The global recovery continues in 2022, but a bumpy road lies ahead – Coface Barometer Q4 2021


HONG KONG SAR – Media OutReach – 22 February 2022 – Two years after the onset of the pandemic, the global economy continues to recover, but still faces significant challenges. After the lull in the 3rd quarter of 2021, Omicron has highlighted the unpredictability of the pandemic and exacerbated one of the main factors affecting the recovery: disruptions in supply chains. The other major risk is the lasting inflation slippage. In this highly uncertain environment, Coface has made few changes to its risk assessments following the waves of upgrades in previous quarters. In total, four country risk assessments were upgraded, including Denmark, and two were downgraded. In terms of sector risks, Coface upgraded twelve assessments, notably in the paper and wood industries, where prices remain buoyant, and made five downgrades, mainly in the energy sector in Europe.

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