He said fiscal policy management should be improved. He said inflation is persistently high
So far, so good.
But then he said industrial sector weakness is due to many years of appreciated currency. The funny thing is: the new matrix depreciated currency is with us for some time now, but seems not to have helped the industrial sector. Then one needs to explain why the effect is assymetric -- hurts in one direction but doesnt help in the other.
Of course, one can invoke lags; it is always useful to resort to lags when u are desperate. Or if you are really really desperate, you can argue that was it not for the new matrix, things would be much much worse.
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