Media OutReach
COUNTRY & SECTOR RISKS – June 2025 The great leap backwards: 23 sectors and 4 countries downgraded
In this environment, and in view of the measures already in place, Coface has downgraded 23 sectors and 4 countries.
Key trends:
- US tariffs, even if paused or reduced, have already reached historically high levels
- Nearly 80% of advanced economies recorded an increase in defaults in the first quarter of 2025 compared to 2024
- The metal sector is the most affected, and traditional industrial sectors (automotive and chemicals) are under pressure.
- Other sectors that have been downgraded include:
- In the United States, information and communication technologies and retail
- In China, textiles and clothing, impacted by customs duties.
Global economy: uncertainty is the new normal
The global economic outlook is more uncertain than ever, as it depends heavily on (geo)political events and the trade decisions of the US President. The reintroduction of tariffs after the 90-day suspension periods (9 July for the rest of the world, 12 August for China) could have a significant impact on global growth. A marked slowdown is expected (2.2% growth in 2025 and 2.3% in 2026), with mainly downside risks – growth of below 2% cannot be ruled out if the geopolitical and trade situations escalate.
The same uncertainty naturally surrounds inflation, whose current stability could be jeopardised. It could reach 4% in the US by the end of 2025, with broader upside risks subsisting in the event of higher energy prices. The major central banks are likely to respond with a continued cautious stance. However, if US inflation is brought under control, the Fed could cut rates as early as the autumn of 2025. The ECB has announced that it will maintain its rate-cutting policy, but added that it is close to its terminal rate.
Uncertainty is all the greater in Europe as long-delayed fiscal consolidation policies could finally begin to be implemented, while Germany is engaged in a stimulus programme whose scale is difficult to assess at this stage.
Tensions in the Middle East and oversupply: oil balances on a high wire
The Israel-Iran conflict has reigniting fears over oil. A disruption or even a blockade of the Strait of Hormuz (the passage for 20 million barrels per day, or 20% of global supply) could push prices above $100 per barrel. Excluding this geopolitical environment, however, fundamentals point to a fall in prices on back of production increases in non-OPEC+ countries, demand weakened by trade tensions and the reintroduction of volumes by OPEC+ members (2.2 million barrels per day). Barring a major crisis, prices should continue to be extremely volatile but remain within a range of $65 to $75 per barrel.
Advanced economies: a mix of resilience and vulnerability
In Europe, Germany saw a minor uptick in growth in the first quarter, France remains sluggish, Italy could run out of steam, while Spain continues to benefit from tourism and European funds to maintain momentum.
Emerging economies are the first victims of trade turmoil
In China, the temporary truce on tariffs has led to a surge in exports, but the outlook is fragile. India, despite generating growth of more than 7% in the first quarter, is seeing consumption slow and its fiscal headroom shrink.
In Latin America, Mexico is bearing the brunt of trade uncertainty, with zero growth expected in 2025. Brazil, after a rebound in agriculture following El Niño-induced losses, is expected to contract on back of restrictive monetary policy (key rate raised to 15%). In Argentina, the momentum generated by Mileinomics is strong and, despite its low foreign exchange reserves, could post GDP growth of 5% in 2025 and 3.5% in 2026.
Metallurgy: 600 million tonnes of steel overcapacity weighing on the global sector
The metallurgy sector is experiencing a major crisis, having recorded global steel overcapacity of 600 million tonnes in 2024, which represents 25% of global production. The unfavourable macroeconomic environment, energy tensions and new steel tariffs are exacerbating the situation for steelmakers, particularly in Canada, Mexico and Europe.
Canada: the economy is faltering under the weight of tariffs
With 75% of its exports headed for the US, Canada is one of the countries most exposed to the trade war. Growth has slowed significantly after a surge at the end of 2024. Consumption is falling, investment is weakening and unemployment stands at 6.9%, its highest level since 2017.
Exports, boosted by the menace of customs duties, contracted sharply in April. The automotive and metals sectors, which were hit by tariff increases of up to 50%, have been particularly affected. The upcoming revision of the USMCA agreement, which is expected to be brought forward to the end of 2025, could further exacerbate the country’s economic instability.
Read the full study here
Hashtag: #Coface
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COFACE: FOR TRADE
As a global leading player in trade credit risk management for almost 80 years, Coface helps companies grow and navigate in an uncertain and volatile environment.
Whatever their size, location or sector, Coface provides 100,000 clients across some 200 markets. with a full range of solutions: Trade Credit Insurance, Business Information, Debt Collection, Single Risk insurance, Surety Bonds, Factoring. Every day, Coface leverages its unique expertise and cutting-edge technology to make trade happen, in both domestic and export markets. In 2024, Coface employed +5,200 people and recorded a turnover of ~€1.845 billion.
The Reality of the Raya Rush
The lead-up to Raya is a whirlwind of grocery runs, deep cleaning, and late nights in the kitchen. By the time the first open house begins, most women have already put in an incredible amount of effort for their families. The quiet moments in between are not just a break. They are earned.
XIXILI’s pajamas are made for those moments. Easy to move in, soft enough to wear through the night, and the kind of pieces that make coming home feel like something to look forward to. Designed to fit a wide range of body types, every woman can find something that feels as good as it looks.
“Raya is everything. The food, the family, the laughter. And at the end of it all, she deserves to rest just as well as she celebrated,” says Tara Tan, Marketing Director at XIXILI.
Comfort That Carries Through the Season
Raya may bring the occasion, but the shift happening in Malaysian wardrobes goes further than that. Women are increasingly treating sleepwear as a considered part of their self-care, not just something to change into before bed.
“We often talk about the joy of gathering, but we rarely talk about the exhaustion that comes with it,” Tara Tan adds. “Our goal for Raya 2026 is to ensure that when the last guest leaves, every woman has a high-quality piece of loungewear to retreat into. It is about honouring the work she does by giving her the rest she deserves.”
Quality loungewear for the wind-down, the slow morning, and every quiet moment in between has become one of the most considered purchases a woman makes this season.
Made to Be Worn, Not Just Owned
Good sleepwear should not sit tucked away at the back of a drawer. It should be the first thing she reaches for at the end of a long day, worn in and looked forward to. XIXILI’s range is built for exactly that, styles that settle naturally into her routine and carry her well beyond the festive season.
The full sleepwear collection is available online and at XIXILI boutiques nationwide. To shop the range, visit www.xixili-intimates.com.Hashtag: #XIXILI
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About XIXILI
A homegrown Malaysian brand, XIXILI offers beautiful fashion lingerie and shapewear in Malaysia that prioritises fit and comfort. With an extensive range of bra sizes from A to I and bands 65 to 110cm, XIXILI caters to women of all shapes and sizes. Expert fitters are dedicated to helping each customer find the perfect bra, boosting confidence and enhancing silhouettes.
XIXILI became the first Malaysian lingerie brand to introduce a Try-On in 3D avatar tool, allowing customers to virtually try on XIXILI lingerie using a 3D avatar tailored to their specific body type and measurements. Whether for everyday wear or something special, XIXILI ensures women always look and feel amazing.
Specifically, in addition to the existing incentives currently available, customers who switch from old gasoline vehicles to new VinFast electric vehicles during the program period will receive an additional 3% discount for cars and 5% discount for scooters. The program will be applied across all four markets: Vietnam, India, Indonesia, and the Philippines.
In line with VinFast’s pioneering spirit, GSM Green and Smart Mobility Joint Stock Company has also announced an immediate 10% reduction in fares for electric mobility services on the Xanh SM platform in Vietnam and Green SM in Indonesia from March 11 to March 31, 2026. This initiative offers customers a more environmentally-friendly and cost-effective transportation option.
The program may be extended depending on international developments and future fuel price movements.
Ms. Duong Thi Thu Trang, Deputy CEO of Global Sales, VinFast, stated: “The special ‘Trade Gas for Electric’ program launched in March across four key markets is VinFast’s timely response to geopolitical volatility that is affecting socio-economic conditions in many countries around the world. As one of the pioneering manufacturers leading the global electric vehicle revolution, VinFast together with companies in Vingroup’s green ecosystem aims to help reduce the impact of fuel prices on people’s daily lives while also lowering environmental pollution through smarter, more sustainable, and more cost-efficient mobility solutions.”
The special “Trade Gas for Electric” program will be implemented in parallel with and combined with other available incentive programs in each market. Through layered incentives, Vingroup and companies within its ecosystem aim to create favorable conditions for customers to transition quickly to electric vehicles, reduce dependence on gasoline, stabilize daily life, and contribute to building a cleaner and more civilized living environment.
Hashtag: #Vingroup
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Media OutReach
Singapore University of Social Sciences Expands Regional Footprint in China with Launch of Success Academy in Chongqing
New Academy and Shenyang satellite office strengthen SUSS’ visibility and partnerships across Western and Northeast China.
CHONGQING, CHINA – Media OutReach Newswire – 10 March 2026 – The Singapore University of Social Sciences (SUSS) today launched the SUSS Success Academy in Chongqing in collaboration with Raffles Young Academy (RYA) Pte Ltd and announced the establishment of a satellite office in Shenyang. Building on its Success Academies in Beijing and Shenzhen, the Academy strengthens SUSS’ presence in China and supports its growing engagement across Western and Northeast China.
The launch was commemorated with an opening ceremony at the CCI Gallery, attended by close to 70 guests from China and Singapore, including representatives from institutions of higher learning, and industry and community partners. The ceremony was presided by Vice-Consul (Political) Ms. Mavis Tan, Consulate-General of the Republic of Singapore, Chengdu and Mr. Li Xunfu, Deputy Director of Chongqing Municipal Commission of Commerce.
Success Academy to connect partners from Singapore and China
Anchored in SUSS’ commitment to lifelong learning and creating social impact, the Academy will serve as a key nexus for academic and industry partners from both countries. Through cross-cultural collaboration and practice-oriented learning, it also aims to develop future-ready talent equipped to contribute meaningfully to society and the economy.
RYA is an education and talent development organisation aimed at nurturing future-ready talent through industry-oriented learning and international exposure. RYA will bring its networks and local expertise to support and enhance the Academy’s initiatives.
Through the Academy, SUSS will provide opportunities for students from SUSS and other Singapore pre-tertiary and tertiary institutions to co-learn and co-innovate with peers in China. These include interdisciplinary global learning courses, impact startup and venture builder programmes, industry-based immersions and student exchanges. SUSS students will also gain regional exposure through internships and other workplace learning opportunities. In addition, the Academy will support SUSS in working with universities and organisations in China to jointly design and deliver industry-relevant courses and programmes for students and executives.
Extending engagement into Northeast China with Shenyang satellite office
To further deepen its engagement in Northeast China, SUSS will launch a satellite office in Shenyang on 11 March 2026 under the Success Academy in Chongqing. This office will support SUSS’ initiatives in Liaoning Province and surrounding areas, including Dalian. In addition, three Memoranda of Understanding (MOU) will be signed with the following organisations:
- Shenyang University of Chemical Technology (SYUCT): Collaborative development of a Master’s degree programme in Social Work, fostering cross-border knowledge exchange, curriculum innovation, and talent development to address evolving social service needs.
- North-East Institute of Population and Social Development: Joint research endeavours, professional development programmes, and meaningful academia-industry partnerships to generate evidence-based solutions, build capabilities, and promote active ageing ecosystems that benefit individuals and communities.
Professor Tan Tai Yong, President of SUSS, said, “China is an important partner for SUSS as we expand opportunities for our students and strengthen collaboration across Asia. The launch of the Success Academy in Chongqing allows us to work more closely with universities, industry and community partners in Western and Northeast China, and to deliver applied, practice-oriented education that responds to real-world needs. Our partnership with Raffles Young Academy reflects our shared commitment to developing future-ready talent and supporting professional growth across the region.”
Mr. Samuel Ng, Executive Chairman, RYA, said, “Our collaboration with the Singapore University of Social Sciences reflects a shared belief in applied, practice-oriented education and in preparing students and enterprises to navigate an increasingly complex and interconnected world. Chongqing’s strategic position as a gateway to Western China and a hub for industry and connectivity makes it an ideal location for immersive, industry-linked education. This partnership represents a long-term commitment to building enduring bridges between students and industry, between academia and practice, and between Singapore and China.”
The launch of the Success Academy in Chongqing is part of SUSS’ broader expansion across Asia. Since 2023, SUSS has established Success Academies in Beijing, Shenzhen, Ho Chi Minh City Bangkok, Kuala Lumpur, Jakarta, Manila and Mumbai.
For more information, visit www.suss.edu.sg/success-academy.
Hashtag: #SUSS
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The issuer is solely responsible for the content of this announcement.
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