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Italian building cooperatives and smaller companies focused on domestic residential construction remain highly exposed to the risk of business failure.

Future US construction growth could get an additional boost if, as announced, the new US administration invests heavily in infrastructure improvements.

A modest recovery is forecast in the non-residential segment due to stronger private demand and activity picking up in the infrastructure building sector.

Due to the deterioration in demand competition has increased, as builders operate on lower margins in order to obtain the remaining available business.

Private building projects are expected to decrease due to less benign economic conditions and an increased supply completed housing projects and offices.

Construction payment delays and insolvencies have decreased, mainly because financially weak players already left the market during the past downturn.

Value added construction growth is expected to grow by more than 2.5% in 2017, but due to fierce competition many smaller players have low margins.

After rising in 2016, non-payments are expected to increase further in the coming six months, while business closures are also increasing further.

The price of oil has stabilised, largely thanks to OPEC’s shift in policy. The market is expected to rebalance in 2018 driving up prices in the medium term.

The on-going economic slowdown, overcapacities and high indebtedness of many businesses will lead to further increasing business insolvencies in 2017.

India’s economic growth outlook for 2017 remains robust, but a rather weak banking sector and high foreign indebtedness of domestic firms remain concerns.

Despite an expected GDP growth rate of more than 5% in 2017 structural weaknesses remain, and firms are increasingly vulnerable to currency volatility.

Subdued economic growth despite massive stimulus measures remains an issue, while exports are helped by a yen depreciation against the USD in 2017.

A prudent fiscal policy has limited the consequences of low oil and gas prices, but the economy is vulnerable to a hard landing of the Chinese economy.

GDP growth is expected to remain at a level of about 6% in 2017, but growing political uncertainty could hamper business sentiment and foreign investment.

In 2017 the economic performance continues to be impacted by weaker demand from China and other Asian countries, but strong fundamentals remain.

Growing political uncertainty after the president´s impeachment, subdued private consumption, and lower exports to China weigh on economic growth.

Growing competition from mainland China in the electronics sector require productivity increases and a diversification of the economy in the long-term.

GDP is forecast to grow about 3% in 2017, but high household debt, inequality and low incomes will put downward pressure on consumption growth.

High growth of more than 6% in 2017, but economic fundamentals still show some weaknesses and Vietnamese businesses suffer from limited access to capital.