Allianz安联：2025年贸易战背景下美欧企业现金分配策略差异研究报告：股东分红抑或客户融资（英文版）

Because of high economic volatility and uncertainty, Working Capital Requirements (WCR) increased by 2 days globally in 2024. Working Capital Requirements (WCR) rose by +2 days globally in 2024, reaching 78 days – the highest level since 2008 – with no major signs of easing in early 2025. This increase reflects the cost of adaptation to high uncertainty and tighter financial conditions as trade frictions and recession risks on the horizon have affected turnover growth, payment terms and inven