Business failures expected to rise this year due to cost pressures, predicts PwC

The report predicted there will be elevated rates of business failures in the hospitality, arts, entertainment, and recreation sectors

Dublin, Cork and Galway comprised nearly two-thirds of all the insolvencies in 2022, the PwC report highligted. Picture: iStock

Business failure rates are expected to be significantly higher in 2023 compared to last year, new analysis shows.

The direct economic impact of business failures in 2023 will be in the range of €3bn to €4bn and possibly higher, stated a new report by professional services firm PwC.