SWEDEN

NORWAY

FINLAND

ESTONIA

LATVIA

LITHUANIA

BELARUS

POLAND GERMANY

DENMARK

NETHERLANDS

BELGIUM

FRANCE

UNITED KINGDOM

IRELAND

CZECH REPUBLIC

SLOVAKIA

HUNGARYAUSTRIA

SWITZERLAND

ITALY

BOSNIA

SLOVENIACROATIA

SERBIA

MACEDONIA

ALBANIA

GREECE

MONTENEGRO

UKRAINE

MOLDOVA

ROMANIA

BULGARIA

SPAINPORTUGAL

MALTA

AFGHANISTANIRAN

IRAQ

TURKMENISTAN TAJIKISTAN

KYRGYZSTAN

UZBEKISTAN

KAZAKHSTAN

RUSSIA

MONGOLIA

CHINA

SOUTH KOREA

NORTH KOREA

JAPAN

PAKISTAN

INDIA

NEPAL

BANGLADESH

MYANMAR (BURMA)

LAOS

THAILANDVIETNAM

CAMBODIA PHILIPPINES

MALAYSIA

INDONESIA

TIMOR-LESTE

PAPUA NEW GUINEA

AUSTRALIA

NEW ZEALAND

JORDAN

LEBANON

ISRAEL

CYPRUS

TURKEY

GEORGIA

ARMENIA AZERBAIJAN

SYRIA

EGYPT LIBYA ALGERIA

TUNISIA MOROCCO

PORTUGAL SPAIN

WESTERN SAHARA

MAURITANIA MALI NIGER

NIGERIA BENIN

TOGO

GHANAIVORY COAST

LIBERIA

SIERRA LEONE

GUINEA

SENEGAL CHAD SUDAN

ERITREA

ETHIOPIA

CAMEROON

CONGOGABON DEMOCRATIC

REPUBLIC OF THE CONGO

UGANDA

SOMALIA

TANZANIA

RWANDA BURUNDI

KENYA

MALAWI

MOZAMBIQUE

ZAMBIA

ZIMBABWE

ANGOLA

NAMIBIA

BOTSWANA

SOUTH AFRICA

LESOTHO

MADAGASCAR

MAURITIUS

REUNION

SRI LANKA

MALDIVES

SAUDI ARABIA

KUWAIT

OMAN

UAE

YEMEN

CENTRAL AFRICAN REPUBLIC

SOUTH SUDAN

BRAZIL

FRENCH GUIANA

SURINAME

GUYANA

VENEZUELA

COLOMBIA

ECUADOR

PERU

BOLIVIA

PARAGUAY

URUGUAYARGENTINA

CHILE

FRENCH ANTILLES

DOMINICANREPUBLICHAITI

CUBA

JAMAICA

PANAMACOSTA RICA

NICARAGUA

HONDURAS

EL SALVADOR

GUATEMALA

MEXICO

UNITED STATES

CANADA

GREENLAND

ICELAND

Mongolia

Mozambique

Suriname

Top Country Movements

Serbia

Croatia

Low Risk Moderate-Low Risk Moderate Risk Moderate-High Risk High Risk Very High Risk Country Risk Map Quarter 1 2017

The Atradius Risk Map gives an overview of the level of risk associated with countries worldwide. This map has been created by our Economic Research team and drawn from a range of sources. This map is provided for information purposes only and is not intended as a recommendation as to particular transactions, investments or strategies in any way to any reader. For our full disclaimer and further information on our Risk Map, please visit: https://group.atradius.com/publications/trading-briefs/risk-map.html.

Serbia

The economic recovery in Serbia is gaining steam, underpinned by rebalancing and fiscal consolidation. Its high vulnerability to external shocks is mitigated by IMF support. Ongoing commitment to EU accession and engagement with the IMF limit the risk of a reversal in reform progress.

Morocco

Morocco enjoys solid institutions, political stability and strong international relations. The country is overly dependent on agriculture but the economy is relatively dynamic and growth is picking up in 2017-18. Effective fiscal consolidation and an improving external position help to reduce country risk.

Mongolia

Mongolia has very high macroeconomic structure risk and has extremely weak external finances, though an IMF bailout should help restore stability. Headwinds persist due to China’s economic slowdown, still subdued commodity prices, and a strong US dollar. The government will still struggle to contain the fiscal deficit.

Movement Focus

Morocco