• 2021 – a favourable environment for Central and Eastern Europe with 5.7% GDP growth after a recession of -3.7% in the first year of pandemic
• Top 500 players: increase in turnover, net profits and employment, due to the recovery from the slump of activity
• Sectors: the reliable backbone oil and gas comes in first in the top 500 followed by automotive & transport and non-specialized trade
• Poland is home to the largest businesses in the region with an increasing aggregated turnover by 26% in 2021 compared to previously
Beyond the repercussions of the war in Ukraine, the global monetary tightening and the multiple constraints on Chinese growth paint a gloomy outlook. In the short term, the economy seems to be settling into a regime of "stagflation", where almost no growth and rapidly rising prices coexist. The possibility of a global recession, meanwhile, is becoming clearer.
While the difficult economic situation took its toll, the 6th edition of Coface’s survey on corporate payment experience in Germany indicates that the impact on corporate payments in 2022 appears to be moderate and comparatively lower than the shock on the economy. However, companies are vigilant in the short-term and very pessimistic about the future.
COFACE STUDY: INSOLVENCIES IN ROMANIA INCREASED BY 16% IN THE FIRST SEMESTER OF 2022 COMPARED TO THE SAME PERIOD OF THE PREVIOUS YEAR09/13/2022
The latest Coface Romania study shows that in the first semester of 2022, 3,510 new insolvency proceedings were opened, up by 16% compared to the previous year, and 6% above the level before the Covid-19 pandemic. Financial losses caused by insolvent companies in the first half of this year reached 2.7 billion lei, up by 36% compared to the similar impact in the same period last year, and almost at the same level as all the losses generated by companies that entered into insolvency in 2020.
Coface Romania has a new Country Manager as of August 1st. Alina Popa takes over the management of the company from Eugen Anicescu who held this position since 2016. The appointment from within the organization reconfirms the solidity of the local team and its potential to strengthen the Coface brand.