Euler Hermes Economic Research measures the risk of non-payment by companies in a given country. This risk is due to conditions or events outside any company’s control. The overall evaluation is made of two elements: Country Grade and Country Risk. The ratings are for December 2023.

Country Grade is a medium-term assessment ranging from AA – D (highest risk) – The Macroeconomic Rating (ME) based on the structure of the economy, budgetary and mandatory policy, indebtedness, the external balance, the stability of the banking systems and the capacity to respond effectively to emerging weaknesses; The Structural Business Environment Rating which measures the perceptions of the regulatory and legal framework, control of corruption, relative ease of doing business and environmental sustainability;  and The Political Risk Rating.

Country Risk Level provides short term rating from 1 to 4 (highest risk level) identifies more immediate threats by focusing on the direction of economic output in the next 6 – 12 months and those microeconomic indicators that can signal imminent financial crisis as a result of a disruption to financing flows. These are measured on a four-level scale running from 1 – 4 (4 is the highest).

Country Risk Rating December 2023 Review:

Map Country Risk Rating December 2023 Review:


Eurler Hermes Economic Research has accessed the risk of non-payment by companies in 18 sectors across 70 countries around the world from low to high: low, medium, sensitive, and high. The sector risk assessment is based on demand, profitability, liquidity and business environment.

Demand – Outlook for companies’ turnovers based on the organic growth, fundamentals and price competition of the sector

Profitability – outlook for companies’ margins and profits depending on the evaluation of prices in raw materials/commodities, on labour costs and fluctuations in supply and capacity.

Liquidity – outlook for companies’ cash position and financing risks, based on access to financing and payment performance.

Business Environment – any technological innovations, new government subsidies and changes in legal framework that can alter business models and companies’  strategies.

Sector Risk Map

Sector Risk (

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