Excellent budgetary performance despite the COVID-19 pandemic Basel-City will outperform its 2020 budget despite headwinds. The diversified and very wealthy economy will digest the economic and social turmoil of the pandemic. Basel-City is one of few contributors to the very predictable and supportive institutional framework for Swiss cantons. Economic recovery in 2021 should enable Basel-City to maintain stable debt We assume a quick economic rebound from the recession in 2020, with Swiss real GDP increasing by nearly 4% in 2021. We think tax revenue losses will remain contained, and Basel-City's ample budgetary flexibility could offset them if necessary. We assume Basel-City will be able to reduce its tax-supported debt burden over the next few years thanks to significant surpluses in
