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Global Sovereign Outlook 2021

Negative 2021 outlook as pandemic fallout weighs on economic activity, government finances, complicates policy choices

The widespread fallout from the pandemic and the measures adopted by sovereigns to contain it have created an economic, fiscal and social shock that will last into 2021 and beyond. While weaker sovereigns will be hardest hit in the short term, we expect that sovereigns across the rating spectrum will face crisis-driven policy challenges over the medium term.
Alastair Wilson
Managing Director, Global Sovereign Risk
Moody's Investors Service


The interplay of three key drivers underpins our negative outlook on global sovereign credit.

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Transmission channels of the pandemic-induced crisis are affecting all parts of the economy.

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