In 2020, many companies have struggled to stay afloat and only the intervention of the Government and central banks has helped prevent a sudden surge in business insolvencies.
We expect the various State support measures to continue for much of the first half of this year, but as all the economic support phases out, while the end of the sanitary crisis will be very positive news, we will undoubtedly see the start of a Darwinian process for most companies. The crisis will have changed many habits, consumer behaviours, supply chains.
Many companies will have to restart afresh. They will have to behave almost like start-ups, with the financial risks typical of a new comer.