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Country risk: Full results
Key political and economic risk indicators
To obtain the overall country risk score, Euromoney assigns a weighting to six categories. These are political risk (30% weighting), economic performance (30%), structural assessment (10%), debt indicators (10%), credit ratings (10%) and access to bank finance/capital markets (10%).
Political risk: Economists and heads of research worldwide were asked to rate each country of which they have knowledge from 1 to 100 across six categories: government stability, regulation/regulatory environment, non-payment of loans/dividends/trade-related finance, non-repatriation of capital, corruption perception, information access/transparency and judicial system. These raw scores were then averaged to produce a total score and weighted to 30%.
Economic performance: Economists and heads of research worldwide were asked to rate each country of which they have knowledge from 1 to 100 across five categories (except for the growth forecast which was reported as a percentage): bank stability/risk, monetary/currency stability, government finances, employment/unemployment and economic GNP growth/forecast. These raw category scores were averaged and the score was adjusted by the growth forecast percentage to produce a total score and weighted to 30%. For political risk and economic performance, the score was weighted down by 20% where a country received fewer than three responses.
Structurals assessments: Economists and heads of research worldwide were asked to rate each country for which they have knowledge across four categories: labour market/industrial relations, demographics, soft infrastructure and hard infrastructure. These raw scores were then averaged to produce a total score and weighted to 10%.
Access to bank finance/capital markets: Heads of debt syndicate and loan syndications rated each countrys accessibility to international markets on a scale of 1 to 100, where 0 indicates no access at all and 100 indicates full access. These scores were averaged and then weighted to 10%.
Respondents were also asked if they had accessed a particular countrys market within the past six months.
Debt indicators: Calculated using these ratios from the World Banks global development finance figures: total debt stocks to GNP (A), debt service to exports (B), current account balance to GNP (C). Developing countries that do not report complete debt data get a score of zero.
Credit ratings: Nominal values are assigned to sovereign ratings from Moodys, Standard & Poors and Fitch IBCA. The ratings are converted into a score using a set scoring chart. This score is then averaged and the score weighted to 7.5%. The higher the average value the better. Where there is no rating, countries score zero.
With special thanks to The World Bank, Standard & Poors, Moodys Investors Service, Fitch IBCA
and the following economists/institutions for their contributions: Aristides Hatzis, University of Athens; Bernard Musyck, Frederick University; Birgit Niessner, Erste Bank; Cláudio Djissey Shikida, Ibmec Minas; Connie Bolland, ERA Economic Research Analysis; Francesca Panelli, Aletti Gestielle SGR SpA; Fung Kwan, University of Macau; Hans Holzhacker, UniCredit; Ilias Lekkos, Piraeus Bank; Jon Hyman, Economist Intelligence Unit; Kristofor Pavlov, UniCredit Bulbank; M Nicolas J Firzli, Canadian European Economic Council; Marcos Vera-Hernández, University College London; Mary Lou Walsh, PRS Group; Matthias Göthel, Postbank; Michail Vassiliadis, Mirosław Kachniewski, Polish Association of Listed Companies; Natalia Volchkova, CEFIR; Olena Bilan, Dragon Capital; Oswaldo Lopez, BBVA Banco Provincial; PA Gregg, University of Bristol; Peter Kretzmer, Bank of America; Plamen Pantev, ISIS Sofia; Risto Herrala, Bank of Finland; Tiina Helenius, Handelsbanken; Uosina Kubli, Sarasin Bank; Yiyi Lu, Chatham House; Anjali Verma, MF Global; Michael Laubsch, Eurasian Transition Group; Apollinaire Mupiganyi, Transparency International.