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Ireland’s highly open economy is cooling off and demand in export markets is set to remain weak while the domestic economy faces increasing capacity constraints and lower government spending.

The UK is facing the highest increase in insolvencies in 2019 and 2020 in Western Europe.

In Italy, business insolvencies are expected to increase in 2019, by about 4%. This is due to economic stagnation, increased political uncertainty and tighter credit conditions.

Economic growth in Germany is expected to cool to 0.6% in 2019 down from 1.6% one year ago.

GDP growth in the Netherlands is expected to slow to 1.7% in 2019. After several years of sharp decreases in insolvencies, this year is likely to mark a turning point.

As economic growth decelerates, and the manufacturing sector struggles amid lower global trade, Western Europe expects to close the year with a 2.7% increase in insolvencies.

Insolvencies are rising, and structural weaknesses and the negative impact of sanctions on productivity and investment weigh on the economic expansion.

Due to the recent economic downturn the credit risk situation of some major industries has deteriorated, and insolvencies are expected to increase.

Worries over the impact of adverse external factors like US import tariffs and the Brexit decision on Polish export and investment growth remain.

In 2020 household consumption is expected to accelerate, sustained by further decreasing unemployment, low inflation, and a minimum wage increase.