of insolvencies in 2020 (+0.9%), for around 52,000 proceedings, mainly due to the expected slowdown in the construction sector that was largely driven by public works in 2019.

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10/24/2019
Economic Publications

Germany Payment Survey 2019: Turn of the tide

This is the third edition of Coface’s survey on payment experience in Germany, done this summer, with 442 participating companies located in Germany. Our survey highlights that Germany is in a changing phase. The pressure on companies due to international competition is getting stronger. This is one of the reasons why German companies have increased their average credit period from 29.8 days to 35.9 days between 2017 and 2019.

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10/21/2019
Economic Publications

Eurozone economic slowdown: Evidence from Coface’s activity indicators

Since the start of 2019, the signals warning of a slowdown in world growth have multiplied. While all economists agree on this downward trend, following the cyclical peak reached in 2017, there is now a question mark as to the scale of this slowdown, especially in the eurozone. While some commentators are suggesting the likelihood of a recession in 2020, most economists are predicting “only” a slight downturn.

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10/17/2019
Economic Publications

Global outlook for the agri-food sector within a protectionist environment

The agri-food sector (alongside the ICT sector), has been at the heart of the global trade war, aggravated by the fact that China’s retaliation measures have often targeted US soybean imports. As a consequence, the US agri-food sector, notably American soybean exporters are negatively impacted by this situation.

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10/17/2019
Economic Publications

Global economy in 2020: general slowdown despite the action of central banks

As usual, many political events marked the summer: another episode of the Argentine exchange rate crisis, an unexpected change of government in Italy, major demonstrations in Hong Kong and Russia, an ever more challenging continuation of the “Brexit” process and an attack on oil installations in Saudi Arabia.

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09/03/2019
Corporate Publications

Coface: a world of trade

We believe that trade is the driving force behind value creation and stability on a worldwide scale, but it is a risky and complex world out there.

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07/09/2019
Economic Publications

Asia-Pacific Corporate Payment Survey 2019: deteriorating payment trends amid trade war woes

Trade wars, volatile global capital flows, slowing growth in the United States (U.S.) and Europe, Brexit — businesses in the Asia-Pacific (APAC) region had to navigate a number of political, economic, and financial pitfalls last year.

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07/07/2019
Economic Publications

Political risks in Africa: the temperature is rising

Africa has seen a bevy of political events in recent months. After the deterioration of the security situation in the Sahel, as well as the forced departures of historical leaders from Algeria and Sudan via the streets, where will the political risks manifest in the second half of the year?

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07/04/2019
Economic Publications

Trade tensions return to the forefront of the global economy - Country and Sectors risks Barometer

The first part of 2019 was marked by the decline in world trade, which will decrease in volume over the year as a whole according to our forecasts (-0.7%), despite a slight recovery expected in the second half of 2019.

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07/03/2019
Economic Publications

Sector risk assessments - July 2019

13 major sectors assessed worldwide. Coface assessments are based on 70 years of Coface expertise and on the financial data published by listed companies from 6 geographical sectors. 5 financial indicators are taken into account: turnover, profitability, the net debt ratio, cashflow, and claims observed by our risk managers.

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07/03/2019
Economic Publications

Country risk assessment map - July 2019

New edition of the country risk map - April 2019. Consult, download and print the map of the 161 countries assessed by Coface.

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06/19/2019
Economic Publications

An unsure future for natural gas: How risks could derail the current boom

The energy industry is quickly evolving: as renewable energy sources increase in popularity compared to fossil fuels, their costs are plummeting. New forms of electricity conservation have recently become the focal point of widespread international attention, resulting in heavy investment and research. Furthermore, natural gas is increasingly losing its reputation as a cleaner energy source in the battle against climate change, as it pollutes more than renewable alternatives.

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06/18/2019
Economic Publications

Morocco Payment Survey 2019: Payment terms to remain long

During the first quarter of 2019, Coface conducted its fourth survey on businesses’ payment experience in Morocco. This survey aims to monitor the evolution of payment terms and delays. The payment behaviour reflects the evolution of both the economic situation and of the business environment.

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05/28/2019
Economic Publications

Corporate insolvencies in France: micro-entreprises in the wave’s trough

During the first four months of 2019, the rate of corporate insolvencies in France increased by +0.8%.
This rate was particularly high during January and February, mainly due to the repercussions of the "gilets jaunes" (yellow vests) movement; however, the increasing rate of insolvencies declined in March and April.

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04/03/2019
Corporate Publications

Registration Document 2018

The 2018 Registration Document

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03/14/2019
Economic Publications

China Payment Survey 2019: Longer delays as growth falters

The Chinese economy experienced some challenges in 2018 . Corporate bond defaults in US dollars quadrupled, reaching an amount of USD 16 billion, while the number of bankruptcy cases settled through the Supreme Court of the People’s Republic of China spiked to 6,646 (...)

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03/04/2019
Economic Publications

Poland payment survey 2019: robust economic growth has not eliminated payment delays

The third edition of Coface’s survey on payment experiences in Poland was carried out in December 2018 with 293 companies participating in the study.

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02/05/2019
Economic Publications

Global Economy: industry is stalling

Despite the many obstacles in its path (diverse and varied political risks, high volatility of commodity prices, supply constraint s in advanced economies, to name but a few), world growth in 2018 managed to sustain its 2017 rate (3.2%)

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02/05/2019
Economic Publications

Country risk assessment map - January 2019

Country risk assessment map - January 2019

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12/20/2018
Economic Publications

Tighter global liquidity and Asia: not all gloom and doom

Asia has been under pressure following from tighter global liquidity in 2018, led by a rapid pace of interest rate hikes by the Federal Reserve (Fed) of the Unites States (US)

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11/19/2018
Economic Publications

Could SMEs become the weak link in China's economy?

When considering risk in the Chinese economy, a lot of the discussion has focused on large State-Owned Enterprises (SOEs), or large private conglomerates (...)

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11/06/2018
Economic Publications

Wind Energy: How long will the wind stay in the industry's sails?

Wind energy undoubtedly has a bright future, with many countries around the world eager to develop this source of power due to its affordable cost of production, its ease of use, and the abundance of wind.

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10/25/2018
Economic Publications

UAE: a new place in new world trade?

The United Arab Emirates (UAE) has the second largest and the most diversified economy in the Gulf Cooperation Council (GCC).

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08/24/2018
Corporate Publications

Corporate Brochure - Coface 2018

The purpose and culture of Coface are founded on 3 pillars: conviction, vision, commitment.

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06/21/2018
Economic Publications

Barometer country and sector risks barometer q2 2018

Feels like déjà vu : Rising sovereign spreads in the eurozone, increased protectionism, higher oil prices, capital outflows from major emerging countries.

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06/21/2018
Economic Publications

Sector risk assessments - 2nd quarter 2018

13 MAJOR SECTORS ASSESSED WORLDWIDE

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06/21/2018
Economic Publications

Country risk assessment map : 2nd quarter 2018 publication

160 countries under the magnifying glass

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06/19/2018
Economic Publications

Race for market share in Africa: the European pack is catching up with the French breakaway

The loss of French influence is not only attributable to China: other major emerging countries, as well as some European neighbours, have entered the African market.

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06/01/2018
Economic Publications

Taking stock of global metal sector trends and outlook

The most-widely traded base and ferrous metals have benefitted from a bull market since mid-2016 (...)

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05/24/2018
Economic Publications

Turkey Payment Survey 2018: Payment terms expand amid positive economic expectations

This is the fi rst corporate payment survey in Turkey aiming at indicating how payment terms stand in different sectors, how companies manage credi t management practices and evaluate future payment experience (...)

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05/23/2018
Economic Publications

Political Risk in Latin America: Back to the future?

Latin America has experienced a diffi cult period since 2014. The slump in commodity prices has impacted activity via several channels (...)

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05/14/2018
Economic Publications

Western Balkans and the European Union: political ties lagging behind economic ones

Despite regional conflicts, the 2007-08 financial crisis, and the 2009-11 eurozone crisis, Western Balkans countries have developed a close economic proximity with the European Union via a number of regional and bilateral agreements. However, due to institutional, economic, and diplomatic obstacles, accession to the EU will be a long process. At the same time, due to the region’s strategic importance and with the reinforcement of membership conditions, accession (or a pre-accession status) is likely to happen – especially as membership would divert the region from other
interested parties (Russia, China).

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04/24/2018
Economic Publications

Currency Risk in Africa: easing in 2018, but reserves have melted

The exchange rate risk is still relevant on the African continent, as evidenced by the depreciation of the Angolan kwanza by more than 30% since the partial liberalisation of the exchange rate regime in January 2018.

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04/10/2018
Economic Publications

Country and sector risks barometers Q1-2018 : Beyond the peak of global growth

The leading Western economies continued to perform well during the first quarter of 2018. The United States (US) economy is expected to remain robust this year, with a GDP growth forecast of 2.3%.

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04/10/2018
Economic Publications

Country risk assessment map - 1st quarter 2018

160 countries under the magnifying glass

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04/10/2018
Economic Publications

SECTOR RISK ASSESSMENTS - 1st quarter 2018

13 MAJOR SECTORS ASSESSED WORLDWIDE

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04/10/2018
Economic Publications

Infographics - New mediterranean trade routes

More intra-mediterranean agreements. New bilateral trade flows are emerging

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04/03/2018
Economic Publications

China Corporate Payment Survey 2018: payment delays increase despite rapid and robust growth

The Chinese economy staged a comeback in 2017. GDP ticked up from 6.7% in 2016 to 6.9% in 2017, favoured by strong demand, as well as loose monetary and fiscal policy settings. As a result, risk managers have become more complacent, both in terms of their economic expectations and their risk management procedures.

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03/29/2018
Economic Publications

The singularity of political risk in Central and Eastern Europe

With the ongoing wave of elections in the Central and Eastern Europe region, CEE countries are experiencing a key period of change in a context of political risk and economic acceleration (...)

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03/13/2018
Economic Publications

Clash of the Titans: China’s rise fuels competition with Japan’s interests in Asia

China has undoubtedly modelled itself as the new champion of globalisation. Nowhere is this felt more strongly than in Asia (...)

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03/07/2018
Economic Publications

Companies in France: fewer business insolvencies, but still just as many “zombies”

The number of corporate insolvencies in France has continued to decline at the beginning of 2018: -8.3% year-on-year to end of January (...)

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03/06/2018
Economic Publications

Poland Payment Survey 2018: Payment delays mounting amid robust economic growth

The second edition of Coface’s survey on payment experiences in Poland was carried out in December 2017 (...)

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02/27/2018
Economic Publications

Mexico Automotive Industry: Headwinds coming from the North

The Mexican automotive industry has experienced strong growth since the signing of the North American Free Trade Agreement (NAFTA) in 1993. (...)

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01/23/2018
Economic Publications

Coface handbook: Country & Sector risks 2018

Download the Coface handbook about Country & Sector risks 2018. Tools for identifying, assessing and monitoring the risks businesses are facing.

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01/23/2018
Economic Publications

Country risk assessment map - January 2018

160 countries under the magnifying glass. Coface assesses the average credit risk of companies in 160 countries.

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01/22/2018
Economic Publications

Sector risk assessments - January 2018

13 major sectors assessed worldwide. Every quarter, Coface reviews the assessments of 13 sectors throughout 24 countries in 6 major regions in the world (representing approximately 75% of global GDP).

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12/20/2017
Economic Publications

Turkey: Impressive growth but increasing vulnerability to external factors

Turkey’s economy grew substantially during the first three quarters of 2017, surging by 7.4% compared to a year earlier (...)

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12/12/2017
Economic Publications

France: will the organic agrofood sector be forced to abandon its principles?

The agrofood industry is facing a number of challenges in Europe1, including the central issue of how to share created value.

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12/11/2017
Economic Publications

Infographics - French organic food sector: how can it increase scale without abandoning its original principles?

Strength of organic companies and consumption growing faster than supply

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11/27/2017
Economic Publications

Germany’s corporate payment survey: a better year, particularly for exporters

Coface carried out its second payment survey for Germany this year, making it possible to compare results between the two surveys (...)

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11/24/2017
Economic Publications

Poland insolvencies Focus: Are restructuring proceedings the remedy?

Business proceedings aimed at insolvencies and restructuring have been on rise in Poland this year.

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11/20/2017
Economic Publications

The UK automotive sector and Brexit – or, how to slow a rolling industry?

The UK automotive industry is entering a dry period. The voices of the main UK industry representatives and their concerns regarding the negative effects of a potential hard Brexit appear to remain unheard (...)

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11/07/2017
Economic Publications

China-Africa: Will the marriage of convenience last?

Falling in love is easier than staying in love: a tale of unbalanced exchanges and increasing dependency

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11/07/2017
Economic Publications

Infographics - New chinese ambitions in Sub-saharan Africa

Unbalanced Trade links between China and Africa. Under threat from a potential drop in chinese demand

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10/18/2017
Economic Publications

Argentina legislative elections: is the continuity of the pro-business direction at stake?

Since Mauricio Macri took office in mid-December 2015, the economy has started to recover

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09/27/2017
Economic Publications

Are bond markets the new “spare tyre” for corporates in emerging economies?

If the year 2017 is synonymous with a slight economic upturn in the emerging markets, let’s not forget the previous three years were marked by increased corporate risk. The reasons for this were numerous: declining commodity prices, high corporate indebtedness, production overcapacity, political risk at the highest level, etc. In this tumultuous environment, businesses have also had to deal with tighter credit conditions from banking institutions.

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09/27/2017
Economic Publications

Morocco: Drawing out of Payment periods, a perplexing trend ?

While more than 30% of respondents said in 2015 that that the time between the transmission of invoice and collection was between 30 and 60 days, this share decreased to 24% of respondents in 2016 and 11% of respondents in 2017.

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09/26/2017
Economic Publications

Country and sector risk Barometer Q3 2017 - Global growth recovery: a real or a false start?

For once, the summer proved to be particularly quiet. No major events disrupted the path taken by the world economy.

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09/26/2017
Economic Publications

Infographics - Sector risk assessments - 3rd Quarter 2017

12 Major sectors assessed worldwide, each quarter, by Coface.

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09/26/2017
Economic Publications

Country and sector risks: Europe remains the big winner in the world economic upturn

World economic growth might not yet be at its highest (2.9% in 2017 and 2018), but there can be no denying that there are healthy signs.

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09/25/2017
Economic Publications

Country risk assessment map 3rd quarter 2017

Each quarter Coface evaluates 160 countries with a unique methodology.

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09/08/2017
Economic Publications

Time to Address the Infrastructure Gap in Latin America

During the commodity super-cycle that lasted over a decade, until around 2014, Latin American economies showed robust performance.

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09/08/2017
Economic Publications

Central and Eastern Europe: Less business insolvencies despite temporary headwinds in the construction sector

Despite some slowdown last year, average GDP growth remained at a solid level of 2.9% in Central and Eastern Europe. Economies have been benefiting from the favourable situation on the labour market, with contracting unemployment rates and rising wages. The improving macroeconomic environment has had positive effects on business. Company insolvencies dropped by 14% in 2015 and a further 6% in 2016. Over the course of last year, 6 entities per 1,000 became insolvent.

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09/07/2017
Economic Publications

Coface CEE TOP 500 ranking

Coface CEE Top 500 Ranking

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07/31/2017
Economic Publications

Latin America: The Winners and Losers of “Trumponomics”

Political changes in the US have caused uncertainty over the trade policies that could be implemented and the region’s vulnerability to tighter financial conditions. Since Donald Trump’s victory, the currencies of many emerging countries have fallen against the dollar. Mexico’s currency was the most greatly affected in the world, with 19 % depreciation against the USD in 2016

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07/13/2017
Economic Publications

Asia Corporate Payment Survey 2016: Tail Risks Are on the Rise

Coface conducts an annual survey to examine corporate payment trends and experiences in eight selected economies in the (...)

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07/04/2017
Economic Publications

A gust of optimism is blowing over the world economy

At the end of the first quarter of 2017, we were wondering whether the timid global economic recovery was a flash in the pan (...)

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07/04/2017
Economic Publications

Country Risk Assessment map 2nd Quarter 2017

160 countries under the magnifying glass

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04/13/2017
Corporate Publications

Registration document 2016

Registration document 2016 including the annual financial report

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04/06/2017
Economic Publications

Panorama - Coface Global Growth

Signs of a recovery in global growth are multiplying at the start of 2017. Companies are more confident. If the uptrend in inflation in developed economies and in China takes shape in coming months and does not only concern energy prices, it would testify to a distancing of deflation risk.

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03/30/2017
Economic Publications

China corporate payment survey: the devil is in the detail

In 2016, credit extension practices in China differed from those seen in previous years. Fewer Chinese companies offered credit sales – but (...)

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03/23/2017
Economic Publications

The rise and rise of political risks

Political risk seems to have been at the core of concerns since 2016, following numbers of articles and editorials on the topic (...)

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03/21/2017
Economic Publications

Recovery in global growth: more than a flash in the pan?

Signs of a recovery in global growth are multiplying at the start of 2017.

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03/16/2017
Economic Publications

Business insolvencies in France: new year starts where the old year left off

January 2017 saw the drop in insolvencies, which started in May 2014, reach 58,031 - its lowest figure since September 2012 (-2.8% on the same period in 2016)

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02/05/2017
Corporate Publications

2016 Activity report

2016 was a challenging year for Coface. We had to cope with a sharp rise in risks in emerging countries and the transfer of our historical business managing French public guarantees to the French state.

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02/03/2017
Economic Publications

Panorama : Coface Brazil corporate payment survey

Brazilian companies are currently faced with a challenging environment. GDP underwent an accumulated contraction of 7.4% during the two years of 2015-2016.

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01/24/2017
Economic Publications

Country risk assessment map - January 2017 - 4th quarter 2016

Despite the recent economic upturn, uncertainties will continue to dominate the global economic climate this year.

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01/13/2017
Economic Publications

Panorama Poland payment survey - Payment delays pervade polish corporates

Coface’s payment survey confirms that sales on credit are being extensively used by Polish companies. Although credit periods have become common practice, it does not mean that receivables are being paid on time.

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12/13/2016
Economic Publications

Company insolvencies in France: a further fall in 2017

The number of insolvencies in France continued to fall in the twelve months to end-October 2016 (-1.0%) (...)

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12/13/2016
Economic Publications

Uberisation of the economy in France: a new weapon of mass creative destruction?

Why is the collaborative economy so captivating in France? First of all, because it is synonymous with youth and innovation. But also because sectors that (...)

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11/25/2016
Economic Publications

Barometer of sector risks in the world - 4th Quarter 2016

For this quarter, the result is clearly negative once again, as eight sectors have been downgraded and only one upgraded. The changes concern North America (increased risks in the retail, textile-clothing, paper-wood and transport sectors), Western Europe (downgrade of the agrofood sector) and Central Europe (downgrades for construction and IT & communications, but an upgrade for the transport sector) and Middle East (downgrade for IT & communications).

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11/08/2016
Economic Publications

Abenomics: The First Arrow Has Silent Impact On Japan’s Exports and the Yen, Why?

Despite the silent impact of the first arrow on Japan’s exports, the operating profits of Japanese manufacturers which have been mainly exported oriented surged, in part due to their pricing-to-market behaviour.

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11/07/2016
Economic Publications

Mexico’s Economy: More Difficult Times Ahead

Mexico’s economy has been increasing above the Latin American average since 2012. While the region contracted by 0.5 % in 2015, Mexico, its second largest economy, grew by 2.5 %.

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11/02/2016
Economic Publications

European Economies: Will political risk spoil the party in 2017?

The UK referendum in June, parliamentary elections in, Spain in December 2015 and June 2016...

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10/14/2016
Economic Publications

Country Risk Barometer Q3 2016

Concern again focused on oil prices,the emerging market thermometer

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09/23/2016
Economic Publications

Latin america: why are Manufacturing exports still Lackluster?

Up until 2014, Latin America’s exports were boosted by China’s vast appetite for raw materials and the hike in their international prices.

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09/20/2016
Economic Publications

Morocco: The economy is slowing down; payment periods are getting longer

s a follow-up to the survey on Moroccan companies' payment periods published in May 2015, Coface here presents the results of the second edition.

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09/16/2016
Economic Publications

Panorama Poland: Insolvencies Fall Amid Fair Economic Growth

Poland has seen a slowing of its economy this year, compared to 2015. Nevertheless, growth is still continuing at a fair rate and, in fact, remains at a level which many other economies can only dream of.

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09/14/2016
Economic Publications

Panorama France : Growth takes a time-out

French growth has taken a time-out in Q2. The political uncertainties in the United Kingdom, the strikes in May and the floods affecting Ile-deFrance are all likely suspects responsible for this surprise halt. However, the figures are expected to recover in Q3.

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09/12/2016
Economic Publications

Agrofood in North Africa: a strategic sector at nature's mercy

The importance of the Agrobusiness sector varies between the different North African economies. While on a regional level, the sector leads exports, on a country basis it differs. In Morroco, agribusiness benefits from government subsidies, as it contributes nearly 16% of GDP and provides employment for 40% of the population. Overall, across the main north African countries, the lowest level of risk is in Morocco...

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08/31/2016
Economic Publications

US pharmaceuticals have enjoyed their time in the sun, but is it time to get out the umbrellas?

Despite having the highest healthcare expenditure of all industrialised nations (17.1% of GDP in 2013), the US public health outcomes are being outperformed by other advanced nations.

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08/26/2016
Economic Publications

Germany corporate payment survey 2016: so far, so good, but the devil is in the details

2016 marks the first time Coface has carried out a payment survey for Germany. This follows on from other surveys presented this year for (...)

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08/09/2016
Economic Publications

China’s two-speed economy: Sector winners and losers

In the light of the on-going structural reforms, the "tale of two Chinas" is resulting in sector wise winners and losers, linked to their growth potential in the medium and longer term, government policies and structural demand.

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07/18/2016
Economic Publications

Barometer of sector risks in the world - July 2016

Coface updates its risks outlook for 12 business sectors in 6 regions every quarter.

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07/18/2016
Economic Publications

Infografics - Sector risk assessments - 2nd quarter 2016

12 major sectors assessed worldwide

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07/13/2016
Economic Publications

Insolvencies in Central and Eastern Europe

Companies in the Central and Eastern Europe region reported solid economic growth rates as well as more structured growth last year.

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07/11/2016
Economic Publications

United Arab Emirates: A New Era Of Slower Growth

The United Arab Emirates (UAE)’ economy is of the most diversified within the Gulf region. This diversification has become especially important since mid 2014, with plunging oil prices. Only 30% of GDP and nearly 20% of exports came from hydrocarbon revenues in 2015. This relatively high level of economic diversification has made the country less vulnerable to the shock in oil prices.

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06/29/2016
Economic Publications

Sub-Saharan Africa: hit but not sinking

Sluggish global growth, characterised in particular by China's loss of momentum, shock to commodity prices… Sub-Saharan Africa has not been spared in the global tempest and seeks to maintain growth against wind and tide. The commodity producers are the most affected.

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06/29/2016
Economic Publications

Country Risk Assessment Map - 2nd Quarter 2016

Coface helps you to assess business risks in 160 countries - Download our worldwide country risk assessment map.

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06/29/2016
Economic Publications

Country Risk Barometer Q2 2016 - China And The United States, Two Giants With Feet Of Clay

The global economy remains stuck in a "Japanese-style" trap of sluggish growth, despite ever more expansionary monetary policies

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06/03/2016
Economic Publications

Asia Corporate payment survey

Coface conducts an annual survey to examine corporate payment trends and experiences in 8 selected economies in the Asia Pacific region.

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05/26/2016
Corporate Publications

2015 Activity report

Whatever their size, nationality or sector, we inform our customers about current market issues to assist them in controlling their financial risks. To do so, we provide our international business expertise, country and sector risk assessments, accurate data on 80 million companies worldwide and a range of scalable, innovative products that suit their needs and business strategy.

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05/20/2016
Economic Publications

Brazil: a country in deep recession looks tentatively towards the first steps of the new government.

Brazil entered into a technical recession in the second quarter of 2015. Its economy contracted by 3.8 % in 2015, mainly driven by the free fall in investment and the collapse in consumption....

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05/09/2016
Economic Publications

Overview of Hungary : Corporates on the starting block for sustainable growth?

Hungary is performing well, considering the context of struggling economies globally.

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04/08/2016
Economic Publications

Barometer of sector risks - April 2016

For the first time, Coface updates its global quarterly sector risk assessments for 12 sectors, in 6 regions worldwide (compared to 3 regions previously).

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03/25/2016
Economic Publications

China Corporate payment survey

Since 2003, Coface has been conducting annual surveys on business payment experience in China. In 2015, the average credit termes offered by China-based firms decreased again, reflecting a more prudent approach to granting credit facilities to customers. the overall payment experience in China deteriorated and remained very challenging in 2015.

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03/24/2016
Economic Publications

Country Risk Barometer Q1 2016

Sluggish growth, absence of inflationary pressures, ever more expansionary monetary policies and increased volatility in financial markets; these are four elements characterising the global economy in early 2016 (...)

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03/24/2016
Economic Publications

Companies in emerging countries: Can we once again believe in the Phoenix miracle?

Halved growth between 2010 and 2015, sharply increasing debt, increased exposure to currency risk, growing scarcity and increased cost of credit, falling export revenues (...)

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03/02/2016
Economic Publications

The German economy: safe inside, riskier outside

The German economy has changed its growth model during recent years. While internal demand (especially private consumption) – was sluggish and weak throughout most of the 2000s, it is currently the (...)

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02/23/2016
Economic Publications

Company insolvencies in France: Heading towards a third consecutive year of decline

In France, the number of company insolvencies fell for the second consecutive year in 2015, (-2.1%)

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02/17/2016
Economic Publications

China´s role in Latin America is much more than a trade issue

During the China-Celac Forum, held at the beginning of last year, China announced its intention to increase its investment stock in Latin America to (...)

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01/26/2016
Economic Publications

Country Risk Barometer Key challenges of 2016

After US households in 2007-2008 and Eurozone states in 2011-2012, emerging countries are now getting their turn at the epicentre of the storm, in part because of (...)

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12/23/2015
Economic Publications

Lower lira and higher debt: a bad mix for turkish business

During 2015, Turkey’s economy faced several challenges.

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11/16/2015
Corporate Publications

Egypt: slow recovery, structural challenges

Coface estimates that growth will increase to 4.4% for 2015/2016.

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11/03/2015
Economic Publications

Brazil - No quick fix for the crisis

Brazil has grown over the last decade, as a result of the boom in commodity prices and strong household consumption. The country endured the 2008-2009 crisis, thanks to liquidity injections from public banks.

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10/27/2015
Economic Publications

Barometer sector risks in the world - October 2015

In a context of low growth, the global sectoral dynamics are mixed. In this overview we analyse five major sectors (...)

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10/19/2015
Economic Publications

Poland - solid economic growth results in a sustainable decrease of company insolvencies

The increased economic activity in Poland already reached levels required to stabilise the number of company insolvencies.

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09/18/2015
Economic Publications

Asia challenged by China’s slowdown

The Chinese economy has been in the spotlight for several months: devaluation of the yuan, stock market collapse, falling property prices, fears of an excessive economic slowdown, doubts about the reliability of published data and, more generally speaking, uncertainties about the rebalancing process the authorities have launched.

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09/15/2015
Economic Publications

Gulf Countries: Various Reactions to the Same Shock

Lower oil prices affect all GCC countries, but the magnitude of the shock varies from one country to another and indeed GCC countries have different break even prices for oil. Oman and Bahrain appear to have the economies the most exposed to the impact of the decline in oil prices, while the Kingdom of Saudi Arabia, the United Arab Emirates (UAE), Kuwait and Qatar are comparatively less impacted.These more resilient economies benefit from strong macro economic fundamentals such as more diversification,solid financial buffers and greater integration with world trade.They have also developed manufacturing and service industries, allowing them to mitigate their dependence on oil revenues.

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09/08/2015
Economic Publications

Company insolvencies in Western Europe: slight lull being confirmed for 2015

In this first overview of company insolvencies in Europe, Coface examines the following question: Was the return to growth observed in Europe strong enough to bring about a lasting reduction in business failures?

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07/09/2015
Corporate Publications

2014 Activity report

The group’s 2014 activity report is available.

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06/22/2015
Economic Publications

Global Country Risk Outlook June 2015

In this panorama, we first set out a study examining the economic situation and outlook for Sub-Saharan Africa. We are also publishing our quarterly barometer of worldwide trends in country risk.

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06/17/2015
Corporate Publications

India Panorama: Is India’s Economic Revival Thanks to the Modi Government?

In May 2014, following 5 weeks of legislative elections, India’s Bharatiya Janata Party (BJP) leader – Narendra Modi – became Prime Minister. Elected without the need for allies, this is the country’s first non coalition government for 25 years. Known to be pro-business, Mr Modi’s election has instilled hopes for reforms in a country where bureaucratic impediments and poor infrastructure have been constraining private and public investments for years.

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06/05/2015
Corporate Publications

Central and Eastern Europe: Company Insolvencies barometer June 2015

"Company insolvencies stabilized with a just minor drop by 0.5% as the regional average. Our scenario assumes that companies should experience further gradual decline of insolvencies this year facing good prospects for internal demand and more visible recovery of Eurozone as the CEE’s main trading partner."

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06/04/2015
Economic Publications

Turkey : Challenges amid global changes

After a decade of well-implemented reforms and high growth rates, the Turkish economy seems to be struggling to maintain the same growth performance.

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05/26/2015
Economic Publications

France: Insolvencies barometer April 2015

This barometer sets out the latest trends for company insolvencies for the first four months of 2015 in France. After a 2.9% fall recorded for 2014, a level not observed since 2010 (-3.8%), the first four months of the year were marked by a rebound in insolvencies

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05/11/2015
Economic Publications

Morocco: the challenge of becoming an emerging economy

Moroccan economy remains resilient during the last world economic crisis and was able to resist to Arab springs. In an increasingly unstable International environment, Morocco remains stable.

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04/29/2015
Economic Publications

Panorama: What we see in the Asia Pacific region

Coface conducts an annual survey to examine corporate payment trends and experiences in the Asia-Pacific region. In 2014, the survey was conducted in 8 economies – Australia, China, Hong Kong, India, Japan, Singapore and Taiwan, as well as, for the first time, Thailand. The study revealed some key indicators that showed signs of a (...)

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04/16/2015
Economic Publications

The Mexican economy faces headwinds

Since the signature of the Pacto por Mexico in December 2012, an agreement struck by the three main political parties, the country has witnessed a variety of reforms. President Peña Nieto was efficient in securing cross-party support and big improvements, were made in 2013. The government obtained approval for a landmark energy reform, bringing to an end the 75-year old monopoly of state-owned Pemex and, by opening the oil and gas industries to private investment, freed up the labor market.

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04/15/2015
Economic Publications

Barometer Sector Risks In The World

The changes in our sector assessments reflect the development of the world economy since the end of 2014, marked by the appreciation of the dollar against other currencies, the oil price collapse and gradual recovery in the Eurozone. These trends have had repercussions on most of the sectors we track.

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04/15/2015
Economic Publications

Panorama - The US Automotive Sector: A Risky Recovery?

The automotive industry in the United States, the"backbone of American industry" according to Barack Obama, was on the verge of bankruptcy at the time of the financial crisis, with a drop in sales of 35% between 2007 and 2009.

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03/26/2015
Economic Publications

Panorama Country Risk Outlook

In this panorama we first set out a study examining how the advanced economies are facing up to the challenge of weak economic growth since the Lehman Brothers collapse, that is for the past seven years now! Some observers are even talking of "secular stagnation".

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03/23/2015
Economic Publications

Panorama Overview of Czech Republic

The Czech Republic is back on fast track. After falling into recession in 2012 and 2013 due to sharp fiscal consolidation and sovereign debt crisis in the Eurozone, the economy regained momentum reaching solid growth rate of 2.0% in 2014 and should gain speed with 2.5% growth in 2015.

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03/16/2015
Economic Publications

Panorama: Company Insolvency Trends in Brazil

Ongoing economic scenario in Brazil remains sensitive, Coface expects GDP to break even in 2014 and activity should contract by 0.5% in 2015. Industry dropped by 3.2% in 2014 and will probably record another negative year in 2015. The year has just started, but it may reserve some negative surprises.

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03/10/2015
Economic Publications

Panorama China Payment Survey

Coface conducts an annual survey of payment experience in China. With 80% of the survey respond-ents shared overdue experience and 56.7% of them saw an increase in overdue amount over the past year, the overall payment experience in China remained very challenging in 2014. This is in-line with the non-performing loan (NPL) figures released by the China Banking Regulatory Commission, which showed that NPL ratio has reached a multi-year high of 1.25% as of the end of 2014. The risk of rising non-payment cannot be neglected.
China’s 7.4%YoY GDP growth in 2014 was the lowest growth rate in the last 24 years, and momentum is on a downtrend (Coface forecasts GDP to grow 7% in 2015). At the same time, the real economy in China is facing rising challenges in 3 major areas: 1) high leverage; 2) high cost of financ-ing, 3) low profitability driven by overcapacities in certain sectors. While monetary easing measures are introduced to smooth out the growth deceleration process, if the additional low-cost funding is not delivered to the parties that need and deserve it, the main purposes of such monetary easing measures are likely going to be defeated, and further concerns on credit pressure would be in sight.

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03/04/2015
Economic Publications

Panorama Latin America

Latin America is a major producer of commodities and recent drop in oil prices is impacting countries of the region in different ways. Some of them may benefit from lower international quotation, others are negatively impacted already in the short term and finally a third group could be affected in the medium term only (...)

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01/19/2015
Economic Publications

Middle East and North Africa Panorama: What progress after the arab spring?

How do the Middle East and North Africa (MENA) economies perform after the social and political turmoil caused by the socalled “Arab Spring” late in 2010? Have social and economic demands of protesters resulted in a healthier economic outlook in these countries? The panorama will focus on hydrocarbon sector for the GCC countries and on the textile sector for the North Africa region. It will also assess the latest trends in construction, tourism and automotive sectors across the MENA region to evaluate possible corporate risks.

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01/19/2015
Economic Publications

Panorama Turkey: Insolvencies

Company insolvencies in Turkey: Rise in exchange rates and slowdown in domestic demand affected payment performance. Impaired profitability made payments difficult. Focus on some sector risks : Metal, Automotive, Food, Chemical, Construction, Retail, Textile & apparel.

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12/15/2014
Economic Publications

Panorama : Should we be afraid of “low-flation”?

The term "deflation" seems to be on everyone's lips in Europe these days, not just on those of economists. The buzz around the term is not surprising, as Eurozone inflation has been falling for the past three years. France is no exception: (...)

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11/21/2014
Economic Publications

Panorama sector, European pharmaceutical companies : is austerity fatal ?

This end of year panorama starts with the risk assessment of 14 sectors in the three regions we monitor. European pharmaceutical companies : is austerity fatal?

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11/20/2014
Economic Publications

Panorama Poland insolvencies

Poland is a headline example of the country that didn’t record recession in recent years. However, in micro terms companies insolvencies have been on...

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10/27/2014
Corporate Publications

World Trade: A Sluggish Spell?

This publication is the October 2014 Coface Panorama country risk, and includes a study about World trade, which is stagnating in the first halfyear 2014 and is struggling to recover nearly 6 years after the start of crisis.

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09/29/2014
Corporate Publications

Panorama United Arab Emirates : A remarkable recovery after the debt crisis but financing needs still high

How wealthy is the UAE economy after the debt crisis? Figures indicate that after contracting around 5 percent in 2009, the UAE economy recorded gradually solid growth rates. The economy is expected to grow by 5 percent in 2014, after expanding around 5.2 percent in 2013.

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09/28/2014
Economic Publications

Panorama Country : United Arab Emirates

UAE Panorama

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09/01/2014
Economic Publications

Panorama Romania

Romania: Will economic growth come back to strong performance?

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07/10/2014
Economic Publications

Panorama Country: Brazil

From 2004 to 2008 Brazil had grown, on average, by 4,8% a year, but in the former period, from 2009 to 2013, the average rate declined to 2,7%. The country did not take advantage of the good winds to make important reforms, such as improving the infrastructure and the business climate...

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06/25/2014
Economic Publications

Panorama Country - Turkey: What to expect in 2014?

If the tensions rise again as it happened in December and January, this may harm investors’ confidence and result in a fluctuation in forex markets. Such a situation would have a negative impact on the corporate sector’s external debt stock which is already at record high level.

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06/12/2014
Economic Publications

Panorama Country Risk - The British recovery : miracle or mirage

The British recovery: Thanks to vigorous growth since the second quarter of 2012, we anticipate the UK economy to get back to its pre-crisis level in the third quarter of 2014.

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06/05/2014
Economic Publications

Corporate Payment Trend and Sectorial Risk in Asia Pacific

From the hawk’s-eye view, Asia’s economic growth momentum remained strong in the post-crisis era, with Coface’s forecast pointing to a 6.1% YoY growth for Emerging Asia in 2014.

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05/31/2014
Corporate Publications

Asia Pacific Panorama May 2014

Corporate Payment Trend and Sectorial Risk in Asia Pacific

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05/31/2014
Corporate Publications

Asia Pacific Panorama May 2014

Corporate Payment Trend and Sectorial Risk in Asia Pacific

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05/16/2014
Corporate Publications

2013 Activity report

The group’s 2013 activity report is available.

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03/25/2014
Economic Publications

WHICH EMERGING COUNTRIES WILL TAKE OVER FROM THE BRICS?

This panorama first includes a study dealing with new emerging markets. While the 2008-2009 global crisis had highlighted emerging market resilience, game-changing events have taken place in those emerging countries since May 2013 indeed.

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11/21/2013
Economic Publications

Insolvencies in the construction sector in France: breaking all dangers

In this Panorama, you will find the Coface barometer, which analyzes the evolution of French insolvent companies between November 2012 and October 2013.
We then publish a study on insolvencies in the French construction sector, overrepresented in insolvencies compared to it weight in the economy.

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10/13/2013
Economic Publications

Should we stake everything on the Asian consumer?

This panorama contains a study on household consumption in Asia. How big is the rise in household consumption in this region? Have Asian households taken on too much debt? What are the specific consumer behaviour patterns in Asia? Which sectors are benefitting most from this expansion of consumption?

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11/03/2011
Economic Publications

Agrofood industry

After their surge in 2007/2008, prices for farm raw materials began to soar again in June 2010, affecting foodstuff prices worldwide with particularly sharp increases in emerging countries. No other asset class registered jumps in prices as spectacular as those recorded by some farm raw materials with grain prices skyrocketing 36% year-on-year through August. Sugar prices also soared, up 50%. Prices for meat (beef, mutton, chicken) and dairy products rose over 15%. The price increase for rice was more modest with that commodity not traded on the futures market and only a small fraction of its production traded internationally.

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