With more than 16 months of import cover, Brazil?s international liquidity position is excellent. Solvency is also robust, with moderate foreign debt service ratios.
After a 17 % increase in business insolvencies 2010, Crédito y Caución expects a further rise in the coming months, especially in construction, food, consumer durables, IT, and retail sales.
Crédito y Caución expects business failures to decrease 10% year-on-year in 2011, to 51,700 cases. However, this is still far higher than the 28,100 cases of 2007.
For 2011, Credito y Caución forecast a decrease in United Kingdoms insolvencies of 5%, signalling a gradual adjustment away from the unusually high level seen in 2009.
In the short term, the public sector will be able to meet its obligations, but a question mark still hangs over the mid-term future.
After this years strong economic performance, Thailands GDP growth is forecast to slow to 4% in 2011, as Thai exports will be affected by a decrease in global growth.
GDP growth in Slovakia will be lower in 2011 [3.3%] as a result of the governments austerity measures, introduced with the aim of reducing the public deficit to 4.9% of GDP this year.
Vietnam will remain dependant on foreign capital inflows, but these have not yet recovered from a plunge during the global credit crisis.
GDP will grow by 4.3% in 2011. To maintain high growth rates and attract more foreign direct investment, more structural reforms are necessary.
Singapore?s trade is expected to grow moderately in the last quarter of 2010, and total trade and non-oil domestic exports to increase by 6-8% in 2011.
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