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The ongoing concentration process in the domestic market will increasingly put small retailers with a poor capacity to generate cash flow under pressure.

A modest margin rebound, but commodity prices, price wars between retailers, changing consumer habits and difficulties in staff recruitment remain issues.

While several Brexit postponenements have provided food exporters with sufficient time to adapt, small retailers suffer from market price pressure.

Domestic metals and steel demand is increasingly affected by subdued investment in the construction sector and a marked demand slowdown from automotive.

Many businesses suffer from decreasing demand from key buyer sectors, high commodity prices, overcapacity, strong competition, and low profitability.

A modest increase in payment delays cannot be ruled out in the coming 12 months, but no substantial insolvency increase is expected for the industry.

The number of protracted payments and insolvencies was high in 2019, and is expected to increase further in 2020, mainly affecting private-owned producers.

Payment delays and business failures are expected to increase modestly in the coming twelve months, especially in the metal manufacturing segment.

For many businesses both demand and profit margins are expected to deteriorate further, with a moderate rebound expected in H2 of 2020 at the earliest.

The sector benefits from the lift of US import tariffs on Canadian steel and aluminium, with profit margins of steel businesses expected to improve again.

Demand for metals and steel is currently impacted by the slowdown in demand from automotive and reduced investment from other manufacturing industries.

Due to a high level of non-performing assets in the sector banks are now unwilling to provide credit to the industry, causing additional liquidity issues.

Lower demand coupled with decreasing sales prices and higher prices for iron ore have led to deteriorating margins of steel producers and distributors.

Competitive price pressure has led to deteriorationg profit margins for steel producers as well as steel and metals distributors over the past 12 months.

The global economy is losing steam in 2019 and 2020. As the trade war accelerates this, consumer resilience will help avoid recession.

Regaining investors’ trust will be key to Fernández’s success in reinvigorating the Argentinian economy, but it is not the only thing.

Cyprus's economy is on solid ground but crisis legacies persist.

Ireland’s highly open economy is cooling off and demand in export markets is set to remain weak while the domestic economy faces increasing capacity constraints and lower government spending.

The UK is facing the highest increase in insolvencies in 2019 and 2020 in Western Europe.

In Italy, business insolvencies are expected to increase in 2019, by about 4%. This is due to economic stagnation, increased political uncertainty and tighter credit conditions.

Economic growth in Germany is expected to cool to 0.6% in 2019 down from 1.6% one year ago.

GDP growth in the Netherlands is expected to slow to 1.7% in 2019. After several years of sharp decreases in insolvencies, this year is likely to mark a turning point.

As economic growth decelerates, and the manufacturing sector struggles amid lower global trade, Western Europe expects to close the year with a 2.7% increase in insolvencies.

Insolvencies are rising, and structural weaknesses and the negative impact of sanctions on productivity and investment weigh on the economic expansion.

Due to the recent economic downturn the credit risk situation of some major industries has deteriorated, and insolvencies are expected to increase.

Worries over the impact of adverse external factors like US import tariffs and the Brexit decision on Polish export and investment growth remain.

In 2020 household consumption is expected to accelerate, sustained by further decreasing unemployment, low inflation, and a minimum wage increase.

The economy is highly integrated into international value chains, making it vulnerable to major foreign trade losses, especially in the automotive sector.

The forint remains vulnerable to international investors’ sentiment due to the elevated external and public debt levels and institutional issues.

As the economy is reliant on automotive-related exports to the Eurozone, especially to Germany, it is vulnerable to adverse developments in the industry.

The currency is subject to some volatility, and the country is vulnerable to capital outflows should there be adverse internal or external developments.

Political instability remains an issue for the long-term economic growth prospects, while corruption and red tape still hamper the business environment.

Despite a modest economic rebound the business performance and credit risk situation of several industries remains strained, especially in Dubai.

Beside deterioration of payment behaviour in the private sector, the number of payment delays in larger projects dependent on government funding is still high.

In 2019 and 2020 growth is expected to exceed 5%, supported by exchange rate liberalization, interest rate normalisation and increasing tourist arrivals.

The economy is currently forecast to expand by about 3.5% in 2020, however, this depends on decent performance in agriculture, tourism, and exports.

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 growth in Eastern Europe is projected to remain solid this year, despite losing steam mainly because of poor growth prospects for Turkey.

Economic growth in Romania is expected to slow down to around 3-3.1% this year, and to sink below 3% in 2020

Real GDP growth in Slovakia is forecast to remain strong – 3.3% – this year and to slow slightly down to 3.2% in 2020

Economic expansion in the Czech Republic is forecast to remain positive over the coming months, with an average growth rate of about 3% this year.

Real GDP growth in Poland is forecast to reach 4.4% this year, slowing down to 3.6% in 2020.

Financial conditions in Turkey will be tighter in the coming months.

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

Economic growth in Hungary gained momentum recently, with real GDP gains expected to reach 4.4% this year.

Iran continues to demonstrate economic resilience but prospects for integration into the world economy remain far off.

Argentina has introduced currency controls to stabilise peso in the run-up to elections.

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.

Many German Tier 2 suppliers face the issue that their products are easily substitutable, while their solvency and equity position is generally weak.