The IMF also suggested that simultaneous budget deficit cuts in many countries were likely to have a cumulatively adverse effect. In the World Economic Outlook 2012, the IMF acknowledged serious underestimation of the values of multipliers at the time, hence, the actual adverse output and employment impacts are likely to have been much larger—as is clear from more recent evidence cited earlier. Hence the potential longer-mn benefits of fiscal consolidation must be balanced against the short- and medium-run adverse impacts on growth and jobs.”