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Payment behaviour in the South Korean ICT sector has been good over the past two years, and the number of payment delays and insolvencies is low.

As in 2016 the ICT market remains characterised by high competition, single-digit margins, low entry barriers and stagnating growth in some segments.

The first hint of spring is in the air leaving this Economic Outlook in a position of cautious optimism.

After an increase of almost five percentage points in 2016, the percentage of overdue B2B invoices in Eastern Europe decreased again this year (41.5%).

The percentage of overdue B2B invoices in the Czech Republic continued its downward trend. In 2017, the country’s payment default rate stood at 37%.

The percentage of overdue B2B invoices in Hungary decreased in 2017. At 29.7%, the payment default rate in the country is far under the regional average.

Overdue B2B invoices occurred more often with the domestic customers of our Polish respondents (41.0%) than with their foreign customers (36.6%).

The percentage of overdue B2B invoices in Slovakia decreased from 48.0% in 2016 to 41.5% this year. This is in line with the regional average (41.5%).

Compared to one year ago when 57.1% of B2B invoices were reported to be overdue in Turkey, the percentage has decreased slightly in 2017 to 55.9%.

High uncertainty surrounding NAFTA renegotiations and other US policy directions in international trade, and specifically targeting Mexico, could adversely affect sentiment and investment.

Despite higher economic growth rate of about 2% is expected in 2017, business insolvencies are forecast to increase again in 2017, by 3% year-on-year.

In 2017 the number of Belgian business insolvencies will still be much higher than the levels seen before the start of the global credit crisis in 2008.

The Danish economy has regained some of its international competitiveness due to structural reforms that addressed the issue of high labour costs.

With more than 58,000 cases in 2016 the number of business insolvencies was still about 5% higher than before the start of the credit crisis in 2008.

Private consumption remains a key driver of growth in 2017, sustained by higher household purchasing power and further decreasing unemployment figures.

The Irish economy is expected to grow by more than 3% in 2017, but remains highly exposed to economic uncertainties stemming from the Brexit decision.

Italy´s GDP growth is expected to remain subdued in 2017 as international competitiveness remains an issue and the banking sector is still under pressure.

Solid economic growth is expected to continue in 2017 and 2018, but the Brexit decision will most probably affect Dutch industries in the mid-term.

The economic rebound is forecast to remain robust in 2017, but the number of insolvencies will remain at an elevated level despite further decreases.

Sweden´s economic growth is expected to slow down in 2017 to about 2% year-on-year, while business insolvencies are forecast to increase slightly.