Hard times for the economy
111
In Western Europe many firms fail. This is the highest number in 20 years. Last year saw 198000 bankruptcies. This is 4 percent more than before. The reasons are weak trade and global conflicts. In Austria the number of failures rises again. There were 7000 bankruptcies in total. Service providers are hit hard. Experts hope for improvement in 2026. They expect fewer bankruptcies in Austria then. Large firms also have many problems. Daimler Truck earns 80 percent less money. The firm sells fewer trucks in the USA. Now the firm wants to save money. 5000 jobs go away in Germany. BMW also earns less profit. The profit falls by 23 percent.
This text was generated automatically and has not been reviewed for accuracy. No guarantee is given for the correctness of the content. Learn more Learn more about article generation
Definitions
- Firm bankruptcy
- A firm has no money left. It cannot pay its bills. People call this insolvency.
- Service provider
- These are jobs where people work for others. Examples are hair stylists or hotels. They make no product.
People
- Karin Rådström
- She is the boss of the firm Daimler Truck.
- Oliver Zipse
- He is the boss of the car firm BMW.
Locations
- Western Europe
- A part of the continent Europe. Countries like Germany and Austria belong here.
- Austria
- A country in Europe. It is a neighbor of Germany.
