Around one in five German firms see themselves at risk of insolvency

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Almost one in five German companies sees itself at acute risk of insolvency due to the coronavirus crisis, a survey from the DIHK Chambers of Commerce showed, pointing to the heavy toll the coronavirus outbreak could take on Europe’s largest economy.

“That should set all the alarm bells ringing – if we don’t take decisive action, we’ll see economic damage of historic proportions,” DIHK President Eric Schweitzer said of the survey published on Friday.

The survey showed more than a quarter of companies expect revenue declines of at least 50% in 2020.

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