In the wake of an economic downturn, Central and Eastern European (CEE) countries witnessed a dramatic surge in company insolvencies throughout 2023. While businesses initially weathered the storm thanks to government support measures during the pandemic, the subsequent withdrawal of these initiatives combined with macroeconomic pressures drove insolvency rates to new heights.

The economic downturn resulted in a drop of the region´s average GDP growth from 4.0% in 2022 to only 0.5% in 2023, resulting in the lowest rate this century (excluding the 2009 global financial crisis and the Covid-19 pandemic in 2020). CzechiaEstoniaHungaryLatvia and Lithuania even recorded negative growth rates in 2023.

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