Back to the 1980s

Have we regressed to a pre-reform era? Consider the following. The eight years and more since 2004-05 have seen a continuous non-oil trade deficit, the first such period since the 1980s - coincidentally, another period that saw overvalued exchange rates. The overall current account deficit has trebled in the last four years, reaching levels that are now much higher than the pre-1991 crisis level of about three per cent of GDP.

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