We expect a modest recovery in Austria from 2021 onward after a sharp decline in economic activity in 2020, with 2019's real GDP levels being reached only in 2023. We do not expect public debt to return to the pre-pandemic declining path through 2024. However, we believe that Austria's otherwise solid macroeconomic fundamentals, coupled with strong monetary support from the European Central Bank, should allow the economy to navigate through the pandemic. We are therefore affirming our 'AA+/A-1+' ratings on Austria, and the outlook remains stable. On March 12, 2021, S&P Global Ratings affirmed its 'AA+/A-1+' long- and short-term foreign and local currency sovereign credit ratings on Austria. The outlook remains stable. At the same time, we affirmed our 'AA+'
