CORPORATE INSOLVENCY
INSOLVENCIES BY COUNTRY Business insolvencies level % of
World GDP **
GLOBAL INDEX *
North America Index * U.S.
Canada
Latin America Index * Brazil
Colombia Chile
Europe Index *
EU27+UK+Norway Index * EU27 Index *
Euro zone Index * Western Europe Index *
Germany France
United Kingdom Italy
Spain
The Netherlands Switzerland Sweden Norway Belgium Austria
Denmark Finland Greece
Portugal Ireland
Luxembourg Central & Eastern Europe Index *
Russia Turkey Poland
Czech Republic Romania Hungary Slovakia Bulgaria Lithuania Latvia Estonia
Africa Index * South Africa Morocco
Asia-Pacific Index * China Japan India
Australia
South Korea Taiwan
Singapore Hong Kong
New Zealand
Global with absolute number of insolvencies Global with relative number of firms **
% of
Global Index
86.6 100 26.7 30.8 24.3 28.0 2.1 2.5 2.3 2.7 1.7 2.0 0.3 0.4 0.4 0.4 25.0 28.9 22.4 25.9 18.8 21.7 15.2 17.5 20.6 23.8 4.5 5.2 3.1 3.6 3.3 3.8 2.2 2.6 1.5 1.8 1.1 1.2 0.9 1.0 0.7 0.8 0.5 0.5 0.6 0.7 0.5 0.6 0.4 0.5 0.3 0.4 0.2 0.3 0.3 0.3 0.5 0.6 0.1 0.1 4.4 5.1 1.7 2.0 0.8 1.0 0.7 0.8 0.3 0.3 0.3 0.4 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.5 0.6 0.4 0.5 0.1 0.2 32.1 37.1 17.8 20.6 5.4 6.2 3.1 3.6 1.7 2.0 1.9 2.2 0.8 1.0 0.4 0.5 0.4 0.5 0.3 0.3
86.6 100 86.6 100
2019
122 62
2020
108 58
236 2021 2022f 2023f 2019 2020 2021 2022f 2023f 2021 2022 2023
95 39
217
105 42
22 720 21 591 14 290 15 503 12619 2 746 2 108 1 942 212
2 292 2 635 227
2 887 2 078 1 962 1 272 1 292 1 300 1 701 1 885 1 506 155 138 148 147 135
135 113 123 119 109
143 120 131 128 115
120 8% -12% -12% 10% 14% 52 3% -5% -33% 9% 23% 3% -5% -34%
8% 23% 3% -23% -8% 18% 15%
2 260 2 600 1 350 1 400 1 550 1 600 162 137 147 143 131
4 162 3 792 6 004 7 358 5 013 4 101 3 325 10 598 7 203 6 533 3 034 3 034 2 221 2 175 2 471 2 804 57
5 018 2 590 2 989 63
2 560 568
57
2 464 2 195 575
401
1 236 1 179 1 181 245
254 274 1 293 2 187
18 749 15 840 13 993 14 600 16 130 51 434 31 992 28 184 32 510 43 300 22 083 15 658 16 310 22 305 23 100 10 542 7 160 8 498 3 945 5 125 3 177 1 818 4 888 5 124 7 296 6 463
4% 4% 3% 3%
-22% -14% -2%
-37% -31% -16% -37% -32% -16% -29% -17% -4%
238 12% 11% -8% 5% 5% 2% 7% 12% 5% -28% -6% 15% 15% 2% 2% 1% 23% 11% -20%
-32% -22% -10% 2%
-11%
6% 10% -9% -6%
178 1% -13% 6% 13% 10% -7% 5% 15% 155 2% -18% 6% 14% 13% -13% -1% 12% 168 2% -17% 7% 12% 14% -11% -1% 14% 165 1% -19% 7% 12% 16% -13% -3% 13% 149 1% -19% 6% 14% 14% -15% -3% 11% -3% -16% -12%
4% 10%
8 990 10 850 5 550 6 250 2 250 3 130 6 170 6 450 6 850 7 350 3 740 4 280 9 100 10 000 4 950 5 500 2 530 2 700 3 100 3 250 70
85
2 230 2 580 560
650
1 300 1 375 306
12 401 9 930 10 319 10 938 14 220 14 050 15 946 17 184 19 200 18 500 977
8 521 7 918 7 028 6 524 5 694 6 144 5 176 4 293 5 005 2 447 1 889 1 692 506
1 609 557 271 157
524 789 374 341 137
119
527 795 241 308 181
2 042 2 035 1 932 8 477 6 620 55010 139
736 94
11 826 11 999 8 691 8 385 7 773 6 030 1 924
6 405 3 582 3 408 414 205 287 244
292 200 200 234
85 179 163
183 204 191 299
1 907 1 619 1 500 106
80 169 770
-5% -38% -12% 15% 33% 4% -29% 4% 37% 4% 0% -32% 19% 6% -5% 30%
6% 21% 8% 13%
4% -16% -43% 24% 39% -4% -19% 5% 20% 5% 2% -1% -11%
6% 7%
0% -18% -19% 12% 14% 7% -32% -9% 39% 10% 1% -40% 0% 63% 11% 6% -14% -2% 16% 7% 1% -17% 13% 11% 5% -23% -10% 0% 23% 21% -5% -4% -11%
2% 16%
-26% 1% -30% 40% 16% 7% -5% 0% 10% 6%
6% 30%
2 450 2 650 7 650 8 200
3% 13% 8% 12% -4% -1% 32% 69% 12% 8% 41% -7% -11%
9% 7%
7 150 7 900 -21% -13% 8% 16% 10% 6 300 6 800 1 877 1 995 610
650
410 380
-9% -17% 17% 26% 8% 25% -23% -10% 11% 6% 6% 4% 1% 16% 7%
1 000 1 350 -23% -51% 1% 26% 35% 320 360 199
2 000 2 100 11 800 11 300 102
-6% -33% -36% 33% 28% -1% 26% -10% 17% 6%
4% 5% 35% -22% 59% 12% -4%
8 750 7009 6 500 7 830 1 150 1 600 4 400 5 900 230 220 240 299
280 230 250 330
1 600 7001 92
188
119 19% -14% -21% 9% 17% 12% 1% -28% 2% -7% -22%
1% 11% 8% 20%
-62% 5% 49% 39%
1% -44% -5% 29% 34% -12% -29% -37% 26% 22% -6% -2% 2%
8% 5%
39% -30% -5% 26% 4% -4% -4% 28% -11% -15% -7%
0% 10% 7% 6%
Business insolvencies growth Comparison with 2019 level
-25% -22% -14% -45% -37% -16% -26%
1% 5%
-19% -15% 3% 23%
33% 50%
-52% -41% -17% -15% -12%
3% 7% -7% 0%
-34% -25% -15% -38% -14% -6% -40% -16% -6%
-10%
-2% 4% 9% 11% 35%
-14% -13% 1% -29% -4%
-1% 14% 5%
-1% 10% 4%
11%
317 1% 4% 8% 12% 4% 12% 25% 29% -5% -20% 4%
124% 151% 171% -18% -10% -4% -6% -3%
10% 21% 22% 31%
-31% -23% -18% 4%
21% 28%
-51% -38% -16% -57% -43% -26% 14%
-5% 24%
33% 40%
194 31% -12% 32% 10% -2% 15% 27% 24% 11% 0% -5%
-2% 3% 39% 33%
-33% -27% -14% -27% -26% -18% -7%
-28% -22% -47% -31% -8%
-60% -40% -17%
-56% -44% -32% 0%
7% 12%
-33% -16% -13% 23%
23% 35% -21% -16% -11%
105 1% -19% -6% 15% 14% -24% -13% -1% 204 8% -9% 3% 11% 8% -6% 5% 14%
(*) Global (or regional) insolvency index is the weighted sum of national indices, each country being weighted by the share of its GDP within the countries used in the sample (44 countries representing 87% of global GDP in 2021). National indices are based upon national sources or Allianz Trade internal data on insolvencies, using a base of 100 in year 2000. Forecasts are reviewed each quarter. (**) GDP 2021 weighting at current exchange rates Sources: national sources, OECD, Eurostat, Allianz Research (f:forecasts) Data are available on the webapp MindYourReceivables
Source: Allianz Trade Global insolvency report
-17% -12% 15% 22%
37% 32%
30
THE REVIEW MARCH 2023
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