While we fundamentally concur, we must be careful not to become complacent. The challenges facing the global economy last year remain relevant and the multidimensional crisis we are experiencing is not about to disappear: geopolitical fragmentation, the energy crisis, climate change, epidemic risks... The transformation of the world is accelerating and generating risks that could derail the best-crafted scenarios.
In this context, Coface's risk assessments have changed only slightly, with 5 changes for country risks and 16 changes for sector risks. In net terms, the trend remains towards downgrades.
Recession retreats, stagflation takes hold
2022 ended on a positive economic note. Mild temperatures and substantial gas reserves have removed the specter of forced rationing for Europe this winter and European economies should thus avoid a sharp contraction in activity. This has led Coface to keep its global growth forecast for 2023 unchanged at 1.9%. Our scenario of stagflation in the advanced economies and the overall resilience of the emerging countries has also been confirmed.
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COFACE: FOR TRADE
With 75 years of experience and an extensive international network, Coface is a leader in trade credit insurance and adjacent specialty services, including Factoring, Debt Collection, Single Risk insurance, Bonding and Information services. Coface's experts work to the beat of the global economy, helping ~100,000 clients in 100 countries build successful, growing, and dynamic businesses across the world. Coface helps companies in their credit decisions. The Group's services and solutions strengthen their ability to sell by protecting them against the risks of non-payment in their domestic and export markets. In 2021, Coface employed ~4,538 people and registered a turnover of €1.57 billion.
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