Economic reforms are urgent, especially improving the governance in state-owned enterprises, as large contingent liabilities are of great concern.

Private sector debt developments in the US and China probably won’t trigger an economic crisis but could deepen a downturn, possibly triggered by the bilateral trade war.

Due to the more difficult market environment and decreasing sales, we have recently downgraded the sector performance outlook from “Excellent” to “Good”.

The French plastics packaging segment is negatively impacted by oil price volatility, increased environmental awareness and stricter regulations.

In the medium- to long-term low-cost competitors from Asia and the Middle East could seriously challenge Singapore's export-oriented chemicals industry.

The EU continues to buck the international protectionist trend, signing two historic trade agreements.

The economic impact of USMCA on Mexican-US trade is likely to be limited, as it is effectively a small modification of the pre-existing NAFTA agreement.

Trade policy uncertainty is one of the top risks to US businesses and consumers in 2019 that may bring the next downturn on more quickly than expected.

Despite a forecast growth slowdown in 2019 the economy should still experience positive momentum, with low unemployment and manageable inflation.

The USMCA has finally been signed on November 30, easing short-term uncertainty surrounding North American trade.

Despite ongoing growth, there are challenges ahead, as profit margins of businesses decreased in 2017 and H1 of 2018 due to sharply increased input costs.

Many producers are under pressure to either expand/grow or refuse orders, while difficulties in hiring skilled staff impacts further business expansion.

As in previous years, competition remains strong in the domestic market, mainly among small and medium-sized machinery companies depending on construction.

A modest insolvency increase is expected in 2019, with businesses related to oil and gas exploration, construction and agricultural markets mainly exposed.

The demand situation for Belgian machinery businesses is generally positive, but remains affected by difficulties in some major buyer industries.

There is pressure on the profits of turbine manufacturers and their suppliers along the value chain, and further consolidation seems to be likely.

Due to its high export ratio the industry is highly susceptible to rising geopolitical risks, exchange rate volatility, and rising protectionism.

Business performance and profit margins of machinery traders could be negatively affected by the ongoing trade dispute between China and the United States.

Due to its high export ratio the industry is highly susceptible to external risks like a deterioration in the Eurozone and rising protectionism.

Some caution is still advised on businesses dependent on the oil/gas and the mining industry, due to potential impacts of energy price volatility.

The election of Brazil's new president ends a long period of political uncertainty, but the window for much-needed reform is very narrow.

After a minor increase from 2016 to 2017, the proportion of past due B2B receivables in Western Europe increased again this year and stands at 41.8%.

All survey respondents in Austria (100%) reported domestic payment delays. This is the highest percentage in the region, significantly higher than in 2017.

The average proportion of overdue B2B invoices reported by respondents in Belgium increased for the third consecutive year in a row and stands at 45.6%.

The survey’s biggest negative change in the proportion of uncollectable receivables was recorded in Denmark; up from 1.3% in 2017 to 1.8% in 2018.

After an increase from 43.5% in 2017 to 47.5% this year, France has the second highest percentage of overdue B2B invoices in the Western European region.

Of the Western European countries surveyed, Germany had the second highest percentage of respondents (24.7%) who reported revenue loss due to overdues.

At 48.7%, Great Britain had the highest proportion of past due B2B invoices in Western Europe, significantly higher than the regional average of 41.8%.

Despite already posting the highest proportion of uncollectable receivables in the region, Greece’s average rose to 2.8% in 2018 from 2.5% in 2017.

For 56.3% of Irish respondents reported negative consequences of overdues over the past 12 months. For 15.1% of suppliers these led to revenue loss.

Despite a significant decrease in 2018, at 74 days, the average DSO reported by survey respondents in Italy remains the highest in Western Europe.

Most respondents in Spain have felt the impact of overdue invoices; 22.4% had to postpone payments to their own suppliers and 20.3% reported revenue loss.

The proportion of past due B2B invoices in Sweden has sharply increased from 26.7% in 2017 to 34.0%. Foreign B2B customers had a much higher default rate.

92.5% of Swiss respondents said that they experienced late payment in 2018. This is one of the highest percentages next to that of Austria and Belgium.

In 2018, the average DSO recorded in the Netherlands is 46 days, an increase of five days compared to 2017. This is the biggest increase in Western Europe.

Economic growth is expected to remain robust in 2018 and 2019, but the economy is highly vulnerable to adverse developments in the automotive sector.

Bulgaria´s economic growth is forecast to remain robust in 2018 and 2019, as household spending is spurred by wage growth and an improving labour market.

After growing 4.5% in 2017 Czech GDP growth is expected to increase at a slower pace in 2018 and 2019, as Eurozone and domestic demand are cooling down.

After increasing 4% in 2018 GDP growth is expected to decelerate to below 3% due to lower household consumption and less investment and export growth.

In Central Europe, Poland's economy looks most vulnerable to the financial and economic fallout of the United Kingdom's decision to leave the EU.

Romania´s GDP is expected to grow at a lower pace in 2018 and 2019 as export growth has slowed and domestic demand is cooling due to higher interest rates.

Despite the current rebound the long-term prospect for higher growth rates is subdued due to structural weaknesses and the negative impact of sanctions.

Despite monetary tightening the economy remains susceptible to further currency volatility, and the risk of a severe economic downturn has increased.

The International Debt Collections Handbook is a key tool for businesses when it comes to making decisions concerning collections in foreign countries.

Having drawn from the expertise of Atradius Collections' local offices, the International Debt Collections Handbook explains the different regulations and procedures for debt collections in Brazil.

Having drawn from the expertise of Atradius Collections' local offices, the International Debt Collections Handbook explains the different regulations for debt collections in the Netherlands.

Having drawn from the expertise of Atradius Collections' local offices, the International Debt Collections Handbook explains the different regulations and procedures for debt collections in France.

Having drawn from the expertise of Atradius Collections' local offices, the International Debt Collections Handbook explains the different regulations and procedures for debt collections in the UK.

Having drawn from the expertise of Atradius Collections' local offices, the International Debt Collections Handbook explains the different regulations and procedures for debt collections in Hungary.

Having drawn from the expertise of Atradius Collections' local offices, the International Debt Collections Handbook explains the different regulations and procedures for debt collections in Greece.