1. Grzegorz Sielewicz Economist, Coface Country Risk Outlook 28 th May 2015

2. / Global growth: A tiny winy pickup this year, but several risks to be monitored 2

3. / Lower oil prices: And the winners are… 3

4. / 4 Global GDP growth forecasts

5. / Europe: debt burden and preference for liquidity 5 Corporate insolvencies (Index, 2007=100) Corporate debt (% GDP)

6. / Emerging economies slowing down 6 Source: Coface GDP growth in emerging economies (%)

7. / CEE: Stronger internal demand 7 Source: Coface GDP growth in CEE economies (%)

8. / Country Risk Assessments: Advanced economies 8

9. / 9 Country Risk Assessments: Emerging economies

10. / 10 Country Risk Assessments: CEE region