consistently underestimate the problem:
look at greece
dani R :
" in April 2010 the IMF’s growth projection for 2011 was a decline of 1.1 percent.
The projected decline increased to 2.6 percent in October 2010,
to 3 percent in April 2011,
and to 5 percent in October 2011. "
"Actual growth outcome for 2011 was -6.7 percent!"