Do Not Do Too Little Too Slowly to Boost Growth
Pathfinder Economic Flash
The authorities have achieved significant success in reducing the budget deficit from 9.8% of GDP in 2009 to 6.8% in 2011. The bold measures introduced in February/March 2012 to increase fuel and electricity prices, passing on higher global costs, have gone a long way towards reducing the off-balance sheet losses of 2% of GDP incurred by state-owned enterprises, especially CPC and CEB.
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