Corporate financing constraints hit a record high in 2023, mainly driven by thelargest jump in payment terms since 2008. Global Working Capital Requirements(WCR) increased for the third consecutive year, reaching 76 days of turnover, driven bysofter economic growth and higher operating and financing costs. This called for longerpayment terms (Days Sales Outstanding rose by three days to 59), notably in Asia andNorth America, while in Europe, the inventory glut and associated costs explai