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Allianz Trade Country Risk Atlas 2026
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Despite intense trade tensions and multiple layers of risks, Allianz Trade upgrades 36 country risk ratings for only 14 downgrades
- The 2026 Allianz Trade Country Risk Atlas presents a concise, data‑driven view of how global risk evolved through a year marked by geopolitical tensions, trade frictions, and fiscal uncertainty. Yet despite these pressures, global country risk improved in 2025, with 36 countries upgraded and only 14 downgraded, reflecting the resilience built through monetary, fiscal, and trade‑related adjustments worldwide. Covering 83 countries representing 94% of global GDP, the Atlas uses 35 proprietary indicators to map where non‑payment risk is rising—and where it’s easing.
- Economic fundamentals strengthened across multiple regions as emerging markets benefited from improved financing conditions, appreciating currencies, and higher commodity prices. Several advanced economies saw gains driven by disinflation, greater political stability, and stronger trade performance—particularly in Europe (Germany, Greece, Italy, Spain) and Asia‑Pacific (South Korea, Vietnam). Latin America showed resilience through stable domestic demand, while some African markets recorded sub‑rating improvements, although not yet enough to lift overall risk grades.
- Despite overall improvement, the Atlas flags structural vulnerabilities that continue to pressure corporates globally. Notable downgrades—including Belgium, France and the United States—highlight ongoing medium‑term risks amid political and fiscal uncertainty. For businesses navigating cross‑border exposure, credit decisions, and international expansion, this edition acts as a strategic compass: transforming complex macroeconomic signals into actionable guidance. Download the full report to understand where risk is shifting—and how to protect your cash flow and competitiveness in 2026.
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DEDICATION
75,000+
Corporate customers
Corporate customers
INSIGHTS
€1,400 billion
Business transactions protected globally
Business transactions protected globally
ASSURANCE
AA Rating
by Standard & Poor's
by Standard & Poor's
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