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1、04Agrifood16Household Equipment28Retail06Automotive18IT-Services30Telecom08Chemicals20Machinery&Equipment32Textiles10Construction22Metals34Transport Equipment12Electronics24Paper38Transportation42Sector risk methodology14Energy26Pharmaceuticals12 September 2023Allianz ResearchSector Atlas:Assessingn

2、on-payment riskacross global sectorsAllianz Research2 More challenging macro environment.Global GDP growth is projected to decelerate to+2.5%in 2023,as low as in 2019.Advanced economies will likely dodge a full recession but will experience low growth in 2023 and 2024.Post-pandemic,consumers have sh

3、ifted from buying goods to spending on services,which is dragging global trade and all related sectors.The US economy remains robust despite a challenging monetary environment,while the Eurozone grapples with minimal growth and stubborn inflation issues.As central banks remain determined to shake of

4、f inflation,interest rates should remain higher for longer,which will harm highly leveraged sectors and also eventually dampen capex.Chinas growth outlook has dimmed due to various challenges ranging from issues in the real estate sector to low consumer confidence,and emerging markets should also se

5、e lower growth.Brace for Q3 as the outlook for corporates looks challenging.The The Q2 earnings season revealed a decline in global revenues by-1.9%y/y,marking the first contraction across all regions since 2020.cf:A slow landing for China.US revenues dropped by-0.3%,but S&P 500 companies saw a+0.5%

6、y/y growth,bolstered by the financial sector.Meanwhile,after a strong Q1,European companies,are headed towards a-6.0%sales drop,mostly because of the energy sector(excluding energy,a+0.6%increase is projected).Global earnings decreased by-1.2%y/y,with significant contractions in marine transportatio