04Adeterioratedbalanceofrisksforcompanies08Watchoutforpocketsoffragilities12Thereturnofstatesupport15Oneinthreecountrieswillseeinsolvenciesbouncebackin202218May2022GrowingrisksandunevenstatesupportAllianzResearchGlobalInsolvencyReportAllianzTrade2•ThewarinUkraineandnewlockdownsinChinahavesignificantlydeterioratedthebalanceofrisksforcompanies.Theshockwavesarevisibleintheextendedsupply-chaindisruptionsandtransportationbottlenecks,aswellashighinputcostsandshortages,notablyforenergyandcommoditiesbutalsolabor.Toaddtothis,theglobalsurgeininflationisacceleratingmonetarytightening,whichwillincreasefundingcostsforcompanies.•Intheveryshortterm,threesignsofresilie...
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