A DM Shooks [RHS] Surplus/Deficit (m, of GDP) Wars Largest peace time deficit c'73 m Le?, m co to .e) Col ',So' Son Dearly Bank Gbh.? Frianaat Oat /two, 100% 90% 80% 70% 60% 500/0 40% 30% 20% 10% 0% 10% a DM Shocks [RHS] DE —IT FR US UK 5% a SP ---••••JP ay, fa‘ 0% -5%