· Overall, after two years of declines, we expect glob-al business insolvencies to rebound by +10% in 2022 and +14% in 2023, approaching their pre-pandemic level. While state support will keep insolvencies artifi-cially low in France(32,510 cases) and Germany (14,600)in 2022,the UK could see a sharp rebound in 2022(+37%y/y to 22,305 cases). One in three countries will return to pre-pandemic levels in 2022 and one in two countries in 2023.Africa and Central and Eastern Europe will both reach new record highs. In Asia, China should be able to maintain insolvencies in check but other countries could see an increase due to the deterioration of the regional and global environment.In contrast,companies in the US(15,500 cases in 2022)should benefit from the buffers accumulated since the pandemic, helped by the Pay-check Protection Program being massively transformed into subsidies and the recovery in profits.
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