Country Risk Overview - July 2011

GROWTH FORECASTS

Global 2011 growth now stands at 3.3% against 3.2% in March. Growth forecasts for industrialised countries are almost unchanged at the projected 1.8%, a net slowdown compared to the 2.5% increase recorded in 2010.

EURO ZONE

Good German and French performances in the first quarter this year. The peripheral countries remain in recession.

COUNTRIES OUTSIDE THE EURO ZONE

Clouds looming over the United States and the United Kingdom Sharp slowdown in Japan.

EMERGING EUROPE

Recovery still slower than in the other emerging economies.

EMERGING ASIA

Slight slowdown expected in China and India.

LATIN AMERICA

Soft landing.

CIS

Growth has not recovered its pre-crisis trend.

NORTH AFRICA MIDDLE EAST

Political uncertainties weigh on growth.

SUBSAHARAN AFRICA

Economic recovery still shaky.