Country Risk Atlas 2026: Under the surface

Allianz

Ludovic Subran

Research

179 Pages

The 2026 edition of the Country Risk Atlas assesses the economic outlook, risks and opportunities across 83 countries, representing approximately 94% of global GDP. Despite a year marked by intense trade tensions and multiple layers of risk – political, geopolitical and fiscal – global country risk improved in 2025, underscoring the fiscal, monetary and trade-related coping mechanisms that tend to emerge in times of high uncertainty.

Key Takeaways

Global Country Risk Improved in 2025: 36 economies were upgraded, including Argentina, Ecuador, Hungary, Italy, Spain, Türkiye and Vietnam, while 14 countries were downgraded, among them Belgium, France, Senegal and the US.
Upgrades: In 2025, the upgrades were driven primarily by stronger macroeconomic fundamentals, supported by more accommodative fiscal and monetary policies.
Uneven Landscape: While many economies have strengthened their shock absorption capacity, systemic vulnerabilities are becoming more concentrated in a smaller number of influential markets.
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