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A potential downside risk to the economic performance could be the high household debt in case of sharp house price decreases and interest rate increases.

With the rebound of economic growth, business failures are expected to decrease year-on-year in 2018, but nevertheless to remain on an elevated level.

British business insolvencies are expected to rise again in 2018, mainly affecting businesses active in the construction, retail and hospitality sectors.

The global economic upswing continues to strengthen but US policy uncertainty and a potential trade war could quickly darken the bright skies.

While the return to more market friendly policies has improved Argentina´s medium- and long-term growth prospects, significant downside risks remain.

Despite a rebound, the economic environment remains challenging due to a fragile political landscape, high unemployment, and fiscal policy issues.

Since H2 of 2017 economic growth has recovered from low copper prices and lower demand from China, strikes in the mining sector and weaker domestic demand.

Since H2 of 2017 GDP growth has started to accelerate again, due to a more supportive external environment and the effects of monetary policy stimulus.

In a highly competitive and fragmented market retailers’ profit margins are expected to remain under pressure in 2018 after deteriorating in 2017.

Consumer durables are expected to continue their sales expansion in 2018, although at a lower pace than in 2017 as private consumption growth slows.