18 months after the start of the pandemic, access to vaccination is now the main factor setting the pace of people's daily lives and the global economy. GDP growth forecasts for 2021 have been revised upwards (+5.6%), but this is mainly the result of positive surprises from the United States. These improved growth prospects are reflected in world trade: after a 5% decline in volume last year, Coface forecasts an 11% increase for 2021.
Coface reports first-half net income of €123.2m, confirming an excellent start to the year. Turnover: €768m, up 7.4% at constant FX and perimeter.
Coface expects an increase in bond defaults and insolvencies in 2021, especially among sectors that accumulated higher cash-flow risks in 2020 amid a slowdown in credit growth.
Insolvencies in Germany dropped significantly in 2020 compared to 2019 - despite the worst recession since 2009.
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