In 2015, a steady decline in insolvencies in the U.S. and Western Europe offsets turmoil in Asia and Latin America. Overall, we note a -4% decrease in our Global Insolvencies Index.

However 2016 will put an end to six consecutive years of decline in global insolvencies. We expect worldwide insolvencies to stabilize at 300,000 cases. Even in countries enjoying a strong decrease in the number of bankruptcies, the outlook for corporates is not that bright. Many companies are squeezed between sluggish demand and high debt and remain vulnerable to adverse external shocks.

Diverging trends among countries, sectors, companies of different sizes and changes in legal frameworks are key underlying factors to identify the main pockets of risks.