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One year into the pandemic, businesses polled in Asia told us they experienced serious setbacks to growth and needed to take several measures to face the changed economic and trade circumstances.

French industries performance: upgrades for some sectors, but the credit risk for many businesses in key industries remains high.

UK trade is facing a double whammy from Brexit and Covid-19, putting particular strain on trade with the EU.

Italian economy: the 2021 rebound has led to industry performance upgrades, but the outlook for some major sectors remains subdued for the time being.

Climate change raises country risk, but offers business opportunities as well.

German industries performance: metals and steel up one notch, but still elevated credit risk for many automotive and machines businesses.

The square of the circle? Spending needed to tackle unemployment and housing issues, while fiscal curbing is urgent to avoid further rating downgrades.

The Chilean business environment remains one of the best in the region, but increased policy uncertainty could weigh on the economic outlook.

Ongoing rebound, but the credit risk situation of several industries remains strained, in particular in the construction and service sectors.

The economy is forecast to grow about 5% this year. The scope of recovery in Europe as Morocco’s main export market is playing a pivotal role.