The figure shows the change in the probability of inflation falling within various intervals in the next 5 years. The probability of zero or negative inflation is shown in the lower section (dark area) of the figure. 11  Figure 3: Global value chains and inflation  For the construction of the data on global value chains, see Borin and Mancini (2015).
By not doing so, the risk is not only that private spending will constantly be running up against income constraints, but also that successive governments will be under considerable and unreasonable pressure to satisfy demands for increased public expenditure. Both will have serious implications for our ability to finance development from our own savings.