According to the report, mostly small and medium-sized enterprises (SMEs) were bearing the brunt of the closures in 2023. Businesses, employing up to 250 people, accounted for vast majority of the total, with 55,435 closures. Meanwhile, medium and large firms with over 250 employees, also saw an increase in closures, the regulator noted, adding that their numbers reached 57, doubling from 2022. The negative trend became the most notable in the restaurant and hotel business, where the number of busts surged 44.6% year-on-year, while the sector of information and communication technologies saw an increase of 44.4%. The country’s agricultural sector was the only one recording a drop of 1.3% in the number of bankruptcy filings.
In December, the Financial Times reported that the number of corporate bankruptcies across the world exceeded levels reached during the 2008 global financial crisis. Analysts attribute the surge to higher key rates, as well as self-liquidation of so-called ‘zombie firms,’ which had pulled through the Covid era only thanks to government support.
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