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In recent years, the zombification of firms has become a global phenomenon. It began in Asia but has spread significantly, especially during the COVID-19 pandemic. Many studies outline some determinants and consequences of the phenomenon for firms, banks, and the economy. However, to date, no synthesis has been published. To address this gap, the current article seeks to clarify the notion of zombification and specify its determinants and consequences, as well as some avenues for continued research. JEL Classification: G32, G33, G34.