However, the decline the debt to GDP ratio in the past 20 years derived not only from fiscal restraint steps but also from other factors that there is no guarantee will be on our side in the future when we want to lower the debt to GDP ratio.
These factors include the fact that over those years, the GDP deflator increased faster than the CPI used to calculate the debt, export prices increased more than import prices, and there was a big redemption of public debt to the government.