Sovereign Ratings List

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SRHL
10 Apr, 2024 | 07:23
APAC, United States of America, Latin America, Canada, EMEA, APAC

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Table of Contents
- Glossary Of Terms

This report does not constitute a rating action.

"Sovereign Risk Indicators" contains comparative statistics for rated sovereigns. Tables 1-5 include economic measures, monetary data, fiscal and debt indicators, balance-of-payments information, and external balance sheet data. To view the full data set, please click on the "View Expanded Table" tab at the top of each table. A glossary at the end of this article explains the reported concepts.

An interactive version of the Sovereign Risk Indicators can be found at disclosure.spglobal.com/sri/. We publish our Sovereign Risk Indicators quarterly. The next edition of the sovereign risk indicators will be published on July 8, 2024.

Table 1 | View Expanded Table

Sovereign risk indicators: Economic data
			--Nominal GDP (bil. LC)--	--Nominal GDP (bil. US$)--	--GDP per capita (US$)--	--Real GDP growth (%)--	--Real GDP per capita growth (%)--	--Real investment growth (%)--	--Investment/GDP (%)--	--Savings/GDP (%)--	--Exports/GDP (%)--	--Unemployment rate (% of workforce)--
Sovereign	ISO Code	LT FC rating	2024f	2024f	2024f	2024f	2024f	2024f	2024f	2024f	2024f	2024f
Abu Dhabi	AE	AA	1,098.94	299.23	92,528.23	4.51	2.46	N/A	N/A	N/A	N/A	6.00
Albania	AL	BB-	2,505.38	26.59	9,666.30	3.40	3.61	2.90	23.26	19.99	39.84	10.30
Andorra	AD	BBB+	3.65	4.00	46,595.19	1.80	0.79	N/A	N/A	N/A	10.48	2.00
Angola	AO	B-	72,783.66	84.69	2,263.01	1.20	(2.03)	2.00	24.55	27.02	41.87	28.00
Argentina	AR	CCC	693,021.57	572.75	12,154.74	(3.47)	(4.43)	(5.77)	9.10	8.05	11.72	9.50
Armenia	AM	BB-	10,414.29	25.59	8,603.52	6.40	6.51	17.00	23.97	20.52	55.28	13.20
Aruba	AW	BBB	7.00	3.91	34,661.05	1.00	(2.13)	1.00	21.07	28.37	84.46	3.00
Australia	AU	AAA	2,663.89	1,774.57	64,986.48	1.59	(0.86)	4.26	23.79	23.70	24.89	4.01
Austria	AT	AA+	499.81	548.43	59,875.93	0.70	0.10	(1.50)	24.01	25.85	60.02	4.80
Azerbaijan	AZ	BB+	129.34	76.08	7,364.82	1.50	0.50	3.00	15.84	27.03	46.70	4.70
Bahamas	BS	B+	14.54	14.54	35,965.16	1.80	0.49	1.80	21.47	28.76	37.53	8.80
Bahrain	BH	B+	17.89	47.57	29,364.89	2.40	0.39	3.00	30.68	34.42	81.53	4.00
Bangladesh	BD	BB-	50,993.32	457.34	2,652.83	6.00	4.79	6.50	30.83	30.49	13.80	4.00
Barbados	BB	B-	13.54	6.77	23,452.46	2.20	2.08	2.20	16.64	11.30	34.28	8.24
Belgium	BE	AA	608.46	667.64	56,508.93	1.40	0.90	2.20	25.28	24.73	83.61	5.50
Belize	BZ	B-	6.81	3.41	7,274.08	3.00	0.39	3.00	20.86	17.60	47.16	9.00
Benin	BJ	B+	12,880.96	21.55	1,669.44	6.40	3.93	10.25	38.88	33.65	19.89	2.50
Bermuda	BM	A+	8.24	8.24	129,965.66	1.13	1.24	1.04	12.50	23.76	52.25	5.00
Bolivia	BO	CCC+	333.03	44.67	3,621.30	1.90	0.53	2.00	17.21	13.65	24.98	5.00
Bosnia	BA	B+	51.59	28.94	8,999.93	2.50	3.02	2.75	27.17	24.23	45.29	13.00
Botswana	BW	BBB+	296.02	21.45	8,427.06	4.20	2.16	2.90	31.88	33.81	39.24	24.80
Brazil	BR	BB	11,502.48	2,300.50	10,570.32	1.81	1.24	1.01	16.41	15.23	18.80	8.72
Bulgaria	BG	BBB	196.81	110.18	17,191.57	2.50	3.12	6.00	19.68	19.52	60.01	3.90
Burkina Faso	BF	CCC+	13,612.59	22.77	955.41	5.20	2.63	4.00	19.74	16.17	26.72	N/A
Cameroon	CM	B-	32,648.87	54.61	1,862.85	4.10	1.59	4.00	17.64	14.32	17.41	N/A
Canada	CA	AAA	2,965.65	2,246.70	55,366.26	0.94	(0.26)	0.40	23.61	23.05	34.56	6.08
Cape Verde	CV	B-	268.07	2.66	4,587.96	4.00	2.91	3.00	18.22	11.28	40.01	11.00
Chile	CL	A	297,904.04	310.32	15,449.11	1.99	1.35	0.95	23.61	20.07	32.32	8.15
China	CN	A+	134,450.92	19,044.04	13,514.24	4.58	4.62	4.31	42.28	44.57	20.07	5.10
Colombia	CO	BB+	1,691,985.18	425.12	8,068.21	1.10	0.07	(2.27)	12.39	9.41	17.43	10.88
Congo, D.R.	CD	B-	190,351.04	67.98	669.46	4.90	1.66	7.00	13.02	7.45	49.11	48.10
Congo	CG	B-	9,394.14	15.72	2,579.79	4.57	2.02	(15)	35.94	46.24	71.29	N/A
Cook Islands	CK	B+	0.53	0.32	20,318.55	11.50	10.64	N/A	N/A	N/A	N/A	N/A
Costa Rica	CR	BB-	50,167.54	94.96	17,819.69	3.00	2.01	4.00	18.21	16.05	37.90	8.50
Cote d'Ivoire	CI	BB-	52,461.99	89.93	3,076.67	6.50	3.80	9.75	28.02	23.94	24.14	3.50
Croatia	HR	BBB+	77.43	84.96	22,006.26	2.50	2.30	(0.25)	23.00	22.45	53.64	6.20
Curacao	CW	BBB-	6.33	3.54	23,224.30	4.00	2.77	4.00	34.28	12.02	75.00	10.20
Cyprus	CY	BBB	31.23	34.32	36,872.49	2.60	1.48	5.40	23.51	12.90	86.07	5.80
Czech Rep.	CZ	AA-	7,628.83	340.00	31,244.83	1.25	0.75	2.50	28.70	28.92	70.54	2.80
Denmark	DK	AAA	2,910.01	428.61	71,885.92	1.30	0.80	0.15	21.68	32.06	73.31	5.15
Dominican Rep.	DO	BB	7,447.46	125.33	11,603.66	5.00	4.13	5.00	32.22	28.17	21.14	11.00
Ecuador	EC	B-	121.83	121.83	6,831.21	1.00	0.42	2.00	21.63	23.50	28.49	3.50
Egypt	EG	B-	14,096.32	340.33	3,190.57	3.00	1.51	12.00	14.13	10.54	17.61	7.00
El Salvador	SV	B-	36.31	36.31	5,488.22	2.20	1.69	5.20	19.29	16.60	26.64	2.50
Estonia	EE	AA-	38.74	42.50	31,072.57	(0.20)	(0.30)	(3)	24.69	22.72	75.21	8.20
Ethiopia	ET	SD	10,891.36	185.58	1,706.77	6.50	4.21	6.80	24.50	21.07	5.75	N/A
Falkland Islands	FK	A+	0.29	0.37	119,370.54	2.00	2.00	N/A	N/A	N/A	N/A	N/A
Fiji	FJ	B+	13.70	6.07	6,576.41	3.45	2.83	N/A	16.50	7.25	47.34	5.00
Finland	FI	AA+	282.01	309.44	55,688.62	0.20	0.20	(0.75)	22.59	22.32	40.40	6.75
France	FR	AA	2,916.66	3,200.35	46,850.85	0.80	0.60	(0.60)	24.80	24.18	32.16	7.70
Georgia	GE	BB	87.65	30.22	7,977.12	5.00	4.90	7.50	26.39	20.63	55.25	16.30
Germany	DE	AAA	4,240.85	4,653.34	55,051.16	0.30	0.10	(0.50)	22.18	28.74	47.48	3.30
Ghana	GH	SD	992.08	73.82	2,180.94	3.40	1.21	3.70	(55.33)	(54.40)	32.44	11.00
Greece	GR	BBB-	232.36	254.96	24,482.27	2.40	2.40	11.10	17.68	12.79	45.61	8.80
Guatemala	GT	BB	860.58	109.59	6,141.66	3.50	2.10	3.50	16.55	18.56	17.02	3.00
Guernsey	GG	A+	3.75	4.80	74,626.96	1.00	0.70	N/A	N/A	N/A	N/A	1.00
Honduras	HN	BB-	911.18	36.72	3,709.83	3.60	2.01	3.60	23.76	19.53	36.47	6.55
Hong Kong	HK	AA+	3,159.14	405.02	53,423.12	2.52	1.91	4.12	15.74	25.27	180.01	2.91
Hungary	HU	BBB-	80,331.98	222.97	23,273.63	2.19	2.40	2.26	27.30	27.68	80.15	3.80
Iceland	IS	A+	4,554.66	33.55	84,837.34	2.25	0.25	3.50	24.40	23.49	43.22	4.20
India	IN	BBB-	325,713.58	3,908.95	2,743.17	6.84	5.87	6.99	23.77	20.69	21.47	5.26
Indonesia	ID	BBB	22,374,108.20	1,432.97	5,237.43	4.87	4.86	5.30	36.79	35.98	22.75	5.20
Iraq	IQ	B-	398,703.34	306.69	6,977.36	2.80	0.78	4.00	28.56	40.01	30.47	15.50
Ireland*	IE	AA	527.06	578.33	108,624.37	1.90	0.89	3.00	27.45	32.09	134.53	4.50
Israel	IL	AA-	1,924.73	518.31	52,160.84	0.50	(1.47)	(1.50)	25.44	29.34	30.71	4.50
Italy	IT	BBB	2,144.60	2,353.20	40,006.64	0.60	0.90	0.90	20.71	21.63	35.18	7.50
Jamaica	JM	BB-	3,040.74	19.46	7,072.89	1.55	1.43	1.55	23.52	22.42	36.87	6.50
Japan	JP	A+	618,499.65	4,317.62	34,983.23	1.24	1.79	2.91	26.10	28.49	22.35	2.60
Jersey	JE	AA-	6.51	8.32	80,441.18	1.00	0.90	N/A	N/A	N/A	N/A	2.10
Jordan	JO	B+	37.83	53.29	4,527.19	2.10	0.10	3.00	17.44	12.85	40.60	21.50
Kazakhstan	KZ	BBB-	137,676.72	297.82	14,668.24	3.47	2.09	2.50	27.96	25.15	31.63	4.70
Kenya	KE	B	16,829.82	102.93	1,747.86	5.40	3.03	5.10	22.64	17.78	12.31	N/A
Korea	KR	AA	2,317,384.19	1,810.10	35,031.59	2.20	2.28	2.01	32.26	33.25	46.20	3.00
Kuwait	KW	A+	55.42	182.48	37,763.74	2.00	0.99	0.00	25.20	44.56	59.30	N/A
Latvia	LV	A+	42.08	46.17	24,447.14	1.50	1.40	4.50	23.74	19.93	62.03	6.70
Lebanon	LB	SD	1,475,989.96	16.11	2,935.18	(0.20)	(0.20)	0.00	3.06	(6.39)	25.51	N/A
Liechtenstein	LI	AAA	7.32	8.09	200,818.75	1.54	0.83	N/A	N/A	N/A	48.03	1.35
Lithuania	LT	A+	75.32	82.65	28,911.58	1.60	1.55	5.00	20.03	21.20	76.13	6.90
Luxembourg	LU	AAA	82.51	90.54	134,321.85	1.40	(0.59)	(3)	17.07	22.96	212.75	5.00
Madagascar	MG	B-	79,904.47	17.22	559.84	5.00	2.30	7.90	22.56	17.52	25.98	2.60
Malaysia	MY	A-	1,950.52	422.62	12,528.28	4.30	3.21	5.55	22.16	24.18	68.96	3.30
Malta	MT	A-	20.56	22.56	39,619.13	3.00	0.98	4.00	19.36	21.37	166.39	3.50
Mauritius	MU	BBB-	711.26	16.05	12,749.24	4.00	4.12	4.00	21.53	15.91	56.82	6.30
Mexico	MX	BBB	33,689.98	1,953.04	14,550.38	2.46	1.52	6.65	22.29	20.53	34.87	3.25
Mongolia	MN	B	76,164.44	22.20	6,233.23	6.00	4.43	8.00	36.13	32.18	77.02	6.50
Montenegro	ME	B	7.32	8.03	12,673.13	3.60	3.50	6.00	26.81	16.03	51.31	11.50
Montserrat	MS	BBB-	0.22	0.08	18,536.54	7.90	7.90	N/A	15.77	2.86	28.00	N/A
Morocco	MA	BB+	1,527.77	155.55	4,158.42	3.40	2.38	3.80	29.99	28.59	47.76	13.00
Mozambique	MZ	CCC+	1,432.60	22.06	629.45	5.80	2.82	66.25	32.58	(0.06)	49.60	N/A
Netherlands	NL	AAA	1,062.92	1,166.30	65,220.19	0.50	0.10	(2.20)	18.97	27.89	83.90	3.80
New Zealand	NZ	AA+	410.75	250.38	47,106.57	0.02	(2.58)	(3.03)	24.95	19.27	23.38	4.12
Nicaragua	NI	B	683.64	18.67	2,715.15	3.50	2.43	3.50	21.45	22.76	42.21	3.00
Nigeria	NG	B-	308,952.90	273.21	1,198.36	2.96	0.40	5.00	33.01	33.51	24.34	29.00
North Macedonia	MK	BB-	895.26	15.96	8,730.29	2.90	3.00	7.20	25.07	22.98	71.66	13.00
Norway	NO	AAA	5,002.23	480.98	87,043.91	1.00	0.33	1.20	27.86	39.89	43.04	4.00
Oman	OM	BB+	42.91	111.60	21,181.18	1.43	(0.55)	1.50	27.23	28.56	54.82	3.20
Pakistan	PK	CCC+	103,757.66	347.95	1,481.11	2.00	0.29	3.00	13.68	12.37	9.35	7.00
Panama	PA	BBB	87.52	87.52	21,092.66	2.70	1.48	2.70	30.84	25.78	49.49	8.90
Papua New Guinea	PG	B-	121.98	33.88	3,485.09	4.42	2.27	N/A	N/A	N/A	38.99	N/A
Paraguay	PY	BB+	338,000.64	46.23	7,462.93	3.80	3.08	3.00	19.48	19.34	41.81	6.10
Peru	PE	BBB	1,067.84	284.76	8,336.11	2.70	1.40	3.76	19.59	18.73	27.10	6.40
Philippines	PH	BBB+	26,685.64	487.36	4,259.06	5.86	4.29	5.89	23.06	21.04	26.73	4.57
Poland	PL	A-	3,664.71	916.18	24,977.45	2.77	2.97	4.74	17.77	18.90	57.55	2.60
Portugal	PT	A-	278.10	305.15	29,094.72	1.40	1.20	4.00	19.93	21.25	47.03	6.70
Qatar	QA	AA	826.16	226.97	75,393.64	2.16	0.65	1.00	37.21	52.96	54.75	12.00
Ras Al Khaimah	AE	A-	48.48	13.20	32,647.65	3.50	0.98	N/A	0.00	N/A	0.00	3.80
Romania	RO	BBB-	1,740.39	387.99	20,429.51	3.00	3.34	6.25	26.53	19.53	39.04	5.80
Rwanda	RW	B+	18,758.97	14.58	1,057.74	7.00	4.54	6.10	22.83	12.27	24.91	17.00
Saudi Arabia	SA	A	4,179.97	1,114.66	31,724.73	2.16	(1.77)	8.74	31.12	32.51	33.94	4.70
Senegal	SN	B+	21,119.49	35.33	1,935.82	8.00	5.11	5.50	40.09	28.73	27.78	6.00
Serbia	RS	BB+	8,758.77	81.91	12,371.04	3.33	3.85	4.80	21.99	18.10	58.20	8.90
Sharjah	AE	BBB-	151.06	41.13	22,399.47	2.50	1.49	N/A	0.00	N/A	0.00	N/A
Singapore	SG	AAA	775.49	581.44	97,638.01	2.20	1.56	4.91	19.73	44.05	157.05	2.10
Slovakia	SK	A+	130.58	143.28	26,353.27	2.00	1.85	1.90	18.93	18.04	89.82	5.80
Slovenia	SI	AA-	66.44	72.91	34,132.16	2.25	1.34	4.50	22.37	24.70	82.17	3.70
Vietnam	VN	BB+	11,271,481.46	464.60	4,586.26	6.13	5.08	6.00	28.37	34.06	87.29	2.50
South Africa	ZA	BB-	7,377.50	390.60	6,318.06	1.29	0.28	2.90	15.35	14.05	31.80	31.73
Spain	ES	A	1,541.97	1,691.95	35,081.13	1.80	1.50	0.70	19.69	22.52	38.06	11.50
Sri Lanka	LK	SD	29,532.35	93.75	4,168.19	2.00	1.29	1.50	33.41	32.80	20.21	4.80
St. Helena	SH	BBB-	0.04	0.06	13,790.16	2.00	2.00	N/A	N/A	N/A	N/A	N/A
Suriname	SR	CCC+	174.31	4.37	6,829.90	3.00	1.78	N/A	N/A	N/A	64.55	10.30
Sweden	SE	AAA	6,436.61	632.85	59,848.89	0.25	(0.25)	(1.10)	26.49	32.17	54.87	8.30
Switzerland	CH	AAA	813.50	945.90	105,604.87	1.00	0.20	(1.40)	24.72	32.55	75.99	4.40
Taiwan	TW	AA+	24,965.52	788.80	33,642.09	3.03	2.92	0.14	23.67	39.80	64.27	3.40
Tajikistan	TJ	B-	148.34	13.21	1,264.46	7.00	4.59	6.90	33.65	33.90	12.75	2.10
Thailand	TH	BBB+	19,035.27	529.86	7,547.83	3.93	3.81	2.82	23.63	24.91	65.57	1.00
Togo	TG	B	6,049.60	10.12	1,101.09	6.00	3.52	6.00	21.02	18.11	20.24	4.00
Trinidad and Tobago	TT	BBB-	224.13	33.09	24,079.89	1.70	1.40	1.70	11.67	20.64	31.31	5.20
Turkiye	TR	B	33,831.01	845.78	9,779.76	3.00	1.68	1.95	27.69	24.89	26.42	11.00
Turks and Caicos	TC	BBB+	1.76	1.76	34,459.94	4.80	1.26	2.00	31.80	56.65	138.49	7.00
Uganda	UG	B-	201,521.15	52.98	1,022.91	4.80	1.55	6.50	29.64	20.28	13.03	N/A
Ukraine	UA	CC	7,553.63	193.68	5,207.18	3.90	1.86	4.00	12.10	5.47	28.47	16.00
U.K.	GB	AA	2,794.97	3,571.85	52,498.83	0.30	(0.20)	(1)	18.27	15.08	31.71	4.30
U.S.	US	AA+	28,820.85	28,820.85	85,375.53	2.49	1.98	2.87	21.15	18.14	10.93	3.90
Uruguay	UY	BBB+	3,273.95	82.26	23,863.41	3.10	3.02	2.00	17.07	15.63	28.88	7.50
Uzbekistan	UZ	BB-	1,202,721.92	96.26	2,559.49	5.00	2.74	4.00	36.41	31.36	30.40	9.00
Zambia	ZM	SD	626.01	24.58	1,188.06	2.80	(0.19)	3.00	36.33	35.83	35.65	12.60
*Ireland GDP forecasts in 2024-2027 are based on the underlying domestic economy. LT FC rating--Long-term foreign currency rating. f--Forecast. N/A--Not available.

Table 2 | View Expanded Table

Sovereign risk indicators: Monetary data
			--CPI growth (%)--	--GDP deflator growth (%)--	--Exchange rate, year-end (LC/$)--	--Banks' claims on resident non-gov't sector growth--	--Banks' claims on resident non-gov't sector/GDP--	--Foreign currency share of claims by banks on residents--	--Foreign currency share of residents' bank deposits--	--Real effective exchange rate growth--
Sovereign	ISO Code	LT FC rating	2024f	2024f	2024f	2024f	2024f	2023	2023	2023
Abu Dhabi	AE	AA	1.50	1.25	3.67	N/A	N/A	N/A	N/A	N/A
Albania	AL	BB-	3.40	2.60	94.50	5.00	30.26	44.49	55.63	N/A
Andorra	AD	BBB+	3.60	4.00	0.90	1.00	111.32	N/A	N/A	N/A
Angola	AO	B-	20.00	18.95	890.00	5.00	7.80	24.56	43.65	(25.05)
Argentina	AR	CCC	274.98	278.30	2,100.00	261.97	9.78	15.55	23.45	2.00
Armenia	AM	BB-	3.30	3.00	421.00	12.00	54.99	32.63	40.38	7.79
Aruba	AW	BBB	0.10	0.10	1.79	1.10	58.20	N/A	5.98	N/A
Australia	AU	AAA	4.17	2.30	1.47	2.10	153.95	3.60	3.76	(6.24)
Austria	AT	AA+	4.10	4.00	0.90	2.00	101.41	1.98	N/A	3.80
Azerbaijan	AZ	BB+	3.50	3.50	1.70	13.00	20.54	N/A	33.28	(0.16)
Bahamas	BS	B+	2.40	2.36	1.00	0.83	41.98	N/A	5.69	0.55
Bahrain	BH	B+	1.20	1.00	0.38	3.00	63.27	0.00	41.00	(2.01)
Bangladesh	BD	BB-	6.00	6.70	113.00	13.00	39.38	N/A	N/A	(8.36)
Barbados	BB	B-	3.74	3.74	2.00	3.42	68.30	N/A	7.51	N/A
Belgium	BE	AA	3.30	3.00	0.90	4.00	87.58	0.00	2.91	3.37
Belize	BZ	B-	3.40	3.40	2.00	4.00	39.18	0.00	5.62	0.82
Benin	BJ	B+	3.00	2.25	590.36	10.00	17.41	N/A	N/A	N/A
Bermuda	BM	A+	2.10	2.08	1.00	0.48	110.60	N/A	N/A	N/A
Bolivia	BO	CCC+	4.00	3.00	8.00	5.00	67.07	0.70	10.20	0.00
Bosnia	BA	B+	3.00	3.00	1.76	4.00	43.71	38.41	36.20	(0.12)
Botswana	BW	BBB+	3.90	4.00	14.10	5.50	27.34	N/A	21.00	N/A
Brazil	BR	BB	4.07	4.07	5.00	8.00	54.29	1.52	0.00	4.20
Bulgaria	BG	BBB	4.25	4.50	1.76	8.50	46.08	25.76	31.76	4.87
Burkina Faso	BF	CCC+	2.20	2.80	590.36	3.00	29.41	0.00	N/A	N/A
Cameroon	CM	B-	6.00	5.00	590.36	12.00	16.37	0.00	0.00	7.85
Canada	CA	AAA	2.47	1.70	1.30	3.34	178.98	2.97	0.06	(6.31)
Cape Verde	CV	B-	3.00	2.00	99.43	5.00	58.27	N/A	2.55	(2.11)
Chile	CL	A	3.51	3.51	975.00	7.54	81.29	13.11	23.44	8.79
China	CN	A+	1.18	2.01	6.94	8.10	219.79	N/A	2.09	(8.19)
Colombia	CO	BB+	6.42	6.42	4,000.00	4.00	42.13	0.00	0.00	6.11
Congo, D.R.	CD	B-	13.00	13.00	2,875.00	10.00	6.00	N/A	N/A	N/A
Congo	CG	B-	3.50	3.17	590.36	4.00	14.11	N/A	N/A	N/A
Cook Islands	CK	B+	4.39	3.19	1.65	0.00	39.59	N/A	N/A	N/A
Costa Rica	CR	BB-	2.00	3.50	533.51	6.61	50.10	0.00	0.00	15.06
Cote d'Ivoire	CI	BB-	3.10	2.50	570.72	13.00	23.10	0.00	0.00	4.18
Croatia	HR	BBB+	3.50	2.50	0.90	5.00	51.22	N/A	1.39	3.55
Curacao	CW	BBB-	3.00	2.88	1.79	6.64	93.73	N/A	28.52	N/A
Cyprus	CY	BBB	2.30	2.30	0.90	1.00	64.28	14.00	N/A	1.61
Czech Rep.	CZ	AA-	3.00	2.75	22.50	5.00	54.80	17.64	9.44	8.79
Denmark	DK	AAA	3.20	2.90	6.71	2.00	136.69	28.27	27.08	1.45
Dominican Rep.	DO	BB	4.00	4.00	60.59	9.20	30.71	19.60	25.83	(0.30)
Ecuador	EC	B-	1.50	1.50	1.00	5.00	55.04	100.00	100.00	N/A
Egypt	EG	B-	32.00	34.76	52.00	27.00	24.48	16.46	19.35	N/A
El Salvador	SV	B-	1.60	1.60	1.00	2.84	59.20	0.00	0.00	0.00
Estonia	EE	AA-	3.40	3.00	0.90	4.90	60.69	0.09	3.34	6.84
Ethiopia	ET	SD	30.00	24.00	62.78	12.00	20.73	N/A	N/A	2.54
Falkland Islands	FK	A+	3.00	2.00	0.76	N/A	0.00	N/A	N/A	N/A
Fiji	FJ	B+	2.50	5.52	2.30	7.00	77.27	N/A	N/A	(0.04)
Finland	FI	AA+	1.20	1.30	0.90	2.75	95.26	N/A	N/A	2.78
France	FR	AA	2.70	3.10	0.90	3.00	108.84	10.00	0.00	3.75
Georgia	GE	BB	3.20	4.00	2.89	10.00	65.95	45.67	42.02	11.56
Germany	DE	AAA	2.70	2.60	0.90	4.00	91.49	1.76	0.00	1.60
Ghana	GH	SD	22.00	14.00	15.00	15.00	9.13	N/A	17.71	N/A
Greece	GR	BBB-	2.80	3.00	0.90	4.00	52.23	2.89	3.33	(0.71)
Guatemala	GT	BB	4.00	4.00	7.88	7.64	41.59	0.00	0.00	0.62
Guernsey	GG	A+	2.80	2.50	0.76	N/A	N/A	N/A	N/A	N/A
Honduras	HN	BB-	4.23	3.92	24.86	8.93	76.91	19.17	19.17	0.65
Hong Kong	HK	AA+	2.10	3.02	7.80	5.00	247.93	26.41	53.00	N/A
Hungary	HU	BBB-	4.40	4.75	364.10	6.00	32.98	29.82	28.98	15.34
Iceland	IS	A+	4.75	4.10	135.28	5.00	103.33	11.49	11.01	2.32
India	IN	BBB-	4.48	3.56	83.50	11.00	52.43	N/A	1.30	N/A
Indonesia	ID	BBB	2.83	2.12	15,650.00	10.00	34.23	12.19	16.06	2.93
Iraq	IQ	B-	3.00	0.50	1,300.00	6.00	12.17	0.00	32.00	0.00
Ireland*	IE	AA	2.70	2.50	0.90	1.40	31.74	0.00	N/A	6.60
Israel	IL	AA-	2.80	2.50	3.80	2.00	75.07	N/A	19.51	(8.39)
Italy	IT	BBB	1.90	2.10	0.90	(0.50)	74.19	N/A	N/A	1.53
Jamaica	JM	BB-	5.00	5.00	158.28	11.66	54.85	N/A	37.35	(100)
Japan	JP	A+	2.16	2.43	136.00	2.00	159.05	N/A	2.82	(8.27)
Jersey	JE	AA-	5.30	3.80	0.76	N/A	N/A	N/A	N/A	N/A
Jordan	JO	B+	2.10	2.00	0.71	4.64	85.84	12.40	19.16	N/A
Kazakhstan	KZ	BBB-	8.00	9.00	470.00	14.00	24.49	7.48	23.25	12.48
Kenya	KE	B	6.50	6.00	170.54	10.00	31.86	N/A	25.56	0.00
Korea	KR	AA	2.61	1.39	1,268.00	5.20	187.16	N/A	5.50	N/A
Kuwait	KW	A+	2.50	1.00	0.30	6.00	86.39	N/A	3.72	N/A
Latvia	LV	A+	2.00	2.75	0.90	1.00	20.58	0.70	5.97	5.44
Lebanon	LB	SD	110.00	10.00	93,500.00	N/A	N/A	89.68	93.94	N/A
Liechtenstein	LI	AAA	1.50	1.30	0.91	1.77	199.28	N/A	N/A	3.87
Lithuania	LT	A+	2.00	2.90	0.90	4.00	37.97	0.10	2.44	9.06
Luxembourg	LU	AAA	2.20	2.60	0.90	3.00	92.24	9.70	N/A	4.70
Madagascar	MG	B-	7.50	7.00	4,710.00	14.00	17.02	N/A	13.00	N/A
Malaysia	MY	A-	2.60	2.60	4.50	6.50	119.35	3.25	10.51	(2.62)
Malta	MT	A-	3.20	3.00	0.90	5.00	68.02	1.10	4.51	3.39
Mauritius	MU	BBB-	5.50	5.00	44.30	4.00	90.67	N/A	65.07	N/A
Mexico	MX	BBB	4.51	3.50	17.50	6.38	26.71	10.11	13.70	0.00
Mongolia	MN	B	8.00	2.00	3,450.00	18.00	44.06	N/A	22.57	5.18
Montenegro	ME	B	4.30	3.20	0.90	4.00	43.03	0.00	N/A	N/A
Montserrat	MS	BBB-	(1.09)	(1.01)	2.70	0.00	37.37	0.00	3.60	N/A
Morocco	MA	BB+	3.60	3.10	9.75	3.00	65.18	0.00	3.39	1.37
Mozambique	MZ	CCC+	5.00	3.50	66.00	5.00	22.73	15.47	23.66	0.00
Netherlands	NL	AAA	2.70	2.40	0.90	0.50	84.13	0.00	81.40	N/A
New Zealand	NZ	AA+	4.39	3.72	1.65	5.60	148.72	1.19	20.00	(1.65)
Nicaragua	NI	B	4.00	4.00	36.62	10.64	27.65	95.86	74.07	0.00
Nigeria	NG	B-	24.00	28.00	1,350.00	18.00	12.85	N/A	22.00	N/A
North Macedonia	MK	BB-	4.00	3.50	55.40	6.00	53.14	41.65	42.90	4.90
Norway	NO	AAA	3.40	(3.43)	9.85	3.75	135.85	4.03	23.77	(9.47)
Oman	OM	BB+	1.50	0.77	0.38	6.00	69.64	12.92	17.60	0.00
Pakistan	PK	CCC+	12.00	21.00	310.00	10.00	12.65	N/A	6.90	(9.10)
Panama	PA	BBB	2.20	2.20	1.00	4.50	70.03	0.00	0.00	1.55
Papua New Guinea	PG	B-	4.90	1.80	3.60	3.00	13.64	N/A	2.62	(0.57)
Paraguay	PY	BB+	4.00	4.00	7,350.00	8.05	47.13	44.34	44.80	(3.33)
Peru	PE	BBB	2.33	3.79	3.75	6.60	43.52	0.00	27.33	(6.80)
Philippines	PH	BBB+	3.35	3.78	53.85	11.00	49.74	0.00	16.07	3.28
Poland	PL	A-	5.40	5.00	3.85	7.00	34.61	0.00	12.04	N/A
Portugal	PT	A-	3.50	3.30	0.90	(1)	86.28	N/A	1.46	1.76
Qatar	QA	AA	2.00	(0.64)	3.64	3.00	140.36	46.01	37.89	0.00
Ras Al Khaimah	AE	A-	2.00	2.00	3.67	N/A	N/A	N/A	N/A	N/A
Romania	RO	BBB-	5.90	5.70	4.48	7.50	24.16	19.30	30.00	5.07
Rwanda	RW	B+	7.00	7.20	1,310.00	17.00	24.81	7.06	33.14	N/A
Saudi Arabia	SA	A	2.20	2.20	3.75	9.00	69.51	10.50	9.85	N/A
Senegal	SN	B+	4.00	3.50	590.36	8.00	32.06	0.00	N/A	N/A
Serbia	RS	BB+	5.20	4.00	108.00	7.00	38.65	65.55	54.35	7.68
Sharjah	AE	BBB-	2.50	2.50	3.67	N/A	0.00	N/A	N/A	N/A
Singapore	SG	AAA	3.30	12.70	1.32	5.00	107.46	N/A	54.50	4.45
Slovakia	SK	A+	2.90	4.80	0.90	4.00	61.37	0.05	3.80	0.95
Slovenia	SI	AA-	3.25	3.00	0.90	4.00	40.10	N/A	2.21	2.32
Vietnam	VN	BB+	3.50	3.90	25,200.00	14.00	138.63	N/A	12.40	N/A
South Africa	ZA	BB-	5.03	4.50	19.00	5.00	70.81	N/A	6.00	(8.26)
Spain	ES	A	3.00	3.60	0.90	0.00	74.36	1.28	1.38	(0.56)
Sri Lanka	LK	SD	8.50	5.20	305.00	12.00	40.70	N/A	24.36	(9.91)
St. Helena	SH	BBB-	1.00	1.00	0.76	4.00	38.76	N/A	6.98	(2.48)
Suriname	SR	CCC+	30.90	28.27	43.01	33.90	19.00	77.64	59.60	N/A
Sweden	SE	AAA	2.50	2.00	10.30	(0.40)	127.71	3.00	24.61	(8.24)
Switzerland	CH	AAA	1.50	1.30	0.88	3.00	168.66	6.18	39.62	5.58
Taiwan	TW	AA+	2.07	2.89	31.60	5.00	172.71	N/A	15.10	(2.80)
Tajikistan	TJ	B-	4.00	6.00	11.50	12.00	11.63	37.89	44.50	N/A
Thailand	TH	BBB+	1.37	2.20	35.90	5.00	122.18	0.00	2.30	0.90
Togo	TG	B	3.00	3.00	590.36	6.00	29.26	N/A	N/A	11.15
Trinidad and Tobago	TT	BBB-	3.90	3.83	6.77	4.75	42.34	N/A	22.66	0.84
Turkiye	TR	B	55.81	25.00	35.50	20.00	37.95	28.84	31.34	0.00
Turks and Caicos	TC	BBB+	2.70	2.58	1.00	N/A	N/A	N/A	N/A	N/A
Uganda	UG	B-	4.00	4.00	3,940.00	9.00	12.01	N/A	30.29	4.16
Ukraine	UA	CC	7.10	12.50	41.02	10.00	13.34	29.00	31.77	(5.37)
U.K.	GB	AA	3.00	3.70	0.76	1.00	117.50	16.94	18.62	(2.77)
U.S.	US	AA+	2.79	2.79	1.00	5.35	150.16	0.00	N/A	N/A
Uruguay	UY	BBB+	5.90	5.90	40.58	13.00	30.45	46.52	71.49	7.89
Uzbekistan	UZ	BB-	9.00	8.50	12,650.00	20.00	48.01	43.44	28.63	N/A
Zambia	ZM	SD	11.00	7.00	25.21	10.00	13.35	39.65	46.05	(9.40)
*Ireland GDP forecasts in 2024-2027 are based on the underlying domestic economy. LT FC rating--Long-term foreign currency rating. f--Forecast. CPI--Consumer Price Index. N/A--Not available.

Table 3 | View Expanded Table

Sovereign risk indicators: Government data
			--GG balance/GDP (%)--	--Change in Net GG debt/GDP (%)--	--Primary GG balance/GDP (%)--	--GG Revenues/GDP (%)--	--GG Expenditures/GDP (%)--	--GG interest expenditure/revenues (%)--	--Gross GG debt/GDP (%)--	--Debt/Revenues (%)--	--Net GG debt/GDP (%)--	--Liquid assets/GDP--
Sovereign	ISO Code	LT FC rating	2024f	2024f	2024f	2024f	2024f	2024f	2024f	2024f	2024f	2024f
Abu Dhabi	AE	AA	4.43	(18.83)	4.82	33.43	29.00	1.17	17.79	53.21	(330.35)	348.14
Albania	AL	BB-	(2.20)	2.20	0.09	27.70	29.90	8.29	56.64	204.48	51.47	5.17
Andorra	AD	BBB+	0.20	(1.17)	0.96	37.90	37.70	2.01	35.21	92.89	(19.77)	54.98
Angola	AO	B-	(1)	7.92	5.55	24.32	25.32	26.94	82.35	338.56	75.41	6.94
Argentina	AR	CCC	(2.50)	50.39	0.93	30.29	32.79	11.31	92.42	305.10	91.69	0.73
Armenia	AM	BB-	(4.30)	5.27	(1.67)	25.20	29.50	10.45	49.38	195.94	45.14	4.24
Aruba	AW	BBB	1.32	(1.28)	6.00	38.61	37.30	12.13	69.31	179.50	40.30	29.01
Australia	AU	AAA	(0.47)	(0.29)	0.90	35.20	35.67	3.89	48.31	137.25	24.44	23.88
Austria	AT	AA+	(2.50)	4.56	(1.33)	49.00	51.50	2.40	77.37	157.90	70.29	7.08
Azerbaijan	AZ	BB+	1.60	(1.60)	2.52	36.47	34.86	2.51	19.49	53.45	(48.91)	68.40
Bahamas	BS	B+	(2.68)	2.44	1.57	24.57	27.25	17.31	76.02	309.37	74.04	1.98
Bahrain	BH	B+	(3.98)	4.89	0.84	18.20	22.18	26.49	120.76	663.61	108.74	12.02
Bangladesh	BD	BB-	(5)	5.40	(2.68)	9.30	14.30	24.89	34.75	373.69	32.21	2.54
Barbados	BB	B-	(1.10)	1.54	4.45	34.16	35.26	16.25	106.05	310.43	101.36	4.68
Belgium	BE	AA	(4.10)	4.56	(2.25)	50.00	54.10	3.70	101.80	203.60	97.81	3.99
Belize	BZ	B-	(3.20)	3.20	(1.54)	23.50	26.70	7.06	61.95	263.63	58.46	3.49
Benin	BJ	B+	(3.60)	3.53	(1.65)	15.25	18.85	12.78	52.26	342.68	42.20	10.06
Bermuda	BM	A+	(1.04)	(0.75)	0.59	15.09	16.12	10.80	39.97	264.92	4.96	35.01
Bolivia	BO	CCC+	(5.50)	9.58	(4)	25.00	30.50	6.01	73.50	294.00	65.59	7.92
Bosnia	BA	B+	1.00	(1)	2.02	40.50	39.50	2.52	24.50	60.51	19.33	5.18
Botswana	BW	BBB+	(2.94)	3.32	(1.95)	31.61	34.55	3.13	21.03	66.53	(0.76)	21.79
Brazil	BR	BB	(6.30)	5.75	(1.24)	36.20	42.50	13.97	77.36	213.69	59.61	17.75
Bulgaria	BG	BBB	(2.84)	2.94	(2.19)	38.00	40.84	1.71	23.84	62.73	15.58	8.26
Burkina Faso	BF	CCC+	(5.50)	5.96	(2.99)	20.50	26.00	12.26	61.83	301.60	54.20	7.62
Cameroon	CM	B-	(1)	2.36	(0.01)	15.50	16.50	6.41	37.62	242.68	34.15	3.46
Canada	CA	AAA	(1.95)	1.95	1.48	42.41	44.36	8.08	88.31	208.23	50.65	37.66
Cape Verde	CV	B-	(3.50)	4.61	(1.22)	25.00	28.50	9.12	103.17	412.69	94.13	9.05
Chile	CL	A	(1.90)	3.63	(0.70)	26.00	27.90	4.62	40.60	156.17	33.00	7.60
China	CN	A+	(3)	6.86	(1.36)	27.80	30.80	5.90	66.13	237.89	53.04	13.09
Colombia	CO	BB+	(5)	5.42	(1.48)	27.00	32.00	13.04	59.86	221.71	54.40	5.46
Congo, D.R.	CD	B-	(2.50)	2.96	(2.17)	16.90	19.40	1.95	14.96	88.50	14.64	0.32
Congo	CG	B-	3.67	(2.13)	6.47	26.06	22.39	10.74	88.06	337.95	80.40	7.65
Cook Islands	CK	B+	(3.14)	3.14	(1.45)	59.11	62.25	2.87	40.96	69.30	32.11	8.85
Costa Rica	CR	BB-	(3.20)	4.23	1.51	24.00	27.20	19.64	61.70	257.09	60.83	0.88
Cote d'Ivoire	CI	BB-	(4.20)	3.27	(1.69)	16.20	20.40	15.49	54.49	336.36	51.32	3.17
Croatia	HR	BBB+	(2)	2.00	(0.46)	45.20	47.20	3.40	61.32	135.67	53.55	7.77
Curacao	CW	BBB-	(1.52)	0.06	0.17	48.26	49.79	3.51	65.55	135.81	(28.72)	94.27
Cyprus	CY	BBB	1.70	(1.70)	3.38	41.30	39.60	4.06	72.89	176.49	60.17	12.72
Czech Rep.	CZ	AA-	(2.50)	3.55	(1.07)	40.00	42.50	3.58	43.65	109.13	32.41	11.24
Denmark	DK	AAA	1.00	(0.31)	1.80	47.90	46.90	1.67	26.52	55.36	6.08	20.43
Dominican Rep.	DO	BB	(3.80)	5.02	(0.65)	15.72	19.52	20.06	59.04	375.65	55.75	3.28
Ecuador	EC	B-	(3.50)	3.50	(1.21)	26.50	30.00	8.62	59.80	225.66	56.21	3.59
Egypt	EG	B-	(7.20)	18.16	1.93	15.53	22.73	58.83	86.55	557.42	73.39	13.16
El Salvador	SV	B-	(3.55)	3.55	(0.72)	23.83	27.39	11.90	54.71	229.56	53.55	1.16
Estonia	EE	AA-	(2.90)	4.40	(2.55)	39.80	42.70	0.89	19.71	49.53	10.44	9.28
Ethiopia	ET	SD	(2.90)	5.90	(2.16)	9.50	12.40	7.79	26.18	275.63	24.40	1.78
Falkland Islands	FK	A+	(11.86)	(5.39)	(11.86)	40.14	52.00	0.00	0.00	0.00	(143.59)	143.59
Fiji	FJ	B+	(5)	5.00	(1.13)	26.00	31.00	14.87	76.18	292.99	69.90	6.28
Finland	FI	AA+	(2.21)	2.21	(0.76)	52.50	54.71	2.76	77.08	146.81	38.06	39.02
France	FR	AA	(4.80)	4.80	(2.91)	51.70	56.50	3.65	109.70	212.18	102.02	7.68
Georgia	GE	BB	(2.50)	4.71	(1.17)	26.70	29.20	4.99	40.83	152.91	36.12	4.70
Germany	DE	AAA	(1.67)	1.20	(0.72)	46.50	48.17	2.03	61.92	133.17	58.41	3.51
Ghana	GH	SD	(4.80)	11.78	(1.10)	16.30	21.10	22.68	78.11	479.18	78.24	(0.13)
Greece	GR	BBB-	(0.50)	0.07	2.07	46.90	47.40	5.49	151.47	322.97	136.27	15.21
Guatemala	GT	BB	(1.83)	1.83	(0.16)	12.59	14.42	13.30	27.68	219.88	18.30	9.38
Guernsey	GG	A+	(3.88)	3.35	(3.58)	23.03	26.91	1.32	10.12	43.95	(40.22)	50.35
Honduras	HN	BB-	(2.34)	2.34	0.60	25.22	27.56	11.65	52.41	207.78	41.90	10.51
Hong Kong	HK	AA+	(4.60)	4.60	(4.53)	22.00	26.60	0.33	21.16	96.19	(12.72)	33.88
Hungary	HU	BBB-	(5.25)	6.86	(0.28)	41.50	46.75	11.97	75.20	181.21	71.46	3.74
Iceland	IS	A+	(1.50)	0.24	1.44	41.50	43.00	7.09	52.84	127.33	44.61	8.23
India	IN	BBB-	(8)	8.14	(2.24)	20.00	28.00	28.80	85.98	429.89	85.98	0.00
Indonesia	ID	BBB	(2.20)	2.20	(0.07)	15.00	17.20	14.22	39.05	260.33	35.41	3.64
Iraq	IQ	B-	(4.50)	4.50	(3.79)	35.20	39.70	2.02	38.25	108.66	22.98	15.26
Ireland*	IE	AA	1.50	(1.59)	2.21	22.70	21.20	3.11	41.17	181.35	32.52	8.65
Israel	IL	AA-	(7)	7.43	(4.16)	34.29	41.29	8.29	67.95	198.15	64.57	3.38
Italy	IT	BBB	(5)	5.00	(1.05)	47.30	52.30	8.36	136.78	289.17	131.77	5.01
Jamaica	JM	BB-	0.63	0.64	6.35	28.63	28.00	19.97	65.28	228.01	58.90	6.39
Japan	JP	A+	(5.80)	5.80	(3.81)	35.80	41.60	5.54	226.36	632.28	157.35	69.00
Jersey	JE	AA-	(1.36)	(4.34)	(0.92)	25.59	26.95	1.73	14.15	55.30	(96.69)	110.84
Jordan	JO	B+	(1.10)	4.32	2.95	37.30	38.40	10.86	90.64	242.99	80.55	10.09
Kazakhstan	KZ	BBB-	(2.74)	1.54	(1.23)	18.96	21.70	7.94	26.14	137.88	3.66	22.48
Kenya	KE	B	(5.50)	8.34	(0.04)	16.10	21.60	33.90	73.09	453.95	70.19	2.89
Korea	KR	AA	(1)	0.70	0.45	33.80	34.80	4.29	42.27	125.05	8.09	34.17
Kuwait	KW	A+	(2.08)	(10.12)	(1.89)	46.76	48.84	0.40	4.67	10.00	(375.49)	380.17
Latvia	LV	A+	(3.25)	3.25	(2.29)	35.00	38.25	2.73	42.18	120.50	35.82	6.36
Lebanon	LB	SD	(0.20)	10.94	1.12	20.35	20.55	6.51	270.59	1,329.66	257.37	13.22
Liechtenstein	LI	AAA	1.85	(4.61)	1.87	27.20	25.35	0.08	0.74	2.72	(98.43)	99.17
Lithuania	LT	A+	(2.40)	2.66	(1.68)	35.50	37.90	2.02	37.54	105.74	32.82	4.71
Luxembourg	LU	AAA	(0.60)	(1.11)	(0.23)	43.60	44.20	0.85	25.87	59.34	(10.88)	36.75
Madagascar	MG	B-	(4.75)	5.60	(4.11)	12.50	17.25	5.09	40.91	327.31	36.52	4.40
Malaysia	MY	A-	(4)	4.58	(1.63)	21.00	25.00	11.26	72.17	343.66	65.12	7.05
Malta	MT	A-	(4.50)	5.44	(3.36)	36.00	40.50	3.16	50.88	141.34	43.14	7.74
Mauritius	MU	BBB-	(3.50)	3.50	(1.09)	23.50	27.00	10.27	66.98	285.04	58.62	8.36
Mexico	MX	BBB	(5.20)	5.40	(2.70)	18.20	23.40	13.74	48.51	266.54	47.83	0.68
Mongolia	MN	B	(2)	(4.62)	(0.40)	34.50	36.50	4.65	41.24	119.52	35.83	5.40
Montenegro	ME	B	(3.25)	4.25	(0.84)	43.00	46.25	5.61	63.06	146.65	53.74	9.32
Montserrat	MS	BBB-	0.00	0.08	0.13	64.79	64.79	0.21	2.45	3.78	(1.38)	3.83
Morocco	MA	BB+	(4.10)	4.10	(1.69)	33.00	37.10	7.30	65.83	199.50	63.64	2.19
Mozambique	MZ	CCC+	(4)	5.07	(0.44)	28.10	32.10	12.67	73.14	260.28	61.06	12.08
Netherlands	NL	AAA	(0.50)	0.51	0.16	43.90	44.40	1.51	44.62	101.64	41.07	3.55
New Zealand	NZ	AA+	(5)	4.38	(3.03)	34.56	39.56	5.71	48.24	139.60	32.14	16.10
Nicaragua	NI	B	0.46	(0.46)	1.64	28.83	28.36	4.07	44.05	152.82	35.00	9.05
Nigeria	NG	B-	(4.41)	7.61	(2.12)	9.83	14.24	23.28	47.39	482.18	43.65	3.74
North Macedonia	MK	BB-	(3.70)	4.21	(2.04)	34.00	37.70	4.87	59.40	174.70	54.64	4.76
Norway	NO	AAA	13.10	(11.02)	13.93	59.00	45.90	1.41	44.02	74.61	(290.56)	334.58
Oman	OM	BB+	1.39	(1.39)	3.74	28.71	27.32	8.18	34.46	120.02	0.95	33.51
Pakistan	PK	CCC+	(7.50)	9.61	(0.51)	12.50	20.00	55.90	71.31	570.52	66.89	4.43
Panama	PA	BBB	(3.91)	3.68	(1.40)	17.48	21.39	14.36	52.65	301.24	44.10	8.55
Papua New Guinea	PG	B-	(4.10)	4.10	(1.22)	16.60	20.70	17.33	52.85	318.38	46.75	6.10
Paraguay	PY	BB+	(2.60)	2.79	(0.92)	17.70	20.30	9.47	35.16	198.65	27.73	7.44
Peru	PE	BBB	(2.30)	1.83	(0.81)	20.50	22.80	7.29	30.53	148.91	21.73	8.80
Philippines	PH	BBB+	(3.20)	3.20	(0.79)	20.50	23.70	11.75	51.38	250.64	43.93	7.45
Poland	PL	A-	(5.30)	5.86	(3.22)	39.80	45.10	5.22	50.77	127.57	46.04	4.73
Portugal	PT	A-	0.20	(1)	2.47	44.20	44.00	5.14	94.40	213.57	89.46	4.94
Qatar	QA	AA	4.19	(15.52)	5.49	30.84	26.64	4.20	41.69	135.21	(115.32)	157.01
Ras Al Khaimah	AE	A-	0.70	(0.70)	0.91	8.80	8.10	2.41	7.58	86.08	(13.30)	20.87
Romania	RO	BBB-	(5.90)	5.92	(3.78)	34.50	40.40	6.13	48.09	139.39	45.79	2.30
Rwanda	RW	B+	(4.80)	7.11	(2.53)	23.55	28.35	9.63	68.01	288.79	64.27	3.74
Saudi Arabia	SA	A	(1.98)	(7.17)	(0.97)	29.52	31.50	3.39	23.03	78.01	(63.81)	86.84
Senegal	SN	B+	(4.70)	5.19	(2.45)	22.50	27.20	10.01	64.47	286.51	61.60	2.87
Serbia	RS	BB+	(2.10)	2.88	(0.01)	42.20	44.30	4.96	51.31	121.59	41.93	9.38
Sharjah	AE	BBB-	(5.86)	5.86	(3.04)	9.69	15.56	29.13	55.57	573.32	48.69	6.88
Singapore	SG	AAA	1.50	(3.50)	1.56	19.20	17.70	0.30	167.31	871.39	(29.88)	197.18
Slovakia	SK	A+	(5)	5.00	(3.78)	40.20	45.20	3.04	53.68	133.54	49.76	3.92
Slovenia	SI	AA-	(3.50)	5.06	(2.24)	42.75	46.25	2.96	65.94	154.25	53.78	12.16
Vietnam	VN	BB+	(4)	4.00	(2.94)	19.00	23.00	5.58	37.29	196.25	29.07	8.22
South Africa	ZA	BB-	(4.90)	5.41	0.40	27.30	32.20	19.42	77.53	283.98	74.96	2.57
Spain	ES	A	(3.20)	3.20	(0.49)	43.20	46.40	6.28	103.74	240.14	92.79	10.96
Sri Lanka	LK	SD	(8.20)	7.60	(0.75)	11.70	19.90	63.71	109.72	937.74	109.06	0.65
St. Helena	SH	BBB-	0.00	0.00	0.00	104.52	104.52	0.00	0.00	0.00	(19.85)	19.85
Suriname	SR	CCC+	(0.08)	11.00	3.67	25.98	26.07	14.45	81.53	313.77	73.88	7.65
Sweden	SE	AAA	(1)	1.67	(0.31)	47.00	48.00	1.46	31.40	66.80	24.72	6.68
Switzerland	CH	AAA	0.50	(0.50)	0.86	34.80	34.30	1.03	23.34	67.08	14.54	8.80
Taiwan	TW	AA+	(1.50)	1.50	(0.98)	15.20	16.70	3.41	32.00	210.54	26.57	5.43
Tajikistan	TJ	B-	(2.10)	3.57	(0.35)	30.00	32.10	5.82	30.43	101.43	24.62	5.81
Thailand	TH	BBB+	(2.20)	3.61	(0.81)	20.00	22.20	6.94	52.61	263.04	43.38	9.23
Togo	TG	B	(4.50)	5.79	(2.02)	17.80	22.30	13.96	66.27	372.32	54.17	12.10
Trinidad and Tobago	TT	BBB-	(1.95)	1.91	0.47	22.79	24.74	10.63	60.48	265.39	24.31	36.17
Turkiye	TR	B	(4.80)	7.00	(1.55)	27.00	31.80	12.05	27.34	101.26	24.60	2.74
Turks and Caicos	TC	BBB+	1.88	(1.55)	1.88	29.73	27.86	0.00	0.00	0.01	(48.48)	48.48
Uganda	UG	B-	(5)	6.97	(1.40)	13.50	18.50	26.66	51.40	380.71	49.59	1.81
Ukraine	UA	CC	(17)	21.92	(12.62)	43.00	60.00	10.20	94.99	220.91	91.95	3.04
U.K.	GB	AA	(4)	4.00	(1.08)	41.20	45.20	7.09	101.35	245.98	98.48	2.86
U.S.	US	AA+	(6.22)	6.22	(2.94)	30.57	36.79	10.72	102.58	335.52	95.22	7.36
Uruguay	UY	BBB+	(3.50)	5.74	(0.85)	35.10	38.60	7.56	56.00	159.55	52.37	3.63
Uzbekistan	UZ	BB-	(4.50)	5.71	(3.61)	31.50	36.00	2.82	42.03	133.42	26.58	15.45
Zambia	ZM	SD	(5.50)	4.40	1.19	21.00	26.50	31.88	112.37	535.07	109.69	2.67
*Ireland GDP forecasts in 2024-2027 are based on the underlying domestic economy. LT FC rating--Long-term foreign currency rating. f--Forecast. GG--General government. N/A--Not available.

Table 4 | View Expanded Table

Sovereign risk indicators: Balance-of-payments data
			--CARs/GDP (%)--	--Real exports growth (%)--	--Current account balance/GDP (%)--	--Current account balance/CARs (%)--	--Usable reserves/CAPs (months)--	--Gross ext. fin. needs/(CAR + use. res.) (%)--	--Net FDI/GDP (%)--	--Trade balance/GDP--	--Net portfolio equity inflow/GDP--
Sovereign	ISO Code	LT FC rating	2024f	2024f	2024f	2024f	2024f	2024f	2024f	2024f	2024f
Abu Dhabi	AE	AA	N/A	N/A	N/A	N/A	N/A	N/A	0.00	N/A	0.00
Albania	AL	BB-	47.67	3.20	(3.27)	(6.86)	4.82	98.98	6.10	(23.99)	(0.10)
Andorra	AD	BBB+	89.04	N/A	15.99	17.96	1.46	N/A	15.00	(46.25)	5.00
Angola	AO	B-	43.27	(0.72)	2.47	5.71	4.63	108.18	(4.30)	23.86	0.00
Argentina	AR	CCC	13.08	3.52	(1.05)	(8)	2.15	188.30	2.00	1.52	0.00
Armenia	AM	BB-	65.19	3.10	(3.45)	(5.29)	1.96	115.13	2.20	(12.71)	(0.60)
Aruba	AW	BBB	92.05	1.00	7.29	7.93	0.11	107.52	(2.39)	(34.17)	(1.21)
Australia	AU	AAA	28.02	3.52	(0.08)	(0.30)	1.54	209.80	(0.50)	4.72	(1.84)
Austria	AT	AA+	66.85	2.60	1.84	2.75	1.00	185.90	(1.20)	0.41	(1.30)
Azerbaijan	AZ	BB+	50.81	0.50	11.18	22.01	4.62	73.96	(3)	21.26	0.00
Bahamas	BS	B+	44.11	1.80	7.29	16.53	(0.36)	181.53	1.62	(22.36)	(0.55)
Bahrain	BH	B+	85.71	1.00	3.74	4.36	(4.13)	363.84	1.00	11.32	(1)
Bangladesh	BD	BB-	19.72	8.00	(0.34)	(1.70)	3.24	97.37	0.60	(3.79)	0.00
Barbados	BB	B-	49.04	2.20	(5.33)	(10.88)	(2.09)	165.36	3.96	(21.14)	0.00
Belgium	BE	AA	97.74	(0.30)	(0.55)	(0.56)	0.75	194.51	(1)	(0.71)	(2)
Belize	BZ	B-	51.20	2.00	(3.25)	(6.36)	(1.52)	133.43	3.85	(24.03)	0.00
Benin	BJ	B+	24.95	5.00	(5.22)	(20.95)	3.17	130.93	2.10	(2.66)	0.00
Bermuda	BM	A+	46.68	1.04	11.26	24.12	0.08	173.04	1.21	(13.05)	0.61
Bolivia	BO	CCC+	28.88	(6.03)	(3.56)	(12.33)	1.18	108.16	0.50	(1.90)	0.00
Bosnia	BA	B+	57.71	4.00	(2.95)	(5.10)	0.63	119.88	2.50	(20.82)	0.00
Botswana	BW	BBB+	46.77	3.00	1.93	4.13	6.11	69.49	0.70	1.62	(1.50)
Brazil	BR	BB	20.61	2.81	(1.17)	(5.70)	8.50	74.50	2.50	4.17	0.30
Bulgaria	BG	BBB	66.48	3.00	(0.16)	(0.24)	1.72	104.99	1.75	(5.01)	(0.75)
Burkina Faso	BF	CCC+	31.42	6.00	(3.56)	(11.34)	0.48	168.67	0.50	1.88	1.00
Cameroon	CM	B-	19.87	4.00	(3.32)	(16.73)	4.88	105.63	1.90	(1.14)	0.20
Canada	CA	AAA	42.63	2.70	(0.55)	(1.30)	1.45	178.53	(1.50)	1.13	(1.70)
Cape Verde	CV	B-	55.94	2.00	(6.94)	(12.40)	(0.69)	156.18	4.00	(34.84)	0.00
Chile	CL	A	38.10	1.82	(3.55)	(9.31)	4.30	116.59	2.36	4.38	(0.30)
China	CN	A+	22.83	4.15	2.29	10.04	10.59	64.52	0.70	2.75	0.30
Colombia	CO	BB+	23.64	2.49	(2.97)	(12.57)	6.26	100.70	3.50	(1.99)	(1.07)
Congo, D.R.	CD	B-	57.15	11.05	(5.57)	(9.75)	1.37	102.09	4.20	4.41	0.00
Congo	CG	B-	65.39	9.09	10.31	15.76	1.43	95.36	3.53	35.69	0.00
Cook Islands	CK	B+	117.64	N/A	25.35	21.55	0.00	N/A	0.00	(24.34)	0.00
Costa Rica	CR	BB-	37.54	5.50	(2.16)	(5.76)	3.75	95.24	3.90	(5.55)	(1.70)
Cote d'Ivoire	CI	BB-	25.73	6.00	(4.08)	(15.86)	4.86	109.39	2.25	4.20	(0.10)
Croatia	HR	BBB+	64.80	2.75	(0.54)	(0.84)	0.69	125.19	3.25	(22.93)	(1)
Curacao	CW	BBB-	87.69	11.70	(22.26)	(25.39)	3.83	108.74	6.64	(48)	(0.18)
Cyprus	CY	BBB	84.65	0.50	(10.61)	(12.54)	0.63	188.97	11.00	(20.19)	0.00
Czech Rep.	CZ	AA-	76.89	0.75	0.22	0.29	6.83	89.00	1.50	3.33	(0.50)
Denmark	DK	AAA	82.85	9.00	10.39	12.53	1.54	145.30	(3.10)	7.96	(3)
Dominican Rep.	DO	BB	31.86	5.00	(4.04)	(12.69)	3.45	88.08	3.61	(12.97)	0.00
Ecuador	EC	B-	33.21	(1)	1.88	5.65	(0.32)	115.36	0.60	1.30	0.00
Egypt	EG	B-	24.88	19.00	(3.59)	(14.42)	2.75	158.06	13.40	(10.01)	(0.13)
El Salvador	SV	B-	51.57	3.00	(2.69)	(5.22)	0.03	121.18	1.00	(24.94)	0.00
Estonia	EE	AA-	85.48	(3.30)	(1.97)	(2.31)	0.84	139.63	1.50	(6.76)	(1.80)
Ethiopia	ET	SD	10.44	0.00	(3.43)	(32.86)	0.48	157.86	2.00	(8.05)	0.00
Falkland Islands	FK	A+	N/A	N/A	N/A	N/A	N/A	N/A	0.00	N/A	0.00
Fiji	FJ	B+	58.82	3.75	(9.25)	(15.73)	4.19	112.47	5.00	(25.03)	0.00
Finland	FI	AA+	49.45	(1.25)	(0.28)	(0.56)	1.32	316.74	1.00	2.99	(1)
France	FR	AA	47.07	1.70	(0.61)	(1.31)	1.74	345.53	(0.25)	(2.42)	0.04
Georgia	GE	BB	68.33	3.00	(5.76)	(8.43)	1.49	117.93	4.50	(19.90)	0.00
Germany	DE	AAA	56.35	0.50	6.56	11.65	1.67	206.09	(2)	5.93	(2.25)
Ghana	GH	SD	41.90	6.00	0.92	2.21	1.09	127.55	2.00	3.75	0.00
Greece	GR	BBB-	51.27	3.70	(4.88)	(9.52)	1.06	293.47	2.60	(14.37)	0.30
Guatemala	GT	BB	38.36	2.50	2.01	5.23	6.39	73.06	0.92	(14.29)	0.00
Guernsey	GG	A+	N/A	N/A	N/A	N/A	N/A	N/A	0.00	N/A	0.00
Honduras	HN	BB-	63.84	4.00	(4.22)	(6.62)	3.07	90.13	2.71	(17.69)	(0.02)
Hong Kong	HK	AA+	240.70	5.28	9.53	3.96	1.99	190.35	3.00	(3.83)	(10)
Hungary	HU	BBB-	87.61	2.91	0.38	0.43	2.70	107.48	1.75	(0.30)	(0.50)
Iceland	IS	A+	46.61	3.50	(0.91)	(1.95)	4.15	99.87	0.50	(6.91)	(2.50)
India	IN	BBB-	25.45	6.80	(3.08)	(12.11)	6.60	87.24	1.45	(7.96)	0.20
Indonesia	ID	BBB	23.69	5.70	(0.81)	(3.41)	4.91	92.69	1.30	2.62	(0.30)
Iraq	IQ	B-	33.36	1.00	11.45	34.32	20.29	33.02	(1.80)	17.65	0.00
Ireland*	IE	AA	174.13	2.50	4.64	2.67	0.16	264.68	10.00	31.87	16.50
Israel	IL	AA-	37.41	1.00	3.91	10.44	14.15	56.63	(1.50)	(4.38)	(2)
Italy	IT	BBB	42.36	1.80	0.92	2.17	3.05	200.55	(0.10)	2.36	0.10
Jamaica	JM	BB-	54.03	1.55	(1.10)	(2.04)	4.32	100.23	1.74	(24.74)	0.62
Japan	JP	A+	28.28	3.27	2.39	8.47	14.12	203.71	(2.50)	(1.12)	(1.80)
Jersey	JE	AA-	N/A	N/A	N/A	N/A	N/A	N/A	0.00	N/A	0.00
Jordan	JO	B+	56.13	(4)	(4.59)	(8.18)	1.92	151.62	1.80	(20.61)	0.13
Kazakhstan	KZ	BBB-	33.32	3.00	(2.81)	(8.44)	3.99	99.21	2.20	7.08	0.30
Kenya	KE	B	18.99	10.00	(4.86)	(25.59)	3.25	213.37	0.45	(9.68)	(0.36)
Korea	KR	AA	51.03	6.08	0.99	1.93	5.94	85.35	(1.50)	1.64	(2)
Kuwait	KW	A+	69.77	4.80	19.35	27.74	2.78	97.26	(3)	30.49	(8)
Latvia	LV	A+	71.47	(0.50)	(3.80)	(5.32)	1.71	160.57	2.50	(9.50)	(1.50)
Lebanon	LB	SD	130.73	1.00	(9.45)	(7.23)	9.00	151.36	0.50	(56.09)	0.50
Liechtenstein	LI	AAA	N/A	N/A	N/A	N/A	N/A	N/A	0.00	0.00	0.00
Lithuania	LT	A+	82.91	1.00	1.17	1.41	1.10	128.39	1.00	(7.10)	(1)
Luxembourg	LU	AAA	607.86	2.00	5.89	0.97	0.07	389.33	(45)	(0.74)	150.00
Madagascar	MG	B-	33.93	5.00	(5.04)	(14.84)	4.71	96.12	2.00	(5.96)	0.00
Malaysia	MY	A-	75.15	3.71	2.01	2.68	4.40	95.23	2.00	7.98	(1.46)
Malta	MT	A-	372.75	3.00	2.01	0.54	0.18	160.84	(10)	(12.91)	(3.50)
Mauritius	MU	BBB-	95.53	4.50	(5.62)	(5.89)	4.04	141.58	8.22	(24.03)	0.74
Mexico	MX	BBB	38.65	0.77	(1.76)	(4.56)	3.17	87.92	2.00	(0.97)	0.10
Mongolia	MN	B	80.01	6.00	(3.96)	(4.94)	3.08	110.67	8.00	15.78	(0.30)
Montenegro	ME	B	64.19	5.50	(10.78)	(16.79)	3.14	134.54	10.50	(41.23)	0.00
Montserrat	MS	BBB-	66.45	N/A	(12.91)	(19.42)	0.93	148.49	5.65	(33.45)	0.00
Morocco	MA	BB+	56.28	5.00	(1.40)	(2.49)	4.85	93.97	0.50	(18.08)	0.10
Mozambique	MZ	CCC+	52.61	5.00	(32.64)	(62.05)	2.22	194.87	20.00	(17.97)	0.00
Netherlands	NL	AAA	118.80	(0.40)	8.92	7.51	0.67	239.32	(5.29)	8.94	0.00
New Zealand	NZ	AA+	27.63	2.85	(5.68)	(20.55)	1.91	196.50	1.20	(2.37)	0.90
Nicaragua	NI	B	70.41	0.00	1.31	1.86	3.52	86.61	3.75	(20.48)	0.00
Nigeria	NG	B-	33.94	4.00	0.50	1.47	2.86	113.56	0.10	2.43	0.15
North Macedonia	MK	BB-	93.55	3.80	(2.08)	(2.23)	1.16	113.19	3.00	(21.05)	(0.30)
Norway	NO	AAA	58.34	1.90	12.03	20.63	4.65	170.08	(2)	11.39	(10)
Oman	OM	BB+	58.69	(1)	1.33	2.26	1.75	113.04	2.50	23.35	(0.60)
Pakistan	PK	CCC+	19.74	1.00	(1.31)	(6.65)	0.69	133.36	0.40	(8.67)	(0.10)
Panama	PA	BBB	53.93	(5)	(5.06)	(9.38)	1.50	174.88	4.10	(11.88)	0.00
Papua New Guinea	PG	B-	41.34	2.75	14.71	35.58	3.47	74.03	(3.41)	22.91	0.00
Paraguay	PY	BB+	45.49	3.00	(0.14)	(0.31)	4.85	80.07	1.00	1.86	0.00
Peru	PE	BBB	30.14	3.59	(0.86)	(2.84)	7.72	74.07	2.20	6.10	(1.40)
Philippines	PH	BBB+	34.35	8.32	(2.02)	(5.88)	7.03	74.14	1.20	(14.53)	0.30
Poland	PL	A-	72.19	4.87	1.13	1.56	3.46	85.88	1.90	1.20	(0.20)
Portugal	PT	A-	56.65	1.80	1.32	2.33	2.51	188.27	2.00	(9.67)	0.50
Qatar	QA	AA	63.82	2.13	15.75	24.68	2.38	174.49	(2.40)	30.83	(11)
Ras Al Khaimah	AE	A-	N/A	N/A	N/A	N/A	N/A	N/A	0.00	N/A	0.00
Romania	RO	BBB-	43.65	5.00	(7)	(16.03)	4.34	99.77	2.00	(9.42)	(0.05)
Rwanda	RW	B+	31.46	6.00	(10.56)	(33.56)	3.63	111.13	3.50	(14.87)	(0.08)
Saudi Arabia	SA	A	37.00	(3.34)	1.39	3.76	10.17	66.14	0.10	8.88	(2)
Senegal	SN	B+	42.95	12.00	(11.36)	(26.46)	2.39	132.90	6.00	(9.54)	0.15
Serbia	RS	BB+	67.61	2.70	(3.88)	(5.74)	4.97	87.90	5.80	(10.56)	(0.02)
Sharjah	AE	BBB-	N/A	N/A	N/A	N/A	N/A	N/A	0.00	N/A	0.00
Singapore	SG	AAA	190.79	3.40	24.32	12.75	4.34	147.06	13.00	32.53	(15)
Slovakia	SK	A+	94.27	2.90	(0.89)	(0.95)	1.02	142.57	0.60	(0.02)	(1)
Slovenia	SI	AA-	88.92	1.50	2.33	2.62	0.45	137.74	1.00	1.39	(0.50)
Vietnam	VN	BB+	90.00	8.65	5.69	6.32	3.12	86.59	4.00	11.64	0.50
South Africa	ZA	BB-	34.91	4.22	(1.30)	(3.73)	5.30	95.46	1.70	1.73	(0.40)
Spain	ES	A	46.61	1.60	2.83	6.07	1.67	200.64	(1)	(1.55)	(1)
Sri Lanka	LK	SD	25.33	3.50	(0.60)	(2.38)	1.00	129.19	0.70	(7.34)	0.09
St. Helena	SH	BBB-	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Suriname	SR	CCC+	68.84	N/A	0.02	0.03	4.35	89.71	(3.43)	17.34	0.00
Sweden	SE	AAA	68.60	1.30	5.67	8.27	1.86	206.78	(1.80)	4.91	(2.30)
Switzerland	CH	AAA	104.90	2.60	7.83	7.47	11.29	118.95	(1.80)	13.59	(2)
Taiwan	TW	AA+	66.94	4.19	16.13	24.09	17.20	54.41	(0.70)	13.85	(2.50)
Tajikistan	TJ	B-	42.78	2.00	0.25	0.58	7.70	73.50	0.60	(22.19)	0.00
Thailand	TH	BBB+	72.50	3.02	1.29	1.78	8.10	74.54	(1)	2.67	(1)
Togo	TG	B	30.71	2.50	(2.90)	(9.45)	8.91	117.87	1.30	(10.83)	(2.34)
Trinidad and Tobago	TT	BBB-	44.54	(11.40)	8.97	20.15	8.83	60.47	(3.74)	18.27	0.00
Turkiye	TR	B	27.79	2.35	(2.80)	(10.06)	2.06	174.14	1.20	(5.94)	0.60
Turks and Caicos	TC	BBB+	89.24	2.00	24.85	27.85	0.00	86.01	(1.20)	(47.20)	8.19
Uganda	UG	B-	18.89	3.00	(9.36)	(49.56)	3.27	125.61	5.00	(7.42)	(0.02)
Ukraine	UA	CC	45.54	7.00	(6.63)	(14.56)	4.64	105.82	1.40	(14.85)	0.00
U.K.	GB	AA	42.98	0.70	(3.19)	(7.42)	1.29	738.47	1.00	(6.89)	1.00
U.S.	US	AA+	16.62	3.21	(3.01)	(18.11)	1.52	312.20	(0.40)	(3.72)	(0.20)
Uruguay	UY	BBB+	31.97	8.28	(1.45)	(4.53)	4.09	98.78	2.30	5.08	0.00
Uzbekistan	UZ	BB-	43.69	10.00	(5.05)	(11.56)	N/A	N/A	3.50	(11.14)	0.02
Zambia	ZM	SD	42.22	6.50	(0.50)	(1.18)	3.19	111.35	2.00	6.60	0.00
*Ireland GDP forecasts in 2024-2027 are based on the underlying domestic economy. LT FC rating--Long-term foreign currency rating. f--Forecast. CARs--Current account receipts. CAPs--Current account payments. FDI--Foreign direct investment. N/A--Not available.

Table 5 | View Expanded Table

Sovereign risk indicators: External data
			--Narrow net ext. debt/CARs (%)--	--Narrow net ext. debt / CAPs (%)--	--Net ext. liabilities/CARs (%)--	--Short-term external debt by remaining maturity/CARs--	--Usable reserves (US$ mil.)--
Sovereign	ISO Code	LT FC rating	2024f	2024f	2024f	2024f	2024f
Abu Dhabi	AE	AA	N/A	N/A	N/A	N/A	0.00
Albania	AL	BB-	(9.68)	(9.06)	91.11	34.62	5,572.12
Andorra	AD	BBB+	(97.67)	(119.06)	(357.03)	N/A	356.36
Angola	AO	B-	101.32	107.45	55.80	53.27	13,012.98
Argentina	AR	CCC	251.41	232.78	(67.39)	116.80	29,245.95
Armenia	AM	BB-	47.58	45.19	91.06	29.65	2,869.04
Aruba	AW	BBB	(0.22)	(0.23)	91.01	16.39	61.93
Australia	AU	AAA	203.70	203.09	112.98	136.42	58,974.93
Austria	AT	AA+	93.58	96.23	(29.26)	103.74	29,757.41
Azerbaijan	AZ	BB+	(102.58)	(131.52)	(126.29)	18.18	12,526.00
Bahamas	BS	B+	55.13	66.04	388.28	93.49	(687.94)
Bahrain	BH	B+	6.58	6.88	(66.33)	148.52	(15,693.63)
Bangladesh	BD	BB-	77.96	76.66	95.90	22.40	22,677.22
Barbados	BB	B-	56.54	50.99	243.97	22.50	(991.83)
Belgium	BE	AA	80.02	79.58	(53.26)	106.12	40,824.11
Belize	BZ	B-	58.22	54.74	215.93	9.06	(256.96)
Benin	BJ	B+	97.56	80.66	168.24	51.85	1,826.32
Bermuda	BM	A+	(67.98)	(89.60)	(67.98)	98.09	16.63
Bolivia	BO	CCC+	94.17	83.84	77.81	7.81	982.27
Bosnia	BA	B+	(10.85)	(10.32)	37.77	21.38	1,133.55
Botswana	BW	BBB+	(45.91)	(47.89)	(64.60)	7.53	5,606.37
Brazil	BR	BB	0.71	0.67	205.09	24.60	378,038.51
Bulgaria	BG	BBB	(39.08)	(38.98)	13.40	19.85	10,599.42
Burkina Faso	BF	CCC+	141.43	127.02	115.14	64.78	802.52
Cameroon	CM	B-	101.15	86.66	134.20	39.08	5,250.85
Canada	CA	AAA	117.55	116.04	(116.91)	99.14	116,867.30
Cape Verde	CV	B-	108.98	96.96	218.74	33.64	(135.78)
Chile	CL	A	90.26	82.58	56.73	53.00	47,656.43
China	CN	A+	(64.91)	(72.15)	(64.16)	25.77	3,602,262.99
Colombia	CO	BB+	120.57	107.11	203.93	47.29	59,063.91
Congo, D.R.	CD	B-	5.42	4.94	45.34	5.10	5,468.85
Congo	CG	B-	81.05	96.22	375.74	20.68	1,187.57
Cook Islands	CK	B+	(40.64)	(51.81)	(40.64)	N/A	0.00
Costa Rica	CR	BB-	27.78	26.27	114.11	20.92	12,641.62
Cote d'Ivoire	CI	BB-	97.82	84.43	149.58	44.91	11,226.75
Croatia	HR	BBB+	9.99	9.91	28.28	31.57	4,650.62
Curacao	CW	BBB-	(47.90)	(38.20)	(150.88)	26.83	1,060.98
Cyprus	CY	BBB	55.13	48.99	31.95	87.65	1,725.46
Czech Rep.	CZ	AA-	(8.90)	(8.93)	18.03	39.80	151,438.82
Denmark	DK	AAA	22.74	26.00	(78.71)	74.18	38,115.27
Dominican Rep.	DO	BB	78.47	69.63	187.33	3.91	13,836.94
Ecuador	EC	B-	131.30	139.15	62.22	18.07	(1,154.81)
Egypt	EG	B-	116.33	101.67	330.34	85.14	27,876.09
El Salvador	SV	B-	70.73	67.23	95.31	16.30	9.38
Estonia	EE	AA-	24.81	24.25	23.44	47.31	2,711.73
Ethiopia	ET	SD	164.64	123.92	387.59	33.38	1,158.14
Falkland Islands	FK	A+	N/A	N/A	N/A	N/A	0.00
Fiji	FJ	B+	42.35	36.59	206.68	42.18	1,284.02
Finland	FI	AA+	195.25	194.17	(1.70)	251.23	16,581.67
France	FR	AA	256.41	253.10	46.56	294.99	221,306.13
Georgia	GE	BB	60.99	56.25	151.06	25.38	2,813.87
Germany	DE	AAA	57.54	65.13	(134.81)	143.11	323,448.29
Ghana	GH	SD	144.76	148.03	240.09	41.13	3,714.16
Greece	GR	BBB-	243.95	222.74	254.70	212.40	12,669.99
Guatemala	GT	BB	4.02	4.24	29.13	15.19	22,323.92
Guernsey	GG	A+	N/A	N/A	N/A	N/A	0.00
Honduras	HN	BB-	15.43	14.47	63.59	8.08	5,523.93
Hong Kong	HK	AA+	(62.67)	(65.26)	(203.50)	124.63	164,275.93
Hungary	HU	BBB-	33.49	33.64	50.90	32.02	46,714.75
Iceland	IS	A+	59.03	57.90	(56.09)	33.16	5,393.00
India	IN	BBB-	(1.64)	(1.46)	50.38	28.90	648,870.79
Indonesia	ID	BBB	67.60	65.37	89.03	28.47	149,266.02
Iraq	IQ	B-	(95.16)	(144.89)	(70.45)	4.00	121,360.55
Ireland*	IE	AA	138.60	142.40	60.53	170.74	13,479.20
Israel	IL	AA-	(64.28)	(71.77)	(119.87)	26.87	209,877.02
Italy	IT	BBB	173.59	177.43	(25.06)	152.54	249,966.12
Jamaica	JM	BB-	58.48	57.31	234.15	35.01	4,063.10
Japan	JP	A+	(58.72)	(64.15)	(294.29)	331.53	1,310,209.45
Jersey	JE	AA-	N/A	N/A	N/A	N/A	0.00
Jordan	JO	B+	49.19	45.47	184.39	69.68	4,618.20
Kazakhstan	KZ	BBB-	(25.27)	(23.31)	73.73	26.55	34,301.12
Kenya	KE	B	399.32	317.95	372.43	160.35	6,903.65
Korea	KR	AA	(18.66)	(19.03)	(88.39)	28.69	423,410.89
Kuwait	KW	A+	(520.70)	(720.58)	(610.71)	41.27	21,747.54
Latvia	LV	A+	35.16	33.39	37.72	79.38	4,958.14
Lebanon	LB	SD	117.72	109.78	341.27	165.85	16,272.21
Liechtenstein	LI	AAA	N/A	N/A	N/A	N/A	N/A
Lithuania	LT	A+	13.83	14.03	(2.65)	41.40	6,190.73
Luxembourg	LU	AAA	165.61	167.23	13.35	292.42	3,076.05
Madagascar	MG	B-	77.09	67.12	124.41	24.59	2,700.84
Malaysia	MY	A-	25.80	26.52	3.79	31.93	117,665.24
Malta	MT	A-	65.94	66.30	(26.55)	63.79	1,257.43
Mauritius	MU	BBB-	(105.42)	(99.56)	(192.55)	86.14	5,027.56
Mexico	MX	BBB	15.65	14.97	82.23	7.66	210,678.37
Mongolia	MN	B	72.93	69.50	239.64	35.53	5,365.53
Montenegro	ME	B	106.57	91.25	188.26	58.84	1,695.20
Montserrat	MS	BBB-	(161.42)	(135.17)	(89.48)	42.78	2.85
Morocco	MA	BB+	21.07	20.56	83.74	30.43	36,275.49
Mozambique	MZ	CCC+	211.04	130.23	643.46	91.12	3,449.42
Netherlands	NL	AAA	132.90	143.70	(63.76)	159.10	71,020.56
New Zealand	NZ	AA+	197.27	163.63	181.66	113.74	13,521.63
Nicaragua	NI	B	52.66	53.66	134.90	13.38	3,780.15
Nigeria	NG	B-	61.25	62.17	98.19	41.69	22,114.89
North Macedonia	MK	BB-	24.54	24.01	65.91	22.13	1,566.46
Norway	NO	AAA	(461.55)	(581.49)	(595.68)	142.97	86,235.22
Oman	OM	BB+	17.74	18.15	36.99	31.43	9,093.40
Pakistan	PK	CCC+	157.02	147.22	192.90	34.86	8,061.50
Panama	PA	BBB	52.24	47.76	212.00	89.43	6,021.57
Papua New Guinea	PG	B-	121.94	189.27	103.06	23.41	2,271.76
Paraguay	PY	BB+	29.56	29.47	71.31	12.23	8,878.30
Peru	PE	BBB	36.90	35.88	127.88	20.26	56,638.31
Philippines	PH	BBB+	(6.44)	(6.08)	36.86	14.22	104,727.96
Poland	PL	A-	9.62	9.77	36.92	11.80	195,788.61
Portugal	PT	A-	112.72	115.41	120.74	129.04	35,296.08
Qatar	QA	AA	(83.89)	(111.38)	(177.89)	125.21	23,254.48
Ras Al Khaimah	AE	A-	N/A	N/A	N/A	N/A	0.00
Romania	RO	BBB-	29.15	25.12	90.75	25.59	70,061.47
Rwanda	RW	B+	155.23	116.22	240.25	22.48	1,882.69
Saudi Arabia	SA	A	(80.75)	(83.90)	(179.93)	23.84	334,542.68
Senegal	SN	B+	125.79	99.47	194.87	39.98	4,077.41
Serbia	RS	BB+	20.07	18.98	105.75	20.68	22,919.13
Sharjah	AE	BBB-	N/A	N/A	N/A	N/A	0.00
Singapore	SG	AAA	(92.74)	(106.29)	(92.62)	106.17	365,514.19
Slovakia	SK	A+	47.33	46.89	51.86	53.89	12,333.60
Slovenia	SI	AA-	34.60	35.53	4.01	45.42	2,599.78
Vietnam	VN	BB+	24.24	25.88	83.30	14.00	115,730.68
South Africa	ZA	BB-	23.56	22.72	(50.66)	35.50	62,518.00
Spain	ES	A	163.00	173.53	101.53	132.94	111,589.40
Sri Lanka	LK	SD	155.62	152.00	211.71	37.79	2,945.58
St. Helena	SH	BBB-	N/A	N/A	N/A	N/A	N/A
Suriname	SR	CCC+	45.08	45.09	88.15	22.26	733.10
Sweden	SE	AAA	108.24	118.00	(47.65)	144.39	65,400.84
Switzerland	CH	AAA	4.55	4.92	(93.61)	130.02	880,292.18
Taiwan	TW	AA+	(125.30)	(165.07)	(357.86)	37.68	579,819.60
Tajikistan	TJ	B-	17.89	17.99	72.11	20.99	3,632.53
Thailand	TH	BBB+	(21.99)	(22.39)	(9.54)	25.71	259,357.63
Togo	TG	B	109.89	100.40	22.74	104.16	2,656.11
Trinidad and Tobago	TT	BBB-	(41)	(51.34)	(71.03)	16.14	9,027.11
Turkiye	TR	B	91.04	82.72	126.07	97.04	53,812.08
Turks and Caicos	TC	BBB+	(99.25)	(137.56)	(107.92)	13.86	0.00
Uganda	UG	B-	137.01	91.61	318.22	27.20	3,756.74
Ukraine	UA	CC	120.07	104.81	31.68	38.14	39,079.44
U.K.	GB	AA	233.49	217.36	73.52	716.57	171,027.18
U.S.	US	AA+	363.21	307.51	399.05	240.88	717,883.82
Uruguay	UY	BBB+	29.72	28.44	81.96	29.47	9,779.28
Uzbekistan	UZ	BB-	N/A	N/A	N/A	35.24	N/A
Zambia	ZM	SD	139.57	137.95	276.28	40.09	2,838.17
*Ireland GDP forecasts in 2024-2027 are based on the underlying domestic economy. LT FC rating--Long-term foreign currency rating. f--Forecast. CARs--Current account receipts. CAPs--Current account payments. N/A--Not available.

Glossary Of Terms

Economic data

Nominal GDP (bil. US$). Total U.S. dollar market value (converted at current exchange rates) of goods and services produced by resident factors of production.

Nominal GDP (bil. LC). Total local currency market value of goods and services produced by resident factors of production.

GDP per capita (US$). Total U.S. dollar market value (converted at current exchange rates) of goods and services produced by resident factors of production, divided by population.

Real GDP (% change). Percent change in constant-price GDP.

Unemployment (% of workforce). Average percent of the labor force not employed and actively searching for work (definitions and coverage vary by country).

Investment/GDP (%). Expenditure on capital goods including plant, equipment, and housing, plus the change in inventories, as a percent of GDP.

Savings/GDP. Investment plus the current account surplus (deficit), as a percent of GDP.

Exports/GDP. Exports of goods and services as a share of GDP.

Real investment growth. Percent change in constant-price investment.

Monetary data

Consumer price index (% change). Average percent change in index of prices of a representative set of consumer goods bought by a typical household on a regular basis.

GDP deflator growth. Percentage annual change in GDP deflator. GDP deflator is the ratio of nominal and real (constant-price) GDP, which serves as a measure of the level of prices of all newly domestically produced goods and services.

Exchange rate, year-end (LC/USD). The official exchange rate of the sovereign's local currency, expressed in local currency units per USD.

Banks claims on resident nongovernment sectors (% change). Claims by depository corporations, other than the central bank, on all residents except the general government. The data do not include claims on nonresidents. Depository corporations are usually financial institutions, other than the central bank, whose liabilities are included in the national definition of broad money.

Banks claims on resident nongovernment sectors/GDP. Claims by depository corporations, other than the central bank, on all residents except the general government. The data do not include claims on nonresidents. Depository corporations are usually financial institutions, other than the central bank, whose liabilities are included in the national definition of broad money. Expressed as a percentage of GDP.

Foreign currency share of claims by banks on residents. Claims by depository corporations, other than the central bank. Claims in currencies other than the local currency, expressed as a percentage of total claims.

Foreign currency share of residents bank deposits. Total deposits in banks by residents, in other currencies than local currency.

Real effective exchange rate growth. Percentage annual change in real effective exchange rate. Real Effective Exchange rate (REER) for an economy is a weighted average of bilateral exchange rates of the economy's currency to the currencies of its trading partners, adjusted for inflation.

General government data

General government. Aggregate of the national, regional, and local government sectors, including social security, and excluding intergovernmental transactions.

Net debt/GDP (%). Gross debt minus general government financial assets (cash, deposits, arms-length loans, and minority holdings of traded equities), as a percent of GDP.

Gross debt/GDP (%). Debt incurred by national, regional, and local governments, either for governmental purposes or for on-lending to a government-owned or private sector entity, as a percent of GDP. Internal holdings, including social security and pension fund investments in government debt, are netted out.

Surplus (deficit)/GDP (%). General government operating and capital revenue, excluding proceeds from privatization, minus operating and capital and extraordinary expenditures (though generally excluding aid to the financial sector), as a percent of GDP.

Primary balance/GDP (%). Surplus (deficit) plus interest payments on general government debt, as a percent of GDP.

Revenue/GDP (%). General government recurrent revenue, from sources such as taxes, fees and charges, interest, and dividends, plus capital revenue (largely grants), as a percent of GDP.

Expenditure/GDP (%). General government recurrent expenditure, for purposes such as salaries, goods for immediate consumption, interest, subsidies, and other transfers, plus capital spending that increases the value of general government physical assets, plus net lending (where a subsidy is involved), as a percent of GDP.

Interest/revenues (%). Interest payments on general government debt, as a percent of general government revenues.

Liquid assets / GDP. Liquid assets (cash, deposits, arms-length loans, and minority holdings of traded equities) expressed as percentage of GDP.

Balance-of-payments data

Current account receipts (CAR)/GDP (%). CAR, which include proceeds from exports of goods and services, factor income (compensation of employees plus investment income) earned by residents from nonresidents, and official and private transfers to residents from nonresidents, as a percent of GDP.

Real exports (% change). Percent change in the volume of exports of goods and services, as defined in the national income accounts.

Current account balance/GDP (%). Exports of goods and services minus imports of the same plus net factor income plus official and private net transfers, as a percent of GDP.

Current account balance/CAR (%). Exports of goods and services minus imports of the same plus net factor income plus official and private net transfers, as a percent of current account receipts.

Usable reserves/current account payments (months). Official foreign exchange reserves (including gold at market price) minus items not readily available for foreign exchange operations and repayment of external debt (such as: (1) reserves pledged as security; (2) mark-to market losses on reserves sold forward; (3) reserves deposited with offshore branches of domestic financial institutions; and (4) the monetary base for sovereigns with a currency board or longstanding fixed peg), divided by monthly imports of goods and services, plus factor income earned by nonresidents from residents, plus transfers to nonresidents.

Gross external financing needs (% of CAR plus usable reserves). Current account payments, plus scheduled principal repayments on external debt, plus the stock of short-term debt (original maturity of less than a year), as a percent of CAR plus usable foreign exchange reserves.

Net foreign direct investment (FDI)/GDP (%). Direct investment (both equity and loans) by nonresidents net of residents' direct investment (both equity and loans) abroad, as a percent of GDP.

Trade balance/GDP. Receipts from exports of goods minus payments for imports of goods as a percentage of GDP.

Net portfolio equity inflow/GDP. The difference between the inflows and outflows of portfolio equity investment by non-residents into the economy, as a percentage of GDP. Portfolio equity investments are cross-border transactions in which a resident of one economy obtains a shares of an enterprise in another economy without obtaining control or significant degree of influence over it.

External balance sheet

Net external liabilities/CAR (%). Total external debt plus the stock of direct investment (both equity and debt) and portfolio equity investment from abroad minus total external assets, which include official reserves, other public sector foreign assets, financial institutions; deposits with and lending to nonresidents, other private sector deposits with and lending to nonresidents, and the stock of direct and portfolio equity investment placed abroad, as a percent of CAR. A negative number indicates a net asset position.

Narrow net external debt/CAR (%). The stock of foreign and local currency public and private sector borrowings from nonresidents (including nonresident deposits in resident banks) minus liquid non-equity external assets, which include official foreign exchange reserves, other liquid public sector foreign assets, and financial institutions' deposits with and lending to nonresidents, as a percent of CAR. A negative number indicates net external lending.

Usable reserves. Official foreign exchange reserves (including gold at market price) minus items not readily available for foreign exchange operations and repayment of external debt (such as: (1) reserves pledged as security; (2) mark-to market losses on reserves sold forward; (3) reserves deposited with offshore branches of domestic financial institutions; and (4) the monetary base for sovereigns with a currency board or longstanding fixed peg).

Short-term external debt by remaining maturity/CARs. The stock of foreign and local currency public and private sector borrowings from nonresidents (including nonresident deposits in resident banks), either issued at a maturity of below one year or having less than a year remaining to maturity, as a percent of CAR.

S&P Global Ratings' Sovereign Risk Indicators are not a part of sovereign rating reviews. Only a rating committee may determine a rating action. As such, our Sovereign Risk Indicators publication does not constitute a rating action and forecasts included in this publication may not underlie the relevant sovereign rating scores or sovereign ratings.

Primary Credit Analyst:	Alina Czerniawski, Buenos Aires +54 1148912194; alina.czerniawski@spglobal.com
Secondary Contact:	Fernanda Nieto, Mexico City; fernanda.nieto@spglobal.com
Research Contributors:	Aakanksha Tyagi, CRISIL Global Analytical Center, an S&P affiliate, Mumbai
	Aakash Menghani, CRISIL Global Analytical Center, an S&P affiliate, Mumbai
	Aindrila Chowdhury, CRISIL Global Analytical Center, an S&P affiliate, Mumbai
	Ashay Gokhale, CRISIL Global Analytical Center, an S&P affiliate, Mumbai
	Hari Krishna Thirupraana, CRISIL Global Analytical Center, an S&P affiliate
	Meghna Ashtekar, CRISIL Global Analytical Center, an S&P affiliate, Mumbai
	Mrinal Khosla, Pune; mrinal.khosla@spglobal.com
	Rahul Ranjan, Pune; rahul.ranjan2@spglobal.com
	Purnima Nair, CRISIL Global Analytical Center, an S&P affiliate, Mumbai
	Upamannyu Sinha, Mumbai; upamannyu.sinha@spglobal.com

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