Romania ranks 10th out of 42 countries in the world for the increase in the number of insolvencies in 2014, according to a ranking issued by the credit insurance company Euler Hermes, cited by local Mediafax.

The number of insolvencies in Romania increased by 5% from 29,997 in 2013 to 31,500 companies in 2014, it is estimated to go down by 1% in 2015.

Romania ranked 10th, after Singapore (25%), Hungary (12%), Italy (10%), Morocco (10%), Czech Republic (10%), Latvia (7%), Russia (7%), Norway (6%) and Slovakia (6%).

Romania is expected to go down ten positions in the world ranking, following estimates on the drop in insolvencies for 2015.

The country is the leader among Central and Eastern Europe countries for the number of companies that have come into default in the past two years.

editor@romania-insider.com