It is not the budget deficit which is to blame for the rise of the current account deficit; the main driving engine, by far, is private sector borrowing, which accounts for about 85 per cent of the figure. Squeezing the public budget for the sake of limiting external deficits will be of little help.
Nije budžetski deficit faktor koji treba kriviti za porast deficita tekućeg računa; daleko najači pokretač tog trenda su pozajmice privatnom sektoru, koje čine oko 85 odsto te cifre. “Stezanje” javnog budžeta radi ograničavanja spoljnih deficita neće biti od velike pomoći.