Africa

Algeria

A fall in global oil prices undermines the economic risk outlook, but government moves to curb foreign investment are a greater risk.

Angola

Despite increased short-term risks, the impact of the global economic downturn should only be moderate.

Botswana

The country's high dependence on diamond production and prices continues to present a risk to the external sector.

Cameroon

Positive developments in the cocoa sector boost the economy, but the forestry sector's outlook is less optimistic.

Congo, D.R.

The effects of the government's military offensive in the Kivus may extend far beyond the affected border provinces.

Cote d’Ivoire

Preparations for the crucial presidential election begin but the election is likely to be delayed again.

Ethiopia

Perilously low FX reserves and the prospect of widening external imbalances threaten the country's outlook.

Gabon

D&B upgrades Gabon's country risk rating in the light of robust economic growth, strong budget and external balances, and more transparent oil accounting.

Ghana

The country's importance as a gold producer and investment into the oil sector should reduce the impact of the current financial turmoil.

Kenya

The country's reliance on agricultural exports and tourism leaves it acutely vulnerable to the effects of a global economic downturn.

Libya

The country's economic outlook deteriorates slightly due to lower global oil prices.

Malawi

The current account position is set to experience major imbalances owing to higher import costs and reduced remittances from abroad.

Mauritius

The impact of the recent volatility in the global financial market appears likely to be relatively limited, despite an increase in credit risk.

Morocco

A strong agricultural performance underpins robust growth in 2008 but the outlook for 2009 has darkened somewhat.

Mozambique

The economy grows briskly in the first half of the year, but inflationary pressures and commercial risks pose threats to the operating environment.

Namibia

Inflation remains a key source of risk to the operating environment.

Nigeria

The central bank moves to boost liquidity by slashing interest rates.

Senegal

Structural weaknesses in the country's economy continue to pose key downside risks.

Sierra Leone

Although the overall risk outlook is improving, commercial risks are still high.

South Africa

D&B downgrades South Africa's country risk rating due to the weaker economic outlook and in-fighting within the ruling party.

Sudan

The impact of any major global economic downturn will affect the country's crucial oil revenues.

Tanzania

The economic outlook remains relatively positive, although inflation is a downside risk.

Tunisia

The outlook remains stable against a background of healthy foreign investment inflows and slowing economic growth.

Uganda

The macroeconomic and external risk profiles deteriorate due to concerns over a severe global economic slowdown.

Zambia

Political tensions rise as the country prepares to hold a snap presidential election.

Zimbabwe

The power-sharing deal is on the brink of collapse, reducing any prospect of recovery in the crippled economy.

Asia Pacific

Afghanistan

The country risk outlook worsens amid slowing economic growth, political uncertainty and the deteriorating security environment.

Australia

D&B downgrades Australia's country risk rating in the wake of recent global financial market volatility.

Bangladesh

Economic growth remains resilient despite recent natural disasters, while fresh elections could reinvigorate ailing FDI inflows.

Cambodia

D&B downgrades Cambodia's country risk rating due to continued price pressures, weaker exports, cross-border tensions and a bleaker investment outlook.

China

D&B downgrades China's country risk rating amid fears that the faltering global economy will have a stronger impact than previously thought.

Fiji

The outlook for the tourism and manufacturing sectors deteriorates, while the broader economy remains flat.

Hong Kong

The country's banks remain strong amid measures to shore up the financial system.

India

The authorities introduce measures to ease liquidity pressures by freeing up cash for the banking system.

Indonesia

The currency falters as commodity prices and the local bourse crash.

Japan

The country's outlying regions face deteriorating economic prospects as unemployment rises.

Korea (South)

D&B downgrades South Korea's country risk rating amid concerns over the banking system and slower future economic growth.

Malaysia

The financial sector survives the global turmoil, but will be tested by a looming economic slowdown.

Myanmar

Renewed commercial interest in the energy-starved economy improves the junta's position.

Nepal

The new Maoist-led government faces difficulties in implementing its ambitious policy agenda.

New Zealand

D&B downgrades New Zealand’s risk rating in response to the country's weakening economic outlook.

Pakistan

D&B downgrades Pakistan's country risk rating amid a severe weakening in the balance of payments and a deteriorating political risk environment.

Papua New Guinea

High inflation and issues surrounding two major commercial projects are causing concern.

Philippines

Although the financial system has limited its exposure to sub-prime US assets, the economy still faces challenges.

Singapore

D&B downgrades Singapore's country risk rating amid a looming recession and a decline in port traffic.

Sri Lanka

The economy accelerates, but inflation remains a major challenge for businesses.

Taiwan

The country's output looks set to slow, with emerging market demand apparently unable to sustain exports.

Thailand

D&B downgrades Thailand's country risk rating in response to continued political uncertainty and a worsening economic outlook.

Vietnam

The economy stabilises but high inflation and tight credit ensure that business conditions remain difficult.

Eastern Europe

Albania

The economic outlook deteriorates despite a generally robust macroeconomic environment.

Azerbaijan

President Aliyev wins re-election, leaving little prospect of significant change to the oppressive political environment.

Belarus

Major flaws in the parliamentary election set back improvements in the country's risk profile.

Bosnia & Herzegovina

The political environment remains the greatest area of risk, while the impact of global financial and economic woes has been limited.

Bulgaria

Recent international financial developments are likely to result in a sharper-than-expected slowdown of growth.

Croatia

The global financial turmoil starts to affect the country as economic growth slows and reform progress stagnates.

Czech Republic

The outcome of the forthcoming elections could provide a vital test for the largest ruling party.

Estonia

D&B downgrades Estonia's risk rating in response to the country's deteriorating economic outlook.

Georgia

As Russia withdraws from undisputed territory, the prospects for post-conflict recovery depend on the fate of President Saakashvili.

Hungary

D&B downgrades Hungary’s country risk rating as the country is affected by the latest bout of global financial turmoil.

Kazakhstan

The outlook deteriorates in response to the global financial crisis and the banking sector’s high risk exposures.

Kyrgyz Republic

A looming energy crisis threatens to disrupt economic activity and weaken economic growth.

Latvia

The chances of a quick recovery appear slim as the economy falls into recession.

Lithuania

Concerns rise over relations with Russia after that country's short war with Georgia.

Macedonia

The economic outlook remains robust, although the lingering name dispute with Greece continues to affect political risk.

Poland

The export sector will feel the consequences of the expected slowdown in Western Europe in the wake of the deepening credit crunch.

Romania