The number of companies going bankrupt in the European Union in the second quarter of 2022 has reached an absolute record since it began collecting statistics in 2015. In this respect to witness Eurostat data.
Compared to the first quarter of this year, the number of bankruptcies in the EU increased by 8.4 percent. Without exception, growth was recorded in all sectors of the economy. In particular, the number of bankruptcies in the hotel business and public catering services increased markedly by 23.9%.
Experts attribute the sharp jump in bankruptcies to the consequences of the coronavirus pandemic and the sanctions pressure on the EU economy. Many companies that received government support during the 2020 curfews were unable to restore their businesses and filed for bankruptcy.
At the same time, the number of newly registered companies in the EU decreased by 0.6% compared to the first quarter of 2022. Experts do not ignore that the number of bankruptcies in the European Union will increase in the coming quarters only against the background of the economic downturn.
EU governments try to support business by imposing moratoriums and financial incentives on bankruptcies. But these measures only delay the inevitable closure of the most vulnerable companies that have accumulated huge debts due to the crisis.
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