2  C. Reinhart and K. Rogoff, “This Time Is Different: Eight Centuries of Financial Folly” (Princeton, N.J.: Princeton University Press, 2009). 2  BIS central bankers’ speeches  made, household deleveraging has hobbled private sector growth. In many countries, financial institutions have also been restraining their lending because of the losses they incurred and the need to become less heavily leveraged.
The growth will mainly be propelled by a gradual easing in monetary policy, which will bolster domestic demand, and a pick-up in investment activity, as uncertainty about the political situation diminishes. After widening to 3.6% of GDP in 2018, the current account deficit will range between 3% and 4% of GDP in 2019 and 2020.