Welcome to the latest issue of D&B's Country Risk Update.

D&B continues to expect the world economy to grow at a sluggish pace of just over 2% in both 2012 and 2013. We are concerned that shocks from the euro zone and the slowdown in China will produce headwinds, impeding emerging markets' short-term performance into 2013.

Meanwhile, the number of global business failures as measured by D&B's Global Insolvency Index fell further in Q1, despite growing signs of a slowdown in major emerging markets (crucially China) and the euro zone. The variations in economic performance and business failures both across and within regions necessitate the close monitoring of risks.

Colombia

Economic growth slowed in Q1 but a gradual pick-up looks likely from end-Q3 on the back of external demand.

Singapore

There are mixed signals across the board as Singapore copes with changes in its export markets.

Turkey

The outlook remains under significant downward pressure amid increasing security risks.