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Mini Case – 7Abhash MeswaniDiscussionCase7:BusinessFailuresandKeyEconomicIndicatorsMany people have attempted to get an overall picture of business failures and bankruptcies - both bystudyingthe incidence of business failure on a national or industry-wide scale and by analyzing individualfirms one by one - with varying degrees of success. In the latter instance, promising results have beenachieved by using various accounting and financial ratios to predict bankruptcies.In looking at the overall picture, some analysts have been tempted by dramatic swings in the number ofbusiness failures from year to year to try to relate these swings to overall economic conditions. The annualpercentage change in certain key economic indicators is reproduced in the accompanying table.Undertake the analysis necessary to enable you to discuss changes in the number of business failures.Annual Percentage Changes in Business Failures and in Key Economic Indicators in CanadaYearBusiness