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Coface Country Risk & Sector Barometer

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Global growth recovery: a real or a false start? Coface upgraded 14 sectors (only 2 downgrades). Europe is still on an upward trajectory (upgrade of Hungary, Finland, and Cyprus’ assessments), and capital flows are coming back in large emerging economies, even though they will remain vulnerable to the Fed monetary policy and to political risk. There are more and more signs of recovery in Brazil as well as in Russia. However, Chinese resilience is still masking major vulnerabilities, including a high credit risk, while India has also surprised, with disappointing growth for once in the second quarter.