The thing we can take some comfort from, however, is that no-one can accuse us of being Pollyannas because in each case the outcome was slightly better than the forecast. Growth has been stronger, the widening in the current account deficit smaller and, at the margin, the rise in inflation slightly smaller than we had expected.
Adjustment began in 2010 with tangible results on the fiscal front The effort to turn developments around began with interventions in several areas and produced tangible results, mainly on the fiscal front. The general government deficit as a percentage of GDP was reduced by approximately 5 percentage points.