Allianz Trade’s latest Country Risk Atlas suggests that the global average of the structural business environment (SBE) in 2024 was worse compared to pre-pandemic levels, with eighteen countries seeing a deterioration in their score. In addition, the global average of commercial risk scores, which stood below 2 (Medium) pre-pandemic, moved closer to Sensitive risk, while business insolvencies were above their pre-pandemic number in two out of three countries (up from half in 2023). Looking ahead, in 2025, Allianz Trade expects its Global Insolvency Index to reach a stable level after three consecutive years on the rise. However, insolvencies will continue to increase in countries that account for 50% of global GDP, including the US, Germany, Italy, Spain, and China. To read Allianz Trade’s report, go to https://www.allianz-trade.com/en_global/news-insights/economic-insights/country-risk-atlas-2025-repeat-rewind.html.