Coface’s new growth forecasts published July 13, 2009 take into account a growth contraction of 6.6 points between 2007 and 2009. Coface projects the 2009 recession at -2.5% and sees growth recovering in 2010, settling at 1.7%. After having downgraded 22 countries in January and then 47 in April,

Coface is now downgrading 13 country ratings, primarily for small or medium-size economies highly dependent on international trade. Perceptible signs of the end of the recession and the scenario of a weak and slow “L-shaped” recovery remains the most likely.  

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BIIA Newsletter September 2009 Issue