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Ratings agency Fitch told Reuters on Tuesday that upgrades of any major economy are unlikely in 2021 despite increased expectations for a swift global economic recovery on potential coronavirus vaccines. 

Fitch added that countries in Latin America, the Middle East, and Africa continue to show the highest level of vulnerability to further adverse action in the coming year.

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We have only two sovereign ratings (Cote d’Ivoire and New Zealand) on Positive Outlook, so upgrades of any major economies currently look unlikely in 2021. 

Countries hit hard by the coronavirus will see the maximum economic boost from an effective vaccine rolled out swiftly in the first half of next year.