Dabrowski, Marek - Bruegel - 2014
for a while, and the fiscal deficit and public debt to GDP ratio declined as result of rapid GDP growth. On the … of 14.8 percent (Table 1), one of the steepest falls of all emerging-market economies. Despite a low public-debt … this projection, as we have noted. As result of lax fiscal policy, the public debt-to-GDP ratio will jump from 40.9 percent …