News & Publications

All Coface Publications

11/22/2017
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, while other difficulties are accumulating against the backdrop of uncertainty. These representatives believe that current negotiations between the UK and the EU are, at this stage, unfavourable to them, despite the Prime Minister recently emphasizing the country’s will to remain in the Single Market.

Read More
11/14/2017
Economic Publications

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. While the summers of 2015 and 2016 were marked by the stock market crash in China and then by Brexit, the
summer of 2017 was, instead, characterised by historically low volatility on financial markets at the end of July, while numerous stock market indices like the S&P 500 and the MSCI Emerging Markets reached record highs.

Read More
11/14/2017
Economic Publications

Morocco: drawing out of payment periods, a perplexing trend?

Contrary to 2016, which was characterized by a low economic growth of 1.4%, 2017 is marked by higher expectations with growth expected to exceed 4%. Paradoxically, the question of payment periods and delays has never been more current now in this context.

Read More
11/14/2017
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. The exchange rate was liberalised during Macri’s first week in office, price controls were removed, import barriers were lifted, discredited national economic statistics were revamped, subsidies were reduced and the holdout saga was finally resolved in April 2016. The last of these measures allowed the country to regain access to the international financial market after a hiatus of 15 years. Coface subsequently upgraded Argentina’s country assessment to B1 in December 2016. The positive trend did however come, as expected, with short term side effects. Inflation picked up to 41 % in the end of the first year of government, reducing household purchasing power and leading the economy into recession (GDP -2.2 % in 2016). Social protests flourished in response.

Read More
11/14/2017
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.

Read More
11/14/2017
Economic Publications

China-Africa: Will the marriage of convenience last?

Wolf Warrior 2, released in July 2017, became the first non-Hollywood movie to break into the top 100 highest-grossing film of all time at the global box office. The action movie portrays China as Africa’s protector. Just four days after the release of the movie, China opened its first overseas military base on the coast of Djibouti, embodying the message of the movie. China has demonstrated a particular interest in Djibouti, a small country in the Horn of Africa, as a gateway to the continent, especially since the first Forum on China-Africa Cooperation (FOCAC).

Read More
09/26/2017
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. Growth was possible even in the context of generally weak infrastructure. Higher revenues from the exports of primary goods led to the expansion of public and private domestic consumption. Activity throughout these years was driven by the flourish of an emerging middle class and by populist governments that disregarded the cyclical feature of commodities.

Read More
09/08/2017
Economic Publications

Automotive and transport is the leading sector in the region CEE

The Top 500 companies generated EUR 580 billion in 2016 – a minor decrease of 0.6% – and experienced a greater downturn in net profit by -3.1% to EUR 26.3 billion. In contrast to the decrease in turnover and net profit, employment rates boomed. The CEE Top 500 companies employed 4.5% of the total labour force in the region, strengthening their workforce significantly by +3.9% to 2.2 million people. This development was reflected in the declining unemployment rates in the region.

Read More
08/07/2017
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. This is the country’s worst depreciation since the Tequila crisis in 1994. By contrast, the US stock market reacted positively following Trump’s victory announcement.

Read More
07/24/2017
Economic Publications

FOCUS - Tough Funding Conditions for GCC Corporates

Oil prices declined by around 75% between mid-2014 and January 2016, with Brent crude prices falling as low as $28 a barrel. Since then, prices have risen back up by nearly 85%, to around $50 a barrel. Nevertheless, persistently low prices are continuing to weigh on liquidity conditions across Gulf Cooperation Council (GCC) countries. Firstly, these countries are still heavily dependent on oil, despite efforts made towards greater economic diversification.

Read More
06/08/2017
Economic Publications

Panorama - In the face of Brexit, are British businesses left to sink or swim?

One year after the “yes” vote for Brexit, seen as traumatic, the time has come for the United Kingdom to accelerate the implementation of its exit from the European Union (EU). Prime Minister Theresa May wants to have free rein by calling early legislative elections on 8 June, where her victory is expected.

Read More
06/06/2017
Economic Publications

Russia – From Recession to Recovery

Between 1999 and 2008, Russia’s GDP grew by an average of almost 7% per year. In 2009, the fall in oil prices led to a severe recession (-7.8%). Subsequently, the effect of factors that had supported growth ceased

Read More
05/18/2017
Economic Publications

Panorama - UAE payments survey : slight payment delays expected, due to slower growth

At a time when businesses are facing a decline in demand and liquidity issues, a sharper look into payment behaviour is a must.

Read More
05/04/2017
Economic Publications

Panorama - Labour Shortages in Central and Eastern European Countries (CEE)

Labour markets in the Central and Eastern Europe (CEE) region are continuing to improve. Unemployment rates have reached the lowest levels ever recorded and most CEE economies are enjoying lower unemployment than the EU average.

Read More
05/04/2017
Economic Publications

Focus - Insolvencies in the construction industry in France: Interest Rates are Key

Since the low of 2014, glimmers of recovery have been seen in the construction industry. Corporate insolvencies are declining. French households are increasingly attracted by bricks and mortar as their purchasing power is at its strongest since 2003, particularly due to interest rates also being at historic lows.

Read More
04/06/2017
Economic Publications

Panorama: RMB depreciation - What are the implications for Chinese corporates?

The potential depreciation of the renminbi (RMB), along with the implementation of capital flow measures, are longstanding concerns for China.

Read More
04/06/2017
Economic Publications

Panorama - 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.

Read More
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.

Read More
01/25/2017
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.

Read More
01/25/2017
Economic Publications

Panorama: An economic upturn in the face of uncertainty

Starting with falling oil prices and financial markets in the winter, the Brexit referendum in the summer and the election of Donald Trump in the autumn, 2016 was punctuated by a series of upsets.

Read More
12/20/2016
Economic Publications

Still Tough Times For South Africa?

South Africa’s growth performance has been in decline since the global financial crisis. Since peaking in 2011, the growth rate (hit by lower commodity prices and power supply problems) has continued to slow.

Read More
12/19/2016
Economic Publications

Turkey: end of the tulip period?

Turkey’s economy experienced several shocks during 2015 and 2016. Heightened political uncertainties, regional tensions, the US rate hike process, the credit rating downgrade and domestic security issues, have all resulted in (...)

Read More
12/14/2016
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 (...)

Read More
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%) (...)

Read More
12/05/2016
Economic Publications

German Economy in 2017: Stable, but Not Staid

The signs for Germany’s further economic development are promising, with a high level of stability.

Read More
11/25/2016
Economic Publications

Infographics - Sector risk assessments - 4th Quarter 2016

12 major sectors assessed worldwide

Read More
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).

Read More
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.

Read More
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 %.

Read More
11/04/2016
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...

Read More
10/20/2016
Economic Publications

Country risk assessment map • 3rd quarter 2016

160 countries under the magnifying glass

Read More
10/20/2016
Economic Publications

Country Risk Barometer Q3 2016

Concern again focused on oil prices,the emerging market thermometer.

Read More
09/28/2016
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. The region´s abundant natural resources brought economic gains during the commodity bonanza period and it became a major supplier of basic products, particularly to China.

Read More
09/20/2016
Economic Publications

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

As a follow-up to the survey on Moroccan companies' payment periods published in May 2015, Coface here presents the results of the second edition. Based on the same principle as the 2015 survey, it seeks to analyse changes in Moroccan companies' behaviours and their perceptions of the economic situation.

Read More
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.

Read More
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.

Read More
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...

Read More
08/31/2016
Economic Publications

US Pharmaceutical Companies Have Enjoyed Their Day In The Sun, But Is It Time To Get Out The Umbrella?

Despite having the highest healthcare expenditure of all industrialized nations, US public health is far below that of other advanced economies.

Read More
08/31/2016
Economic Publications

Infografics - US Pharmaceutical Companies

US Pharmaceutical Companies Have Enjoyed Their Day In The Sun, But Is It Time To Get Out The Umbrella?

Read More
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 (...)

Read More
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.

Read More
07/18/2016
Economic Publications

Infografics - Sector risk assessments - 2nd quarter 2016

12 major sectors assessed worldwide

Read More
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.

Read More
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.

Read More
06/30/2016
Economic Publications

Country Risk Barometer Q2 2016 - China and the United States

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

Read More
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.

Read More
06/24/2016
Economic Publications

Insolvencies in Northern Europe: Positive trends in the Netherlands, Sweden and Germany

Bankruptcies drastically decreased in almost all countries in the region during the course of last year - especially in the four Northern Europe Region (NER) countries we focus on in this panorama, namely Germany, the Netherlands, Sweden and Denmark.

Read More
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.

Read More
05/25/2016
Economic Publications

Company insolvencies in France: Is the recovery finally under way?

Is the recovery finally under way? That is the question being asked after a start to 2016 marked by a series of positive indicators for the French economy. But after several false starts (...)

Read More
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....

Read More
05/12/2016
Economic Publications

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

Hungary is performing well, considering the context of struggling economies globally. Admittedly, since enjoying the podium position for growth among the Central and Eastern Europe (CEE) nations in 2014, Hungary has registered a slowdown, but with 2.9% in 2015 and 2.2% for this year (forecast by Coface).....

Read More
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).

Read More
04/07/2016
Economic Publications

Steel sector: produce at all costs?

Steel producers’ solvency weaker than ever. There is no improvement in sight before 2018.

Read More
04/05/2016
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 (...)

Read More
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 (...)

Read More
02/24/2016
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 (...)

Read More
02/17/2016
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%)

Read More
01/27/2016
Economic Publications

Panorama - 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 excessive debt.

Read More
12/22/2015
Economic Publications

Lower Lira and Higher Debt: A Bad Mix for Turkish Business

During 2015, Turkey’s economy faced several challenges. On the political scene, the country went through two elections in 2015, bring to four the number of elections over the last two years. After talks to form a coalition government fell through following the June 7 general election, the country returned to the polls on November 1.

Read More
12/15/2015
Economic Publications

In front of the globalisation of the wine market, Europe bends but does not break

European wine consumption has fallen over these past years like that of France, which is a third of what it was 50 years ago.

Read More
12/07/2015
Economic Publications

Barometer sector risks in the world - December 2015

In a context of low worldwide growth, sectoral dynamics are mixed.

Read More
11/30/2015
Economic Publications

Construction: The Achilles' Heel of the French Economy

Tenuous but confirmed. These are the terms that best describe France’s current growth - as illustrated by the figures for the third quarter, published in early November. Household consumption has increased, even if only modestly, due to gains in purchasing power as a result of almost zero inflation and despite the ever-rising unemployment rate.

Read More
11/05/2015
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.

Read More
10/26/2015
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: automotive, energy, metals, information and communication technologies (ICT) and paper-wood, in North America, emerging Asia and in Western Europe.

Read More
10/14/2015
Economic Publications

A brighter picture for European photovoltaic energy?

European photovoltaic (PV) energy developed rapidly starting in 2010, thanks to national and European subsidies promoting its establishment in the energy landscape. But the increase in production capacity rapidly pushed down prices in a context of increased competition from China and a downturn in European business conditions.

Read More
09/14/2015
Economic Publications

Latin America - Activity in the region still decelerating

Growth in Latin America has been slowing down since 2011, and was estimated at 1.2 % in 2014 . This lacklustre result, caused by weak domestic fundamentals, were exacerbated by cyclical factors such as the decline of commodity prices - and particularly the plunge in oil prices experienced since the second half of 2014. 2015 will see the continuation of this downwards trend, with regional growth expected to weaken for the fifth year in a row.

Read More
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.

Read More
06/19/2015
Economic Publications

INFOGRAPHICS : COUNTRY RISK ASSESSMENTS JUNE 2015

Infographics - Country Risk Assessments

Read More
06/03/2015
Economic Publications

Central and Eastern Europe: Company Insolvencies barometer

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.

Read More
05/22/2015
Economic Publications

Morocco: the challenge of becoming an emerging economy

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

Read More
05/11/2015
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 (...)

Read More
04/16/2015
Economic Publications

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.

Read More
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.

Read More
03/27/2015
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".

Read More
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.

Read More
01/21/2015
Economic Publications

Insolvencies in Turkey

Disclosure of the exit strategy by FED Chairman Ben Bernanke in May 2013 triggered a new period marked by a change in the risk perception towards developing economies in financial markets.

Read More
01/20/2015
Economic Publications

Middle East and North Africa

How do the Middle East and North Africa (MENA) economies perform after the social and political turmoil caused by the so called “Arab Spring” late in 2010?

Read More
01/14/2015
Economic Publications

Growth picking up at countries of Pacific

Three decades ago Latin America used to be known by negative terms such as dictatorship, debt crises and high inflation. The region´s GDP increased by an annual average of only 1.5% in the 1980s.

Read More
11/10/2014
Economic Publications

Insolvencies in Poland

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 the rise since 2008 and 883 bankruptcies in 2013 is even the highest result in 9 years history.

Read More
01/28/2014
Economic Publications

Panorama China : What to expect in 2014

A broad spectrum of exciting reform plans have been announced, and the government had a series of follow-up actions. But in the near-term, potential negative impacts on the real economy as a result of the reform effort and credit risks associated with the rising cost of fund have to be watched out for.

Read More
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.

Read More
06/20/2013
Economic Publications

What has happened to the Italian business model?

This panorama contains a study of the Italian economy, which analyses and interrogates both macro- and microeconomic issues. We also present the latest adjustments to our country assessment.

Read More
06/20/2013
Economic Publications

Should we go for Asian consumers?

This panorama contains a study of the Italian economy, which analyses and interrogates both macro- and microeconomic issues. We also present the latest adjustments to our country assessment.

Read More
06/04/2013
Economic Publications

Central European companies in crisis: why?

This new Panorama contains the results of our Company Insolvency Monitor from April 2012 to April 2013 and the results of a study on insolvencies among Eastern European countries, a region experiencing a sharp rise in insolvencies rate.

Read More
04/18/2013
Economic Publications

Focus e-commerce / distribution

Coface releases a series of economic reports and is pleased to announce the publication of its second Panorama sector report. Readers will find in it a global sector barometer which analyses the situation in fourteen key economic sectors. The originality of the analysis is that it is based on aggregating the accounts of 6,000 companies in three of the world’s major regions: the European Union, North America and Emerging Asia.

Read More
03/20/2013
Economic Publications

Transformation of emerging country risk

In this Panorama, Coface highlights the radical transformation of risks in emerging countries. While traditional country risk (sovereign risk, external vulnerability) has appreciably declined, three new risks are appearing and need to be monitored.

Read More
02/07/2013
Economic Publications

2013 Coface Country Risk Conference

The 17th Country Risk Conference held by Coface on 22 January 2013 has confirmed the complexity of a situation where, more than ever, the world seems to be «split in two»: advanced versus emerging countries.

Read More
10/15/2012
Economic Publications

Updates and growth forecasts

The global economic slowdown is confirmed this fall, in line with the recession in the eurozone and the emerging market deceleration.

Read More
Top
  • English