We expect stable growth despite a global slowdown. We expect annual real GDP growth of about 1.7% in Denmark until 2022, despite external headwinds. Denmark continues to benefit from strong institutions that promote balanced growth and sustainable public finances. We expect new government investment and increased spending will support domestic demand. Substantial current account surpluses enhance the external position. Low public debt provides high fiscal flexibility. We expect substantial current account surpluses will persist, not least due to strong investment revenue from overseas. Predictable central bank response patterns continue to maintain the Danish krone's peg to the euro. The stable outlook reflects our expectation that Denmark's strong economic, fiscal, external, and monetary credit metrics can withstand most foreseeable shocks. We
