SWEDEN NORWAY FINLAND ESTONIA LATVIA LITHUANIA BELARUS POLAND GERMANY DENMARK NETHERLANDS BELGIUM FRANCE UNITED KINGDOM IRELAND CZECH REPUBLIC SLOVAKIA HUNGARY AUSTRIA SWITZERLAND ITALY BOSNIA SLOVENIA CROATIA SERBIA MACEDONIA ALBANIA GREECE MONTENEGRO UKRAINE MOLDOVA ROMANIA BULGARIA SPAIN PORTUGAL MALTA AFGHANISTAN IRAN IRAQ TURKMENISTAN TAJIKISTAN KYRGYZSTAN UZBEKISTAN KAZAKHSTAN RUSSIA MONGOLIA CHINA SOUTH KOREA NORTH KOREA JAPAN PAKISTAN INDIA NEPAL BANGLADESH MYANMAR (BURMA) LAOS THAILAND VIETNAM 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 GHANA IVORY COAST LIBERIA SIERRA LEONE GUINEA SENEGAL CHAD SUDAN ERITREA ETHIOPIA CAMEROON CONGO GABON 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 URUGUAY ARGENTINA CHILE FRENCH ANTILLES DOMINICAN REPUBLIC HAITI CUBA JAMAICA PANAMA COSTA RICA NICARAGUA HONDURAS EL SALVADOR GUATEMALA MEXICO UNITED STATES CANADA GREENLAND ICELAND Low Risk Moderate-Low Risk Moderate Risk Moderate-High Risk High Risk Very High Risk Country Risk Map Quarter 4 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. Portugal The political situation in Portugal has proven remarkably stable, paving the way for deep structural reforms which are improving competitiveness. With higher GDP growth, government debt on a downward trajectory and banks less vulnerable, unfavourable feedback effect risks are receding. Hungary Policy stability, fiscal prudence, and structural reforms have boosted Hungary’s growth prospects and reduced political risk. Solid macroeconomic fundamentals, export diversification and an external surplus contribute to currency stability and lower external vulnerabilities. Ukraine There have been significant improvements in Ukraine’s economy, banking sector, and key industries, albeit from a high-risk starting point. Reform momentum, if maintained, should continue to improve government debt dynamics and strengthen the country’s external postion. Movement Focus QATAR Top Country Movements South Korea Bangladesh Ukraine Portugal Hungary Madagascar Sierra Leone Bahamas Gambia Trinidad & Tobago