The insolvencies adjustment process, which commenced in 2022, is continuing at an accelerated pace in 2023. The discontinuation of fiscal support measures and the reversal of temporary changes to insolvency legislation have impacted the frequency of insolvencies. Following a worldwide surge of 9% in 2022, a 34% increase is anticipated in 2023. Insolvencies are on the rise across all regions, with North America experiencing a notably robust upturn, while Europe is observing more moderate escalations. The majority of countries in each region are poised for heightened insolvencies this year. In 2024, the outlook is more varied. Although we still project an uptick in most markets, the percentage rise is less pronounced than in 2023. Globally, we foresee a 19% increase in insolvencies in 2024 compared to 2023. By the close of 2024, insolvencies are anticipated to have largely returned to pre-pandemic levels.
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