Furthermore, GDP per capita at purchasing power parity declined to 67.4% of the EU average in 2018, down from 93.3% in 2008. Meanwhile, there was a large brain drain and massive underinvestment, with immeasurable economic and social consequences.
LENS acts as a cross-check for ToTEM, and staff use the two models together to develop their projection and to facilitate a dialogue around policy options. In this way, the Bank is thus managing the trade-off by using two complementary models simultaneously, much as we did with RDXF and SAM.