Reduced efficiency of investment expenditure Real GDP 		  (1)  0.5  0.7  0.8  0.8  0.8  GDP Deflator 		  (1)  0.0  0.2  0.5  0.7  1.0  Deficit-to-GDP/ratio  (2)  0.8  0.6  0.6  0.6  0.6  Debt-to-GDP ratio  (2)  0.1  0.3  0.4  0.6  1.0  C. Increase in borrowing costs (*) Real GDP 		  (1)  0.9  0.9  0.8  0.8  0.7  GDP Deflator 		  (1)  0.1  0.3  0.7  1.0  1.2  Deficit-to-GDP/ratio  (2)  0.8  0.6  0.8  0.9  1.1  Debt-to-GDP ratio  (2)  -0.4  -0.1  0.3  0.9  2.0  (1) Percentage changes compared with the baseline scenario.
But it has been our experience that that these are circumvented over time and should be seen as buying time for fiscal policy to play a greater role in macroeconomic adjustment. I hope that I have provided some food for thought on economic development.