Panorama sectors

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      <subfield code="a">Sector barometer / by Jennifer Forest and Khalid Ait Yahia -- The car industry worldwide / by Emmanuelle Hirsch -- The refocusing of European carmakers on emerging countries : a bold bet? The Russian and Turkish cases / by Emmanuelle Hirsch and Khalid Ait Yahia </subfield>
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      <subfield code="a">This Panorama includes our global sector barometer, which analyses the situation in fourteen key economic sectors in three of the worlds major regions (European Union, North America and Emerging Asia) through a single credit risk indicator. In Europe, sector risks continue to deteriorate, especially in chemicals due to the remaining difficulties in the European industry, and also in the pharmaceutical branch due to the fiscal tightening measures taken by the governments. This Panorama also contains our study on the refocusing of European carmakers on emerging countries through two key emerging markets, Russia and Turkey. Turkey¿s automotive sector, more seen as a re-export hub, will have to face the competition of low cost countries in a near future as the current effort in R&D is insufficient. A growing domestic market makes Russia very attractive for European car manufacturers and the country tries to preserve its own automotive industry through creeping protectionism. For both cases, the emerging middle classes remain a powerful driver. However, governments are heavily orienting the fate of these industries, by capturing a bigger share of the added value. This is a required condition for a long term success</subfield>
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      <subfield code="a">Internacional</subfield>
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      <subfield code="a">Sectores económicos</subfield>
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      <subfield code="a">Riesgo crediticio</subfield>
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      <subfield code="a">Gerencia de riesgos</subfield>
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      <subfield code="a">Mercados emergentes</subfield>
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      <subfield code="0">MAPA20080582494</subfield>
      <subfield code="a">Sector automoción</subfield>
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      <subfield code="a">Perspectivas económicas</subfield>
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