Sovereign Ratings in 2020: Year in Review
Starting in the first quarter of 2020, the COVID-19 pandemic and associated lockdowns triggered a sharp contraction in economic activity. Prompt monetary policy responses helped to preserve supportive financial conditions. Working in tandem with unprecedented fiscal actions, policy support has provided critical aid to economic activity and employment. However, the increased spending, combined with revenue losses, has resulted in record-breaking deficits and increases in public debt.
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