“The biggest improvement was recorded by Romania, where company insolvencies dropped by almost 50%. The country’s high GDP growth rate was supported by fiscal measures which boosted retail sales and positively affected business operations,” Coface report reads.
Nevertheless, the number of insolvencies has not yet returned to the pre-crisis levels of 2008 for most countries.
In the Czech Republic, insolvencies were almost 4 times higher than in 2008, in Poland 1.8 times higher and in Slovenia 2.2 times higher. At the same time, company insolvencies in Slovakia and Romania are still below pre-crisis levels.
According to the Coface report, 2015 insolvency statistics paint a more positive picture of CEE companies, a trend which should persist, as corporates continue to benefit from the favorable economic environment, especially when compared to the turmoil being experienced by many other emerging economies.
Coface forecasts that company insolvencies will drop by 5.3% for the full year 2016.