Coface: Minimal GDP growth in the region, insolvency also increased

As a result of the economic downturn, the number of corporate insolvencies – i.e. liquidation and bankruptcy proceedings – increased dramatically in Central and Eastern European (CEE) countries during the year 2023. While businesses initially weathered the storm during the pandemic with government support measures, the later withdrawal of these initiatives together with the macroeconomic pressure sent insolvency rates to new heights, according to the annual analysis of the insolvency situation published by the credit insurance company Coface, which also details the situation in Hungary.