Germany witnessed an alarming rise in corporate bankruptcies last year, with figures peaking at their highest in over a decade, revealed data from the federal statistics office. A total of 24,064 insolvency filings marked a 10.3% increase compared to the preceding year.
Volker Treier from the German Chambers of Industry and Commerce highlighted the frequency of bankruptcies, noting one every 20 minutes on average. The country’s slow economic growth, following two recession years, exacerbated the insolvency situation with little relief in sight for the current year.
Forecasters predict a modest economic recovery should energy prices, inflated by geopolitical tensions in Iran, revert to normal. Despite the rise in bankruptcies being…