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Country risk March 2011: Country rankings and acknowledgements

For more information contact Andrew Mortimer, Deputy Editor - Euromoney Country Risk (ECR) +44 (0) 20 7779 8287, amortimer@euromoney.com.

Country risk March 2011: Middle East drops, sub-Saharan Africa rises

Methodology

Acknowledgements

More about ECR

For full current rankings visit www.euromoneycountryrisk.com.

				Current risk score
Current rank	Sept '10	Country name	Current score	Economic (% score, 30% weighting)	Political (% score, 30% weighting)	Structural (% score, 10% weighting)	Credit rating (score out of 10, weighting 10%)	Debt indicators (score out of 10, weighting 10%)	Access to capital markets (score out of 10, weighting 10%)
1	1	Norway	93.44	90.40	92.97	84.10	10.00	10.00	10.00
2	6	Luxembourg	91.03	81.00	93.67	86.25	10.00	10.00	10.00
3	2	Switzerland	89.59	82.50	87.23	86.71	10.00	10.00	10.00
4	4	Denmark	89.21	78.33	92.10	83.25	10.00	10.00	9.75
5	3	Sweden	88.74	78.17	90.83	82.83	10.00	10.00	9.75
6	12	Singapore	87.48	78.25	86.28	83.75	10.00	10.00	9.75
7	5	Finland	86.96	74.00	89.29	79.71	10.00	10.00	10.00
8	8	Netherlands	86.67	75.60	87.38	77.70	10.00	10.00	10.00
9	7	Canada	86.17	73.50	88.97	76.75	10.00	10.00	9.75
10	10	Australia	85.36	74.50	85.65	77.63	9.79	10.00	9.75
11	9	Hong Kong	84.84	81.67	82.83	83.25	9.17	10.00	8.00
12	13	Germany	84.43	70.92	84.59	77.79	10.00	10.00	10.00
13	11	Austria	84.01	72.20	82.28	76.65	10.00	10.00	10.00
14	14	New Zealand	83.62	62.67	91.15	81.50	9.58	10.00	9.75
15	17	United States	81.60	60.67	85.25	78.35	10.00	10.00	10.00
16	16	United Kingdom	80.04	59.80	82.91	74.80	10.00	10.00	9.75
17	23	Taiwan	80.04	74.60	75.89	74.70	7.92	10.00	9.50
18	17	France	79.89	62.56	79.30	73.39	10.00	10.00	10.00
19	22	Cyprus	77.02	67.00	75.97	74.29	7.71	10.00	9.00
20	20	Belgium	76.87	62.25	78.82	71.75	9.38	10.00	8.00
21	21	Qatar	75.53	79.75	66.17	59.81	8.75	10.00	7.00
22	30	Macau	75.52	80.00	60.00	74.00	8.13	10.00	8.00
23	28	Malta	75.27	66.67	70.41	78.75	7.29	10.00	9.00
24	29	Czech Republic	74.77	69.55	71.83	65.59	7.29	10.00	8.50
25	19	Japan	74.66	53.80	76.79	70.80	8.54	10.00	9.88
26	24	Slovenia	74.45	57.50	76.22	65.81	8.75	10.00	9.00
27	15	Chile	73.61	75.63	75.42	68.34	7.50	7.95	6.00
28	27	Slovak Republic	73.42	66.00	71.79	63.20	7.50	10.00	8.25
29	25	Korea South	72.28	65.75	67.86	69.13	7.29	10.00	8.00
30	32	Italy	71.20	57.71	65.94	70.00	8.13	10.00	9.00
31	40	Poland	70.99	64.36	69.67	58.02	6.46	10.00	8.50
32	39	Kuwait	70.47	76.00	55.34	55.00	8.54	10.00	7.00
33	34	United Arab Emirates	69.70	67.50	59.71	53.96	8.13	10.00	8.00
34	37	Spain	67.73	44.11	71.26	67.61	9.38	10.00	7.00
35	41	Oman	67.65	71.25	61.99	54.63	7.19	10.00	5.00
36	38	Bahrain	67.39	71.67	60.47	58.58	6.88	10.00	5.00
37	31	Israel	66.83	59.00	68.11	71.25	7.08	10.00	4.50
38	35	Saudi Arabia	65.12	72.14	51.67	53.36	8.13	10.00	4.50
39	60	Malaysia	64.75	60.80	60.63	65.40	6.25	8.04	7.50
40	36	China	63.55	66.88	48.47	52.41	7.71	8.73	7.25
41	42	Brazil	63.22	67.75	64.50	60.92	4.38	8.56	4.50
42	45	Thailand	63.00	65.33	52.89	66.00	5.42	9.03	6.50
43	26	Ireland	61.72	38.27	66.69	73.52	7.92	10.00	5.00
44	33	Portugal	61.35	42.14	64.31	61.36	7.29	10.00	6.00
45	63	Panama	60.42	69.33	61.50	41.25	4.38	8.62	4.00
46	47	Iceland	59.84	41.50	73.49	61.88	4.17	10.00	5.00
47	53	Hungary	59.67	47.55	59.41	55.89	5.00	10.00	7.00
48	44	South Africa	59.20	55.44	60.36	54.31	5.83	9.18	4.00
49	65	Bahamas	59.16	38.00	62.74	50.00	5.94	10.00	8.00
50	51	Estonia	58.79	62.75	70.32	67.88	7.08	0.00	5.00
51	48	Colombia	58.72	64.22	61.30	58.36	3.75	8.47	3.00
52	61	Indonesia	58.27	62.75	51.72	53.38	3.33	8.50	6.75
53	43	Mexico	58.13	56.00	55.14	62.88	5.21	8.81	4.50
54	50	Turkey	57.07	60.94	60.07	56.70	3.33	7.25	4.50
55	55	Lithuania	57.05	47.00	62.48	57.83	5.21	6.72	6.50
56	49	India	56.96	57.00	49.66	51.82	4.38	8.40	7.00
57	52	Russia	56.83	61.56	44.30	49.04	5.21	8.45	6.50
58	46	Peru	56.70	65.25	51.76	47.56	4.38	8.95	3.50
59	54	Croatia	56.47	46.17	56.63	57.67	4.38	10.00	5.50
60	66	Sri Lanka	54.86	56.33	52.01	71.00	1.88	8.41	5.00
61	58	Philippines	54.46	52.67	50.08	57.50	2.92	8.23	6.75
62	102	Botswana	54.00	47.00	50.96	33.33	6.56	8.69	6.00
63	59	Bulgaria	53.82	57.50	52.57	42.80	4.58	6.91	5.00
64	68	Latvia	52.47	46.17	61.14	54.67	3.96	6.85	4.00
65	56	Greece	52.38	38.85	56.12	59.52	3.96	10.00	4.00
66	88	Brunei	51.81	59.00	50.00	0.00	0.00	10.00	9.00
67	62	Morocco	51.28	46.67	52.21	51.75	4.17	8.78	3.50
68	67	Jordan	50.42	46.67	54.76	48.00	3.13	9.06	3.00
69	83	Armenia	49.66	52.00	51.11	50.92	2.81	7.57	3.25
70	91	Bermuda	49.48	0.00	69.00	0.00	8.96	10.00	9.75
71	75	Vietnam	49.46	46.00	44.26	50.83	2.29	8.27	6.75
72	73	Romania	49.09	49.78	44.79	45.19	3.96	6.99	5.25
73	74	Costa Rica	48.81	39.00	54.44	54.38	3.33	8.02	4.00
74	72	Kazakhstan	47.91	55.00	44.76	52.00	4.79	4.00	4.00
75	57	Uruguay	47.79	54.50	34.72	63.13	2.92	8.33	3.50
76	71	Georgia	47.77	44.00	55.34	60.56	1.88	8.56	1.50
77	77	Namibia	47.65	50.00	63.03	58.75	4.38	0.00	3.50
78	87	Azerbaijan	46.95	52.75	38.91	28.44	3.96	9.12	3.50
79	81	Libya	46.85	62.67	40.52	54.58	5.94	0.00	4.50
80	114	Honduras	46.34	54.00	43.00	48.00	1.25	8.19	3.00
81	69	Tunisia	45.41	35.50	43.22	49.69	5.00	7.35	4.50
82	80	El Salvador	45.16	50.00	45.36	36.25	3.13	6.78	3.00
83	85	Gabon	44.85	53.00	32.07	56.50	2.50	8.21	3.00
84	105	Mauritius	44.78	29.50	43.98	31.88	5.00	9.54	5.00
85	95	Ghana	44.71	47.71	46.94	38.39	1.56	8.89	2.00
86	70	Serbia	44.34	43.25	48.23	58.81	2.50	6.54	2.00
87	90	Macedonia (FYR)	44.23	46.67	44.61	38.33	3.44	7.06	2.50
88	64	Egypt	44.01	38.11	39.69	43.36	3.54	9.30	3.50
89	78	Ukraine	43.97	46.62	42.48	54.73	1.46	6.58	3.75
90	86	Argentina	43.73	45.63	41.68	57.03	1.04	8.32	2.50
91	76	Lebanon	43.53	45.25	45.58	61.31	1.46	7.22	1.50
92	82	Albania	42.77	38.00	41.47	48.38	1.88	8.48	3.75
93	92	Venezuela	42.47	47.67	32.16	53.67	1.88	9.30	2.00
94	118	Mongolia	42.09	44.33	40.85	30.00	1.88	7.63	4.00
95	110	Nigeria	42.05	45.56	33.67	45.75	2.19	9.54	2.00
96	79	Paraguay	40.33	51.00	24.70	53.25	1.25	9.07	2.00
97	112	Seychelles	40.27	45.00	51.00	60.00	0.63	3.37	1.50
98	96	Belarus	39.84	43.75	34.38	27.81	1.88	8.73	3.00
99	101	Algeria	39.50	45.80	37.40	50.60	0.00	5.50	4.00
100	100	Mozambique	38.79	41.00	47.00	0.00	1.56	8.74	2.00

Thank you:

With special thanks to the World Bank, Standard & Poor’s, Moody’s Investors Service, Fitch IBCA and the following economists/institutions for their contributions: Adam Antoniak, Bank BPH SA; Anjali Verma, MF Global Sify Securities I Pvt Ltd; Azusa Kato, BNP Paribas; Bernard Musyck, Frederick University; Camilo Perez, Banco de Bogota; Cheng Cheng-Mount, Citibank Taiwan; Colen Garrow, Brait SA Ltd; Dr Olga Mrinska, Institute of Local and Regional Initiatives; Eduard Hagara, ING Barings; Francesca Panelli, Aletti Gestielle SGR SPA; Hans Holzhacker, Nenci Francesca and Rozália Pál, UniCredit Group; Helena Horska, Raiffeisenbank; John R. Harris, Boston University; Julien Manceaux and Dmitry Polevoy, ING; Madan Sabnavis, Credit Analysis and Research Ltd; Maristella Ansanelli, Banco Fibra; Michael Kappeler, LGT Capital Management; Michael Loufir, National Bank of Greece; Nassib Ghobril, Byblos Bank; Nuchjarin Panarode, Capital Nomura Securities; Olena Bilan, Dragon-Capital; Oliver Kovacs, ICEG European Center; Panicos Demetriades, University of Leicester; Peter Meister, BHF Bank Aktien Gesellschaft; Philip Hanson, Chatham House; Plamen Plantev, ISIS; Pornthep Jubandhu, Siam Commercial Bank; Robin Clements, UBS; Shakill K. Hasssan, University of Cape Town, Tiina Helenius, Handelsbanken; Vicky Redwood, Capital Economics; Vitaliy Vavryshchuk, BG Capital; Henry Mo, Credit Suisse; Lana Soelistianingsih, PT Samuel Sekuritas; Michal Dybula, BNP Paribas; Georgy Y. Ganev, Centre for Liberal Strategies; Wei Li, Standard Chartered Bank China; Pragrom Pathomboorn, Siam Commercial Bank; Aysegul Aykol Kocabas; Tekstil Bankasi; Martin Pelucha, University of Economics in Prague ; Galina Borisova Hale, Federal Reserve Bank of San Francisco; Ilias Lekkos, Piraeus bank, Athens; Dalton Gardimam, Banco Bradesco; M. Nicolas J. Firzli, Canadian European Economic Council; Yasuo Yamamoto, Mizuho Research Institute.

The money network:

The truth about Asian investment banking

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