DBRS Morningstar have released a commentary titled Advanced Economies Can Weather the Coronavirus – For A Season. The commentary explains our view that most advanced economy sovereigns have adequate fiscal space to implement temporary measures to mitigate the adverse impact of Coronavirus Disease (COVID-19). |
The response to Coronavirus puts sovereigns in a difficult dilemma. Support measures will have a cost and government financial balances look set to deteriorate across global sovereigns. Thus far, however, the measures appear sufficiently targeted and temporary to avoid any adverse rating implications for most advanced economies. “Compared to the years preceding the last global downturn, economic fundamentals are stronger across most of the major economies,” notes Thomas R. Torgerson, Managing Director and Co-Head of Sovereign Ratings at DBRS Morningstar. “There is still tremendous uncertainty around the timing of a recovery, but we expect the costs of fiscal support to remain manageable for most advanced economies.” The commentary reviews the credit fundamentals of several of the larger advanced economies at three points in time: prior to the global financial crisis, their peak highs/lows during the global financial crisis, and their position as of end-2019. Public sector balance sheets are not fully repaired, but other credit fundamentals are stronger. Debt/GDP ratios are materially higher for most sovereigns, but the cost of carrying these higher debt burdens has generally fallen. Most economies have fully recovered from the financial crisis, with some generally less-indebted sovereigns showing stronger economic performance. Advanced Economies Can Weather the Coronavirus – For A Season |
|
|
|
Pensions Data Science Actuary | ||
Offices UK wide, hybrid working - Negotiable |
Head of Pricing | ||
London - Negotiable |
Global Specialty Pricing Actuary | ||
London - £95,000 Per Annum |
Client-facing DC investment manager | ||
London / hybrid 3 dpw office-based - Negotiable |
Financial Risk Leader - Bermuda | ||
Bermuda - Negotiable |
Aylesbury Actuaries | ||
Aylesbury / hybrid 3dpw office-based - Negotiable |
Make an impact in protection pricing ... | ||
London / hybrid 2 days p/w office-based - Negotiable |
BPA Implementation Manager | ||
North / hybrid 50/50 - Negotiable |
Head of Reserving | ||
London - £160,000 Per Annum |
In-force Longevity Actuarial Analyst | ||
London / hybrid 2 dpw office-based - Negotiable |
Make a difference within reinsurance ... | ||
London / hybrid 2 dpw office-based - Negotiable |
Be at the cutting-edge of life & heal... | ||
London / hybrid 2 dpw office-based - Negotiable |
Longevity Pricing Analyst | ||
London / hybrid 2 dpw office-based - Negotiable |
Develop your career in life reinsuran... | ||
London / hybrid 2 dpw office-based - Negotiable |
Protection Pricing Actuary - Life Rei... | ||
London / hybrid 2 dpw office-based - Negotiable |
Life (Re)insurance Pricing Manager (P... | ||
London / hybrid 2 dpw office-based - Negotiable |
Take the lead: life & health reinsura... | ||
London / hybrid 2 dpw office-based - Negotiable |
Pricing Tools and Systems Developer | ||
London / hybrid 2 dpw office-based - Negotiable |
Longevity Pricing Actuary | ||
London / hybrid 2 dpw office-based - Negotiable |
Shape the future of longevity | ||
London / hybrid 2 dpw office-based - Negotiable |
Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.