Student Worksheet

Country W entered the 2008 crisis with a debt-to-GDP ratio of just 40 percent, but bailouts and stimulus pushed it to 90 percent by 2012 and yields on its bonds climbed above 6 percent after rating downgrades. A 1 percent of GDP primary surplus target, a broad consumption tax that raised 1.5 percent of GDP in new revenue, and 4 percent annual growth brought the ratio back under 80 percent by 2020 and yields down to about 2 percent.

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