The fall in global insolvencies will be slower than expected, mainly due to volatility in the eurozone, according to trade credit insurer Atradius.

The company has revised its prediction down from a 10% to a 7% drop in insolvencies for 2015.

In particular, Atradius now expects the decline to be only 4% instead of 11% in Belgium, where declining consumer confidence and consumption are affecting the market.

In France, insolvencies have been on the rise so far in 2015, despite being predicted to fall for the first time since 2007.

In Greece, bankruptcies are forecast to increase by 9% in 2015 as the country’s debt crisis escalates.

It is only when you compare the picture to pre-recession levels that you can clearly see how far we have to go on the road to recovery. Jason Curtis, Atradius

Overall, insolvencies in the eurozone are currently 75% higher than they were in 2007, and despite some improvements, will remain 67% higher in 2016.

Even outside of the eurozone, the forecast is less positive than expected: insolvencies could rise by as much as 12% in Switzerland due to the surge in the Swiss franc, while Australia will see a 2% increase in bankruptcies compared to the previous forecast of a 9% decline.

Low commodity prices are also driving business failures in Canada and Norway.

Jason Curtis, commercial director at Atradius, says: “Despite the good news that the economy is rebounding, we cannot forget that we are still operating in the shadow of recession. Testament to this is the number of insolvencies we are still experiencing in economies across the world. The slowdown in the fall of insolvency rates serves to highlight how volatile the global trading environment is for UK companies seeking to do business overseas.

“While global insolvencies are declining, it is now at a slower rate than previously predicted. Furthermore, it is only when you compare the picture to pre-recession levels that you can clearly see how far we have to go on the road to recovery.”