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In 2019 and 2020 growth is expected to exceed 5%, supported by exchange rate liberalization, interest rate normalisation and increasing tourist arrivals.
Slow reform progress and social tensions weigh on the medium-term outlook, while economic expansion remains heavily dependent on the security situation.
GDP growth is expected to recover only modestly as the oil fund is nearly depleted, and ongoing political uncertainty weighs on the economic performance.
Economic expansion in Bulgaria is expected to lose some momentum in 2019, but should remain strong at above 3%, spurred by robust household spending, strong wage growth and an improving labour market
The amount of suppliers facing insolvency will increase further in the coming 2-3 years, as many will find it hard to adapt to changing market conditions.
Any imposition of import tariffs on cars/car parts would severely impact suppliers in the Tier 2 segment where many businesses already show thin margins.
While the automotive insolvency level has been low compared to other industries in the past, an increase of up to 3% is expected in the coming 12 months.
Local-owned Tier 2 suppliers remain susceptible to commodity price changes and exchange rate volatility, with limited options to pass on higher prices.
Higher costs, reduced orders, price pressure and changes in the type of products demanded could put the finances of many smaller suppliers under stress.
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.
The repercussions of the trade dispute with the US have been limited so far, but several US-export dependent SMEs could fail should the dispute continue.
Due to the more difficult market environment and decreasing sales, we have recently downgraded the sector performance outlook from “Excellent” to “Good”.
In the medium- to long-term low-cost competitors from Asia and the Middle East could seriously challenge Singapore's export-oriented chemicals industry.
Despite further sales growth most businesses continue to operate on very tight margins due to fierce competition, while equity strength is below average.
An economic slowdown in China triggered by the Sino-US trade dispute would surely lead to lower demand for ICT exports to China and to other parts of Asia.