LONDON - Over half the small and medium-sized companies which together provide jobs for two-thirds of European workers fear for their survival in the coming 12 months, according to a survey released by management consultancy McKinsey on Thursday .
The finding comes as warnings multiply of an impending wave of business insolvencies and as the International Monetary Fund and others urge the region's governments to double down on state support to help companies weather the coronavirus pandemic. At the current trajectory, one in 10 small and medium-sized companies were expected to file bankruptcy within six months.
Economists polled by Reuters last month forecast that the euro area economy would grow by just 5.5 per cent next year after a fall of around 8 per cent this year but warned that even that patchy recovery was vulnerable to a further spread of the virus.In Europe, they employ over 90 million people but their small size makes them vulnerable to cash flow crises. In Spain, for example, 83 per cent of the 85,000 businesses that have collapsed since February employ fewer than five workers.
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