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Global Credit Outlook 2021: Back On Track?

COVID-19 will continue to put a heavy strain on global credit conditions in 2021. Even if a vaccine becomes widely available by midyear, which we assume in our baseline, containment of the pandemic will be very uneven worldwide. Until then, further waves of COVID-19 cases, requiring renewed containment measures, may harm a fragile economic recovery and lead to further credit deterioration, particularly in sectors most exposed to social distancing and travel restrictions.


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