That package, however, underwhelmed some economists who saw the actual fiscal cost of the steps, which were mostly loan guarantees, at less than 2% of gross domestic product. This compares to direct spending of roughly 3% of GDP on average in other emerging markets, according to S&P Global Ratings. On top of that, absence of private investment added to urgency for the government to ramp up spending, which was just 55% of the budgeted amount as of October.



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