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.”