CNBC reports that according to a new report by trade credit insurer Euler Hermes, business insolvencies are set to rise in 2022 as governments withdraw support measures that have helped companies stay afloat during the Covid-19 pandemic, .

Globally, business insolvencies are expected to jump 15% on year in 2022, Euler Hermes said. That projected increase follows two consecutive years of decline: insolvencies dropped 12% on year in 2020 and is forecast to fall by another 6% in 2021, said the insurer.

Even with the expected increase in 2022, overall insolvencies will likely remain 4% lower than in 2019 — before Covid spread globally, said Euler Hermes.

Euler Hermes expects insolvency trends to be mixed in Western Europe:

Countries including Spain and Italy could see insolvencies rising above 2019-levels by 2021 or 2022.

Countries including Switzerland, Sweden and Portugal could experience a rebound in business insolvencies in 2022, but not yet to pre-Covid levels.

Large support packages and the extension of those measures will likely keep insolvencies low in countries including France, Germany and Belgium.

Meanwhile, Asia-Pacific is expected to register an 18% on-year increase in insolvencies in 2022, said Euler Hermes.

In the U.S. a combination of “massive support” and a strong economic rebound will likely keep insolvencies low in 2021 and 2022, added Euler Hermes.