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 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