Study: World facing bankruptcy time bomb | Malay Mail

The biggest increase among the world’s economic powerhouses will be in the United States, with a 57 per cent jump in insolvencies in 2021 compared to 2019, before the coronavirus struck. — Reuters pic

“Covid-19 is creating an insolvency time bomb,” said the report by Euler Hermes, predicting a 35-per cent cumulative jump in the number of companies that go bust between 2019 and 2021. The biggest increase among the world’s economic powerhouses will be in the United States, with a 57 per cent jump in insolvencies in 2021 compared to 2019, before the coronavirus struck.

“We do not expect the U-shaped recovery in the US to be sufficient to offset all the legacies of the crisis on financial metrics, nor to prevent the rise in insolvencies from continuing into 2021,” it added.

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