· Second, the fiscal multipliers turned out to be higher than initially anticipated, and the economy was soon caught in a vicious circle of austerity and recession. · Third, the sequencing of structural reforms led to real wages declining more than initially expected, exacerbating the recession.
There is also a problem of an increase in electricity costs associated with a shift to thermal power. Those will increase future uncertainty particularly for the SMEs, which lack self-defense tools including privately-owned electrical power facilities.