Global bankruptcies are expected to rise by 25 percent this year because of an economic recession triggered by the Covid-19 pandemic, according to a new forecast released by Coface. The French credit insurer’s forecast assumes a gradual economic recovery starting in the third quarter and rules out a second wave of the epidemic. Coface expects bankruptcies to rise by 39 percent in the U.S. and by 33 percent in the U.K. In Continental Europe, it sees bankruptcies rising by 22 percent in Spain, 18 percent in Italy, 15 percent in France and 11 percent in Germany. Coface warns that the impact of the crisis could be stronger in emerging markets, where it plays a key role in backing export activities to those countries. In January, the agency was anticipating a 2 percent rise in bankruptcies in 2020.