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And, last but not least, the twin deficits: the Government Deficit to GDP ratio (DEFY) and the Current Account Deficit to GDP ratio (CAY).
The issue in all our countries is the ratio of the deficit to GDP – to the entire economy.
He also oversaw a reduction of the government's fiscal deficit and GDP growth of 5 percent in 2014.
Its annual deficit to GDP ratio is only marginally lower than Great Britain's.
It may even convince some investors that the debt and deficit to GDP ratio is falling.
And Greece is embedded within the euro zone which actually has a fairly low deficit to GDP ratio by today's post-collapse standards, only 6%.
Greece's deficit to GDP ratio, while high at about 12.5%, is not that much higher than that of both the US and Japan, around 10.5%.
There is no magic in the deficit-to-GDP figure of 3%.
Since cuts in government spending reduce near-term growth, if the deficit-to-GDP ratio falls from 5 perent to 3percentthathat's 2percentt fiscal drag.
The issue of deficit spending and GDP growth is different.
South Africa has a biggish current-account deficit relative to GDP: the rand has suffered accordingly.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com