You didn’t really think the U.S. credit crisis was ending anytime soon, right? Well here’s the good news: Misery loves company, and we have plenty of both.

You can count on vise-like credit terms and growing payment defaults through the second half of this year and well into 2009. The inevitable results: Slower growth overall and increasing business defaults.

 Atradius Group surveyed 2,500 businesses in 14 countries, ranging from North America, Europe and Australia, to gauge the impact of the credit crisis around the world.

The big picture:

• Energy sector businesses have been hit harder by the credit crunch than any other industry.
• Interestingly enough, agriculture is weathering the storm better than all other industries.
• Building and construction businesses are expected to be hit hardest over the next 12 months.
• Larger companies are more poorly equipped to survive.
• Of the companies surveyed, 38% said they’ve adjusted credit extension policies to reflect the harsher business climate.

In addition, some of our problems are rubbing off on our global neighbors. Countries claiming the biggest impact, so far, of the credit crisis:

• Mexico
• Italy
• UK
• Spain, and
• Australia/New Zealand

When it comes to the impact of the credit crisis on the economy, the biggest concern was increased payment defaults, named by 71% of the businesses surveyed.

Tags: credit, policies