Moderate, but rising, general government debt burden. Long-standing commitment to fiscal discipline, despite countercyclical fiscal easing measures in 2009 and 2010. Robust track record of prudent macroeconomic policies and structural reforms, underpinning low inflation and a stable currency. Resilient, modern, diversified, and export-oriented economy. A very large general government sector and generous welfare system constrain fiscal flexibility. The ratings on the Kingdom of Denmark are underpinned by policymakers' longstanding commitment to fiscal discipline, a track record of prudent macroeconomic policies and structural reforms, and the country's rich and diversified economy. The government's fiscal flexibility is constrained, however, by a large general government sector and a relatively high level of expenditure as a proportion of GDP. To support growth and employment,
