Not good news for Germany as an export nation, where negative developments in export markets usually have a stronger impact than in other countries. Nevertheless, Germany is likely to come through the crisis better than many others in comparison. "Compared to many other countries, Germany could get off with a black eye," says Van het Hof. "In addition to the better starting position and the shorter, less strict lockdown, the main reasons for this are the government's rapid and very extensive emergency measures. In particular, the joint protective umbrella for German companies provided by the federal government and credit insurers has stabilized trade for the time being and provided additional protection for supply chains".
Other countries are hit much harder and sooner
In addition, there are major challenges for companies with regard to the drastically changing business models - not least due to Covid-19. "For example, no company is geared to suddenly serving only half of its customers. Many companies have to fundamentally rethink and adapt their business model. They first have to finance this, and to do so they need margins and a solution for restructuring their mountains of debt, which have grown considerably for many companies thanks to Covid-19. Together with the digital transformation, these are many variables that will determine the future development even after 2021."
USA with strongest increase, Brazil, Portugal, Netherlands and China with wave of bankruptcies
Nevertheless, many companies in other countries are being hit earlier and harder: the USA (+47% increase in insolvencies in 2020) leads the negative ranking of countries that are already suffering a massive increase in insolvencies in 2020. They share their fate with two out of three countries worldwide. These include the USA, Brazil (+32% in 2020) and China (+21%) as well as many European countries such as Portugal (+30%), the Netherlands (+29%), Spain (+20%) and Italy (+18%). pm, ots, mei