Record 8,500 Belgian firms go bankrupt in 2008

BRUSSELS, Dec. 31 (Chinese media) -- A record 8,500 companies went bankrupt in Belgium this year, according to a study by the Graydon Agency.

The bankruptcies account for almost 10 percent of the total number of businesses in Belgium.

The sharp economic downturn in the past few months has been particularly tough for small and medium-sized companies. Many were forced out of business. Many newly established companies also went bankrupt.

More bankruptcies put more people out of work. More than 20,100people lost their jobs in 2008, up 32 percent compared to last year. All economic sectors felt the pinch.

The prospects for next year are gloomy, according to the study. Business confidence in Belgium will hit an all-time low and companies will find it more difficult to get loans due to the financial crisis.

Graydon expects 2009 to be another bleak year that will see many additional bankruptcies.