In Coface’s view, the world economy is presently marked by divergence between the three major advanced zones: the economic contraction in the euro zone is worsening (-0.3% currently forecast in 2012 versus -0.1% previously), whereas North American growth is stabilizing at 2%, and activity is recovering in Japan, with 1.8% growth after posting -0.9% in 2011.

In this contrasted economic context, Coface has upgraded its assessments of seven countries, including the United States and Japan, and downgraded those of nine other countries, including Portugal and Argentina…

  • American and Japanese companies are benefitting from their favourable economic outlook
  • European companies still in turmoil, notably in Portugal
  • In Australia and New Zealand, despite strong growth, the manufacturing sectors are in trouble
  • In Argentina, the government’s restrictive measures put an end to the risk improvement noted in 2011

Source:  Coface Hong Kong