In 2018 and 2019, the government units benefited from a favorable financial situation. All of the general government sub-sectors posted surpluses, including the municipalities, which had been recording deficits for several years. From 2020, Swiss public finances will have to overcome the worst economic crisis in decades due to the COVID-19 crisis and will be significantly in the red. This situation is likely to trigger a surge in the government units' gross debt. When compared internationally, Switzerland's public finances remain sound and should withstand the crisis better than those of most other industrialized countries.