GDP: Under the base scenario it is assumed that the USA and the EU will be able to solve debt problems without creating new recession. As a result, the Institute keeps its forecast of real GDP growth at 4.6% in 2011 and 5.3% in 2012.
Fiscal Indicators: Consolidated fiscal are expected to be at near 30% of GDP in 2011 and 2012. At the same time, consolidated fiscal expenditures are likely to decline in relation to GDP due to lower fiscal deficit, expected at 3.1% of GDP in 2011 and 2.5% of GDP in 2012.
