Insolvencies continue to adjust back to pre-pandemic levels : September 2023

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      <subfield code="a">The increase in insolvencies continues at an accelerated pace in 2023, followed by a more tempered increase in 2024. In 2023, the increase is driven by normalisation after the pandemic and the bankruptcy of zombie firms. Less government support  longside tighter lending conditions create a challenging environment for companies globally. We expect the sharpest rising business failures in Hong Kong (68%),  Netherlands (52%), United States (51%), South Korea (45%) and Italy (45%), since in all of these markets the return to normal is yet to take place. For 2024 we still see a global increase in insolvencies mainly driven by a minority of markets that started the post-Covid adjustment later or did not start yet or has started later. We expect the sharpest increases for Singapore (49%), Poland (43%), Italy (42%), Netherlands (39%) and United States (35%). Nonetheless, for the majority of markets the level of insolvencies stabilizes</subfield>
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