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E-mail: research@eulerhermes.com- Tel. : +33 (0) 1 84 11 50 50 This document reflects the opinion of the Economic Research Department of Euler Hermes.
The information, analyses and forecasts contained herein are based on the Department's current hypotheses and viewpoints and are of a prospective nature. In this regard, the Economic Research Department of Euler Hermes has no responsibility for the consequences hereof and no liability.Moreover, these analyses are subject tomodification at any time.