German Business Bankruptcies Reach Decade High
(MENAFN) Germany has experienced its most severe surge in corporate insolvencies in ten years during the initial half of this year, according to a report from the economic monitoring organization Creditreform.
The analysis, made public on Thursday, revealed that around 11,900 businesses in Germany declared bankruptcy between January and June.
This marks a 9.4 percent rise compared to the same timeframe in the previous year, as reported by the agency.
The collapse of these firms has impacted approximately 141,000 workers who were employed by them.
“Despite some signs of hope, Germany remains mired in a deep economic and structural crisis.
Companies are struggling with weak demand, rising costs, and persistent uncertainty,” remarked Creditreform’s chief economist, Patrik-Ludwig Hantzsch.
Germany's economic outlook is projected to stay grim, as the country continues to face a recession that has persisted for two consecutive years.
Hantzsch cautioned that the number of bankruptcies could grow even further in the coming half-year, noting that the “persistently high level of insolvencies is increasingly triggering chain reactions.”
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