S&P Global Ratings expects stable growth despite a global slowdown. Supported by noncyclical industries and resilient domestic demand, we expect annual GDP growth of about 1.6% in Denmark through 2023. Risks to economic growth emanate from the external environment, including a potential no-trade-deal Brexit, the global economic slowdown, and trade tensions. We expect the minority government to continue in line with Denmark's policymaking track record, promoting balanced economic growth and sustainable public finances, despite the fragmented political landscape. We expect the government's budgetary position to move into deficit by 2022. We expect the government debt to GDP ratio to be broadly stable despite our forecast of moderate fiscal easing over 2020-2023. We expect that, despite challenging external economic conditions, substantial
