Corporate insolvencies in Central & Eastern Europe (CEE) increased in 2022 due to high prices when it comes to energy, inputs, series of prompt interest rate hikes, the highest inflation in decades and the uncertainty related to the war in Ukraine.
Eight countries experienced a higher number of insolvencies (Bulgaria, Croatia, Hungary, Latvia, Lithuania, Poland, Romania and Serbia), and four countries recorded a decrease (Czech Republic, Estonia, Slovakia and Slovenia).
After a drop in insolvencies in 2020, proceedings increased in 2021 and accelerated in 2022.
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A further tightening of the oil market
In early April, Saudi Arabia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman announced combined oil output cuts of more than 1.1 million barrels per day (b/d), surprising the markets. This commitment follows a first production cut announced in October 2022 by OPEC+. It comes in addition of Russia's decision to cut output by around 500,000 b/d in reaction to the implementation of a EU ban on seaborne imports of Russian oil and oil products.
Read our press release here for more.
Coface x Rel8ed: "Nowadays, Data Science is a key component of Risk Management"
Recently acquired by Coface, Rel8ed is a specialized data analytics boutique, which develops innovative solutions leveraging Big Data and AI. How can our trade credit insurance and Business Information clients benefit from the pooling of expertise? Bob Lytle, General Manager and founder of Rel8ed, shares more here.Read More
The agreement on cereal shipments in the Black Sea will not be enough to solve all the challenges of the agri-sector in 2023
Although the agreement concerning the cereals transit in the Black sea has contributed to ease the pressure on cereals supply, its effects are limited and grey areas on the food security of many countries persist.
> Read our analysis.
FY-2022 results: record net income at €283.1m and 80% pay-out ratio
Coface releases its FY-2022 results: record net income at €283.1m and 80% pay-out ratioRead More
From excessive pessimism to excessive optimism - Coface Barometer Q4 2022
2023 starts with good news on the macroeconomic front. First, Europe has avoided a recession that looked long promised. Second, the prospect of a rebound in China in the second half of the year, also raises hopes for the global economy. In this context, Coface's risk assessments have changed only slightly, with 5 changes for country risks and 16 changes for sector risks. Discover which ones in our latest barometer.Read More
Recession, inflation, Ukraine, China, monetary policy... 2023 as seen by Jean-Christophe Caffet, Coface Chief Economist
The French media Wansquare asked a panel of economists and leaders of large companies to give their forecasts for 2023. Read the answers Jean-Christophe Caffet, Chief Economist at Coface, gave them.Read More
China reopening has a positive but gradual impact on consumption
China has started its reopening process faster than expected. The economic, social, and fiscal costs of the zero-covid policy have created many uncertainties for the economy. Here is our forecast for 2023.Read More
Lithium: large-scale industrial opportunities but limited medium-term supply
With the conversion to electric or hydrogen vehicles under greater scrutiny than ever, lithium is making its mark as a strategic raw material of vital importance.Read More
A cold chill on the global economy - Q3 2022 Barometer
Beyond the repercussions of the war in Ukraine, the global monetary tightening and the multiple constraints on Chinese growth paint a gloomy outlook. In the short term, the economy seems to be settling into a regime of "stagflation", where almost no growth and rapidly rising prices coexist. The possibility of a global recession, meanwhile, is becoming clearer.
In this context, Coface is making general downward revisions to its GDP growth forecasts and its country and sectoral assessments. Check them out!
Moody’s affirms Coface’s ratings, changes outlook to positive
The rating agency Moody’s, on 11th October 2022, has confirmed the financial strength rating (Insurance Financial Strength Rating – IFSR) for Coface at A2. The agency has also changed the outlook for Coface to positive from stable.Read More
Germany Corporate Payment Survey 2022: Battered companies prepare for another crisis
The impact on corporate payments in 2022 appears to be moderate and comparatively lower than the shock on the economy. However, companies are vigilant in the short-term and very pessimistic about the future.Read More
Asia-Pacific: companies face rising credit risks despite shorter payment delays
Coface's 2022 Asia Corporate Payment Survey, conducted between November 2021 and February 2022, provides insights into the evolution of payment behaviour and credit management practices of about 2,800 companies across the Asia-Pacific region during another pandemic year. Respondents came from nine markets (Australia, China, Hong Kong SAR, India, Japan, Malaysia, Singapore, Thailand and Taiwan) and 13 sectors located in the Asia-Pacific region.Read More
A recession to avoid stagflation? The world economy at a crossroads
Four months after the start of hostilities in Ukraine, first lessons can be drawn.
Which countries and sectors are doing best? Which ones are going to face major difficulties?
Read the forecasts from our Q2 Barometer now.
Coface and Al Rajhi Takaful enter a strategic partnership in credit insurance
Coface and Al Rajhi Takaful, one of the largest financial institutions and insurance company in the Kingdom of Saudi Arabia, have entered into a strategic partnership to distribute credit insurance solutions and help Saudi Companies boost their growth in their domestic and export markets.Read More
Medium & long-term knock-on effects of the war in Europe on global sectors trends: will there be resilient sectors?
In the short run, all sectors for which Coface publishes sector risk assessments in six regions worldwide will be impacted by the knock-on effects of Russia’s invasion of Ukraine. Which ones would be the most resilient sectors? Read our full study now!Read More
Discover Broker Portal Insights, our new video series
Discover the Coface Broker Portal with Broker Portal Insights, our new video series!Read More
Coface China Corporate Payment Survey: Increasing risks in supply chain disruptions and rising raw material prices
Coface's 2022 China Corporate Payment Survey shows that fewer firms encountered payment delays in 2021, but those that did report longer periods of overdue payments than in the previous year. The average payment delay rose from 79 days in 2020 to 86 days in 2021. Firms in 9 out of 13 sectors reported an increase in payment delays, led by agri-food, which recorded the largest increase of 43 days, followed by wood, transport, and textile.Read More
War in Ukraine: Many (big) losers, few (real) winners
More than two months after the start of the war in Ukraine, of Russia’s invasion of Ukraine on 24 February, prospects for a rapid resolution of the war seem increasingly unlikely.Read More
CEE company insolvencies on the rise
Various economic conditions, support measures and legal changes have affected insolvency trends in the Central and Eastern Europe region over the last two years.Read More
3M-2022 Financial Results: a strong start to the year with a net income of €66.2m
Coface releases its 3M-2022 Financial Results: a strong start to the year with a net income of €66.2m.Read More