Danish companies have changed from 30 days credit terms to 60 days to gain liquidity. There seems also to be a tendency for companies that used to pay on due date to delay payments.
The economy may well bottom out in the first quarter or half year of 2010, and experts predict a slow recovery in the second half of the year.
United Kingdom has, technically, emerged from recession. After the steep rise in 2009, Crédito y Caución expects business insolvencies to decrease 5% year-on-year in 2010.
Signs of springtime begin to emerge with Germany expected to register a growth rate of 1.7% in 2010 and the UK technically out of recession.
The Expected Default Frequency indicator in Sweden fell to its lowest level since September 2008. Crédito y Caución forecast a 5% decline in Swedish insolvencies throughout 2010.
On average, payment duration in France remained above 60 days in 2009, but did decrease, partly due to the Modernisation of Law of Economy, which aims to bring down payment terms.
The positive development of Australia has yet to be fully reflected in the insolvency statistics, which are still at record levels. Crédito y Caución expects them to remain high in 2010.
The Expected Default Frequency indicator in Italy is still well above its long-term level, indicating elevated default risk.
Over the past 6 months there has not been any obvious increases in late payment. The problem sectors in China remain export-oriented ones, such as textiles, toys or steel.
In 2010 the Expected Default Frequency continued the improving trend that Crédito y Caución had seen for several months. United Kingdom recorded the best improvement.
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