Longstanding commitment to fiscal discipline, driving an uninterrupted decline in the general government debt burden. Robust track record of prudent macroeconomic policies and structural reforms, underpinning low inflation and a stable currency. Resilient, modern, diversified, export-oriented economy. A comparatively small, open economy. The challenge of an aging population which, combined with a generous welfare system, increases the need for expenditure discipline and/or further structural reforms. The ratings on the Kingdom of Denmark reflect policymakers' longstanding commitment to fiscal discipline, supporting the sovereign's substantial fiscal flexibility. The general government is expected to continue posting significant fiscal surpluses, equivalent to 1%-2% of GDP in the medium to long term. Since its peak at 81% of GDP in 1993, the general-government debt burden
