San Marino entered the pandemic with substantial vulnerabilities and still struggling from the consequences of the Global Financial Crisis (GFC). However, the economy has shown significant resilience supported by a timely and targeted policy response. Fiscal support was substantially scaled up after external borrowing was secured, including through a debut Eurobond. The banking system was rationalized, partly capitalized, its liquidity substantially improved, and a strategy is being adopted to address exceptionally high nonperforming loans (NPLs). Some of these measures, while effective, have increased official public debt substantially.
- Frequency
- regular
- ISBN
- 9781513598444
- ISSN
- 1934-7685
- Pages
- 70
- Published in
- United States of America
- Series
- Country Report No. 2021/249
- StockNumber
- 1SMREA2021001