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Submitted by Andrejs on

Dear (former) Colleagues at the WB,

Perhaps my earlier comment did not go through, but a summary is as follows - if a group of countries achieves an average of 40% increase during 10 years and their private debt to GDP ratio increases from 87% to 134% of GDP in 2004-2012 (in other words - the burden of private debt has gone up by 47% of GDP) - do you label it as success? These are unweighted averages - did not have time for proper calculations.

And by the way, regarding the decline of risk of poverty rates - wouldn't they be easily explained by combining them with emigration? Those without jobs have simply left (the big declines in the risk of poverty for PL, LV, LT tell me exactly that).

Good luck!