Quoted from the article itself:

"The rise in exits in 2021 and 2022 could largely be attributed to the slump that followed the covid-19 pandemic’s sweep through the country, forcing a nationwide lockdown in 2020. Crippled finances, a shortage of labour, supply-chain issues, among other problems, forced many of these entities to wrap up their operations."

"Another estimate showed more than 10,000 businesses voluntarily winding up operations amid the hopelessness triggered by the pandemic."

The fallout is due to impact of the 2020 global pandemic lockdown which caused many domestic and multi-national firms to loose their business die to their operations getting impacted due to the lockdown from 2020

Many countries including developing and developed countries (like the USA) are suffering from a shortage of labour, supply-chain issue because if the global lockdowns enforced by the federal governments across the world to prevent spread of the pandemic.