Most notably, this time, the crisis did not originate in the financial sector, as in the global financial crisis[6], but in the real economy, and public support was granted to firms, not banks. Moreover, the pandemic has not raised concerns of moral hazard.
A third factor contributing to the improvement in financial conditions among businesses is significant belt-tightening by many firms. Over the past few years, the drive to cut costs and boost efficiency has generated rapid productivity gains.