E4 · cycle-003.e4-rus

Russia, scripted, 30 years from 1996

30 simulations of 30 rounds from the 1996 position. Russia decides by the scripted method; scripted events: Global funding seizure in year 2, Regional war spillover in year 3, Global funding seizure in year 12, Regional war spillover in year 12, Regional war spillover in year 18, Trade bloc rupture in year 18, Severe pandemic in year 24, Regional war spillover in year 26, Trade bloc rupture in year 26.

Model 0.2.0 · graph 0.2.0 · parameters 0.1.1 · seeds 1–30 · elasticity sampled within each bracket

The same configuration in other cycles: cycle 2.

Every simulation · Compare with another experiment · More experiments like this

Not a forecast
Simulations of a structural model with seed parameter values, to compare methods and test the model. Other nations stay at their 2026 ratings throughout.

Outcome across simulations

The median at 2026, with the 10th to the 90th percentile of the 30 simulations under it.

Capability index
11.32 (+0.14)
From 11.19; 11.29 to 11.34
Rank by index
34
From 35; 34 to 34
Domains at Tier 1
4
From 1; 4 to 4
Tier rank
5
From 16; 5 to 5

Capability index by round

Rank by index, by round

Every objective at the position and at the horizon
Objective199610th percentileMedian90th percentileBetter
Capability indexprimary11.1911.2911.3211.34higher
Rank by index35343434lower
Tier rank16555lower
Domains at Tier 11444higher
Score sum834.6858.0861.1862.6higher
Goal-weighted score834.6858.0861.1862.6higher
Resilient score834.6860.6 (mean score sum over the simulations)higher

The capability index is the mean of the three dimensions, each the mean of its domains, each the mean of its groups. Tiers are Pareto layers within each domain; the tier rank orders nations by domains held at Tier 1, then Tier 2, and so on. The goal-weighted score is the score sum unless the experiment sets a goal. The primary objective is the one the experiment is judged on; every other objective is reported beside it.

Credits

What each round’s credits went on in the median simulation. Across all simulations, build took 74 per cent, buy took 21 per cent, partner took 6 per cent of the 6,734 credits a simulation spent on actions.

Against history

Started from a reconstructed 1996 position and played along the pathway and shocks Russia actually had, then scored against the 2026 ratings. The position is an estimate, so part of any error is the reconstruction's. The calibration summary across all fifty nations is on the cycle's page under Loop.

Index 1996
11.19
reconstructed
Observed 2026
12.30
the Index's rating
Simulated 2026
11.32
11.17 to 11.45
Skill against persistence
−0.69
group error 3.62 against 2.14 if nothing changed
Domain1996ObservedSimulatedBiasDirection
Critical Technology11.0212.6312.30 12.1–12.4−0.33right
Strategic Infrastructure12.6614.3114.03 13.8–14.2−0.28right
National Security15.3416.5215.79 15.5–16.0−0.73right
Human Capital12.1811.9314.82 14.7–15.0+2.89wrong
Information & Influence12.1313.499.95 9.9–10.0−3.54wrong
Governance & Integrity9.188.5710.91 10.8–11.0+2.34wrong
Financial Strength8.6011.059.08 9.0–9.2−1.97right
Production & Innovation10.1410.948.93 8.8–9.0−2.01wrong
Trade & Investment9.4211.266.07 6.0–6.2−5.19wrong

The history it was played under: shocks and events

  • 1998 · S02 × 1 The Russian financial crisis brought sovereign default on domestic debt, ruble devaluation and a banking collapse.
  • 1999 · S03 × 0.6 The Second Chechen War escalated into a prolonged internal conflict on Russian territory.
  • 2008 · S02 × 0.5 The global financial crisis hit Russia through collapsing oil prices, capital flight and a severe stock market fall.
  • 2008 · S03 × 0.4 The Russo-Georgian War was a short regional conflict on Russia's borders.
  • 2014 · S03 × 0.9 Russia annexed Crimea and fuelled war in Donbas, a major conflict on its borders with heavy military and economic consequences.
  • 2014 · S01 × 0.8 Western sanctions and Russian countersanctions began to split Russia from Western trade, technology and financial networks.
  • 2020 · S10 × 1 The COVID-19 pandemic produced high excess mortality and strained Russia's health system and economy.
  • 2022 · S03 × 1.4 The full invasion of Ukraine became the largest war in Europe since 1945, with immense military and economic costs for Russia.
  • 2022 · S01 × 1.2 Sweeping Western sanctions, export controls and financial isolation constituted a trade and financial bloc rupture far more severe than 2014.

The pathway: what it prioritised, period by period

  • 1997–1998 · partner · 5% each The Yeltsin government attempted macroeconomic stabilisation, tax reform and bank restructuring under IMF programmes before the 1998 default undid much of it. (Fiscal Capacity & Public Finance, Monetary & Currency Capability, Financial System Depth & Access, Government Effectiveness & Public Administration, Public Integrity & Anti-Corruption)
  • 1999–2003 · build · 5% each Putin's first term recentralised authority, restored federal tax capacity and used rising oil rents to rebuild energy and internal security infrastructure. (Internal Security & Order, Government Effectiveness & Public Administration, Fiscal Capacity & Public Finance, Resource Infrastructure, Energy Infrastructure)
  • 2004–2008 · build · 5% each High oil revenues funded national projects in health and education and reinvestment in strategic missile forces and energy export capacity. (Resource Infrastructure, Energy Infrastructure, Advanced Education, Health System Capability, Strategic Strike & Missile Defence)
  • 2008–2012 · buy · 5% each Medvedev's modernisation agenda and the Skolkovo project sought to import technology and revive innovation, though results proved limited. (Research Talent & Knowledge Creation, Advanced Education, Innovation & Commercialisation, Semiconductors & Advanced Computing, Connectivity, Cyber & Trust Technologies)
  • 2012–2016 · build · 5% each After Crimea and sanctions, the state prioritised military modernisation and import substitution in agriculture and defence industry. (Strategic Strike & Missile Defence, Land Power, Air Power, Resource Infrastructure, Agriculture & Food Infrastructure)
  • 2017–2021 · build · 5% each The 2018 national projects attempted digital economy, infrastructure and demographic improvements, though implementation lagged behind targets. (Connectivity, Cyber & Trust Technologies, Digital & AI Competence, Transport Infrastructure, Government Effectiveness & Public Administration, Population Health)
  • 2022–2026 · build · 5% each The invasion of Ukraine and Western sanctions forced a war economy focused on military production, import substitution and energy export redirection. (Land Power, Strategic Strike & Missile Defence, Air Power, Semiconductors & Advanced Computing, Resource Infrastructure)

Reconstruction notes (deepseek-v4-pro): The main uncertainties concern how much Soviet-era capacity remained usable in 1996 after years of underfunding and collapse, especially in technology and infrastructure. Russian economic and military data for the 1990s are often unreliable or politically shaped, and mapping diffuse events like the Chechen wars and sanctions onto the event library requires judgement.

Report

Written from the simulation record by the loop's narrator. Every figure names the query it came from, in square brackets.

Batch cycle-003. Model 0.2.0, graph 0.2.0, parameters 0.1.1. 30 simulations, seeds 1 to 30; probes on 10. Every figure is a distribution over simulations of a structural model with seed parameter values; it shows what the model implies under these settings, not what will happen. Other nations are frozen at their 2026 ratings. No reconstructed historical data is used in this experiment.

Headline

Russia played 30 rounds from 1996 under the scripted method, with scripted events, 30 times. Its capability index moved from 11.19 to a median of 11.32 (+0.14), with 90 per cent of simulations between 11.27 and 11.35 [experiment_objectives].

Starting position

In 1996 the nation ranks 35 on the index against the frozen field, holds 1 of nine domains at Tier 1 and has a tier rank of 16. Its base income is 825 credits a year, calibrated so that its 2026 position is affordable with headroom for investment.

What was decided

A simulation spent a median of 6,688 credits on moves. The five groups that took most were Strategic Strike & Missile Defence (build, 727 credits, 10.8 per cent); Resource Infrastructure (build, 671 credits, 10.0 per cent); Energy Infrastructure (build, 511 credits, 7.6 per cent); Land Power (build, 355 credits, 5.3 per cent); Government Effectiveness & Public Administration (build, 345 credits, 5.1 per cent) [experiment_decisions_by_group]. By mode: build 74 per cent, buy 21 per cent, partner 6 per cent [experiment_decisions_by_group]. Concentration of spending (HHI) had a median of 0.066, and the most repeated action appeared in 50 per cent of rounds.

The leading domain by period: rounds 1 to 5, Governance & Integrity; rounds 6 to 10, Strategic Infrastructure; rounds 11 to 15, Human Capital; rounds 16 to 20, National Security; rounds 21 to 25, Human Capital; rounds 26 to 30, National Security [experiment_spend_by_period].

What the world did

A median simulation saw 9 shocks and 0 upside events. The most damaging per firing were S01 (60 firings in 30 simulations, −30.7 points each); S10 (30 firings in 30 simulations, −30.1 points each); S03 (120 firings in 30 simulations, −12.2 points each) [experiment_shocks].

The groups that lost most to shocks, per simulation: Economic Leverage & Dependence −5.08; Monetary & Currency Capability −4.41; Semiconductors & Advanced Computing −4.18; Trade Facilitation & Logistics −3.78 [experiment_shock_damage_by_group].

The edges that carried most change through the graph, per simulation: Semiconductors & Advanced Computing to Artificial Intelligence (+2.44 points); Connectivity, Cyber & Trust Technologies to Cyber & Electromagnetic Operations (+3.13 points); Fiscal Capacity & Public Finance to Social Infrastructure (+1.82 points) [experiment_propagation_by_edge].

Where it ended

At 2026 the median rank is 34 (5th to 95th percentile 34 to 34), the median count of Tier 1 domains 4 (4 to 4) and the median tier rank 5; the resilient score, the mean score sum over simulations, is 861 [experiment_objectives].

Tier 1 probability changed most in: governance and integrity (0 to 100 per cent of simulations); human capital (0 to 100 per cent of simulations); strategic infrastructure (0 to 100 per cent of simulations) [experiment_tiers_by_round].

Why

Without shocks the index ends +1.875 higher on average, so the shocks cost about 1.875 index points [experiment_probe_attribution].

Holding instead of following this method changes the index by −2.905: that is the method's worth against doing nothing [experiment_probe_attribution].

Removing any single one of the five largest actions changes the index by between −0.004 and +0.011, for example 2009 buy Research Talent & Knowledge Creation (56 credits) [experiment_probe_attribution]. The largest actions by credits come late, when income is highest, and are rarely the most valuable.

Removing the largest shock of a simulation raises the index by +0.563 on average [experiment_probe_attribution].

The replay probe reproduces the simulations exactly (index change 0.000000), so the attributions are clean [experiment_probe_attribution].

Surprises

move_without_shock (warn): largest one-year move in a group with no shock landing: 4.11 points; 100% of simulations have one above 3.

tier_jump (warn): largest gain in one domain within five years: 11 tiers (30 simulations above 2); tiers are reported, not an objective.

retired_words (warn): e4-rus/report.md: 'simulations' 2 time(s), first near line 39; use 'simulations'.

The simulation furthest from the median (seed 8) ends −0.05 from it, with 9 shocks and 0 upside events [experiment_outlier_simulations].

Comparison

This is the baseline (hold) experiment, or there is none for this nation in the batch.

Against history: from a reconstructed index of 11.19 the model ends at 11.32, where the 2026 ratings put it at 12.30. Group scores miss by 3.62 points on average, against 2.14 for assuming nothing changed (skill −0.69); the change in each domain has the right sign in 44 per cent of domains. Furthest below history: trade and investment (−5.19); furthest above: human capital (+2.89) [experiment_against_history]. The starting position is reconstructed, so part of the error is the reconstruction's.

What each decision and shock was worth

Counterfactual probes on the first 10 seeds: the same simulations with one thing changed, paired seed by seed. A removed decision or shock is taken out and the other decisions replayed unchanged, so the difference is that item's worth.

ProbeIndexScore sumTier 1For example
Hold instead of the method−2.905−223.6−4.00
No shocks+1.875+124.7+1.00
Replay of the recorded actions (must change nothing)0.0000.00.00
Without the 1st largest decision+0.008+0.70.002009 buy Research Talent & Knowledge Creation (56 credits)
Without the 2nd largest decision+0.008+0.70.002009 buy Advanced Education (56 credits)
Without the 3rd largest decision+0.011+1.20.002009 buy Innovation & Commercialisation (56 credits)
Without the 4th largest decision−0.004−0.40.002009 buy Semiconductors & Advanced Computing (56 credits)
Without the 5th largest decision+0.010+0.90.002009 buy Connectivity, Cyber & Trust Technologies (56 credits)
Without the 1st largest shock+0.563+39.20.002022 S01 (-36.9 points)
Without the 2nd largest shock+0.399+27.10.002020 S10 (-30.1 points)
Without the 3rd largest shock+0.300+19.70.002014 S01 (-24.2 points)

Simulations

Three simulations told round by round, each on its own page: the one nearest the median index at the horizon, and those nearest the 10th and the 90th percentile. Every one of the 30 is listed with its outcome on the simulations page.

All 30 simulations

Events

How often each shock and upside event began across the simulations. Shocks come from the ten downside scenarios and upside events from the ten upside ones, at their yearly likelihood.

Event
Kind
Simulations
Mean round
Points
Trade bloc rupture S01Shock100 per cent22.0−30.7
Global funding seizure S02Shock100 per cent7.0−7.1
Regional war spillover S03Shock100 per cent14.8−12.2
Severe pandemic S10Shock100 per cent24.0−30.1

Groups across simulations

Every capability group: its position, and its median and spread at the horizon across the simulations, with what the method spent on it.

73 of 73 groups

Capability group
Domain
1996
2026
Change
Levels invested
Credits
Connectivity, Cyber & Trust TechnologiesCritical Technology6.2719.55 19.54 to 19.56+13.2817.44540
Semiconductors & Advanced ComputingCritical Technology4.7416.77 16.54 to 17.00+12.0316.17437
Digital & AI CompetenceHuman Capital10.2919.98 19.98 to 19.99+9.6918.29263
Internal Security & OrderGovernance & Integrity9.2418.22 18.18 to 18.25+8.9810.13237
Government Effectiveness & Public AdministrationGovernance & Integrity10.6919.64 19.43 to 19.89+8.9512.34428
Health System CapabilityHuman Capital11.0318.90 18.84 to 18.95+7.8711.45273
Fiscal Capacity & Public FinanceFinancial Strength8.8616.39 16.26 to 16.46+7.5311.19320
Innovation & CommercialisationProduction & Innovation10.7917.76 17.61 to 17.85+6.979.37277
Transport InfrastructureStrategic Infrastructure12.9819.86 19.64 to 19.91+6.888.02243
Energy InfrastructureStrategic Infrastructure12.6218.43 18.38 to 18.47+5.819.78511
Land PowerNational Security13.6019.21 18.47 to 19.36+5.616.77355
Air PowerNational Security12.4017.96 17.25 to 18.43+5.566.90322
Research Talent & Knowledge CreationHuman Capital14.7819.19 19.18 to 19.22+4.415.58277
Advanced EducationHuman Capital15.0119.39 19.35 to 19.43+4.3811.17551
Resource InfrastructureStrategic Infrastructure14.5718.88 18.81 to 18.98+4.318.25671
Cyber & Electromagnetic OperationsNational Security15.8317.78 16.65 to 18.66+1.950.000
Public Integrity & Anti-CorruptionGovernance & Integrity8.4010.10 10.02 to 10.17+1.703.1368
Financial System Depth & AccessFinancial Strength8.6910.21 10.20 to 10.23+1.524.8883
Agriculture & Food InfrastructureStrategic Infrastructure10.0310.90 10.03 to 11.02+0.872.2753
Social InfrastructureStrategic Infrastructure12.3013.00 12.55 to 13.38+0.700.000
Artificial IntelligenceCritical Technology9.8810.50 9.90 to 10.93+0.620.000
Monetary & Currency CapabilityFinancial Strength9.139.75 9.56 to 9.90+0.624.7383
Population HealthHuman Capital8.488.85 8.18 to 9.77+0.371.0615
Force Generation & MobilisationNational Security12.8512.93 12.50 to 13.33+0.080.000
Strategic Strike & Missile DefenceNational Security20.0020.00 19.98 to 20.000.003.89727
Water, Sanitation & Waste InfrastructureStrategic Infrastructure12.2412.23 11.94 to 12.64−0.010.000
Space, Aerospace & Defence InfrastructureStrategic Infrastructure17.1916.99 16.56 to 17.49−0.200.000
Early Childhood DevelopmentHuman Capital12.2611.86 11.71 to 12.00−0.400.000
Foundational EducationHuman Capital14.1913.76 13.58 to 14.00−0.430.000
National Resilience & Crisis ManagementGovernance & Integrity11.0010.34 9.99 to 10.59−0.660.000
Technical & Vocational SkillsHuman Capital12.8011.79 11.76 to 11.82−1.010.000
Quantum TechnologiesCritical Technology12.4211.39 11.07 to 11.59−1.030.000
Lifelong Learning & ReskillingHuman Capital10.779.64 9.62 to 9.67−1.130.000
Political Institutions & Civic ParticipationGovernance & Integrity8.477.26 7.23 to 7.27−1.210.000
Justice System & Fundamental RightsGovernance & Integrity8.447.21 7.19 to 7.23−1.230.000
Advanced ManufacturingStrategic Infrastructure13.3312.09 11.91 to 12.28−1.240.000
Transparency, Oversight & AccountabilityGovernance & Integrity8.897.62 7.61 to 7.64−1.270.000
Nuclear DeterrenceNational Security20.0018.61 18.58 to 18.66−1.390.000
Regulatory Governance & Strategic ControlsGovernance & Integrity8.346.88 6.84 to 6.94−1.460.000
Energy TechnologiesCritical Technology13.2111.71 11.60 to 11.84−1.500.000
Development Cooperation & Global AssistanceInformation & Influence8.617.10 6.98 to 7.18−1.510.000
Space TechnologiesCritical Technology20.0018.49 18.40 to 18.58−1.510.000
Space OperationsNational Security18.9417.41 17.35 to 17.47−1.530.000
Intelligence & AssessmentNational Security14.5312.97 12.93 to 13.04−1.560.000
Culture, Language & Education DiplomacyInformation & Influence14.5812.92 12.74 to 13.06−1.660.000
Financial InfrastructureStrategic Infrastructure10.288.58 8.54 to 8.63−1.700.000
Communications & Digital InfrastructureStrategic Infrastructure11.069.34 9.30 to 9.38−1.720.000
Robotics & Autonomous SystemsCritical Technology9.027.27 7.23 to 7.31−1.750.000
Diaspora & Global CommunitiesInformation & Influence13.8311.90 11.87 to 11.95−1.930.000
Joint Command, Projection & SustainmentNational Security11.809.86 9.78 to 10.04−1.940.000
Sensing, Timing & NavigationCritical Technology11.619.63 9.56 to 9.68−1.980.000
Business Dynamism & EntrepreneurshipProduction & Innovation8.616.57 6.54 to 6.60−2.040.000
Sovereign Capital & External Financial PowerFinancial Strength7.645.53 5.48 to 5.60−2.110.000
Technology Adoption & DiffusionProduction & Innovation9.507.37 7.32 to 7.46−2.130.000
Alliances & Security CooperationInformation & Influence10.488.28 8.24 to 8.33−2.200.000
Financial Regulation & IntegrityFinancial Strength8.756.48 6.41 to 6.55−2.270.000
Economic Output & ProductivityProduction & Innovation9.747.46 7.37 to 7.57−2.280.000
Investment Attraction & ProjectionTrade & Investment7.595.31 5.25 to 5.36−2.280.000
Maritime PowerNational Security13.4311.12 11.07 to 11.17−2.310.000
Financial Stability & Crisis ManagementFinancial Strength8.576.09 6.03 to 6.14−2.480.000
Digital & Services TradeTrade & Investment9.026.52 6.46 to 6.58−2.500.000
Information Environment & Strategic CommunicationInformation & Influence11.929.38 9.34 to 9.41−2.540.000
Advanced Materials & ManufacturingCritical Technology12.569.98 9.86 to 10.09−2.580.000
Biotechnology & Health TechnologiesCritical Technology10.517.76 7.66 to 7.93−2.750.000
Labour & EmploymentProduction & Innovation9.026.19 6.16 to 6.22−2.830.000
Trade Facilitation & LogisticsTrade & Investment9.276.41 6.27 to 6.60−2.860.000
Structural Transformation & ComplexityProduction & Innovation11.438.45 8.38 to 8.54−2.980.000
Industrial & Sectoral BaseProduction & Innovation11.908.74 8.61 to 8.86−3.160.000
Diplomatic Statecraft & Global NetworksInformation & Influence13.3310.14 10.10 to 10.21−3.190.000
Global Value Chain PositionTrade & Investment9.075.43 5.40 to 5.48−3.640.000
Trade Policy & Market AccessTrade & Investment9.345.66 5.62 to 5.70−3.680.000
Export Capability & SophisticationTrade & Investment9.935.97 5.90 to 6.04−3.960.000
Economic Leverage & DependenceTrade & Investment11.707.17 6.96 to 7.41−4.530.000

Checks

The automated checks run on this experiment before anything was written about it. A warning is a candidate finding for the improvement loop.

  • passcredits_conservedlargest gap between credits in and credits accounted for: 5.7e-13
  • passscores_in_boundsscores range 4.631 to 20.000
  • passno_nans0 missing values in the trajectory and objectives
  • passprobe_replay_reproducesthe recorded moves played back reproduce the simulation to within 0.0e+00 points (10 simulations)
  • passledger_balancesthe edge ledger sums to the propagated change to within 8.0e-07 points
  • warnmove_without_shocklargest one-year move in a group with no shock landing: 4.11 points; 100% of simulations have one above 3
  • warntier_jumplargest gain in one domain within five years: 11 tiers (30 simulations above 2); tiers are reported, not an objective
  • passall_tier1_from_outside_top10starting rank 35; 0 simulations reach Tier 1 in all nine domains
  • passsaturation_high0% of simulations end with a group at 20 that did not start there (median 0 groups)
  • passsaturation_low0% of simulations end with a group at 0 that did not start there (median 0 groups)
  • passspend_concentrationmedian concentration of spending across groups (HHI) 0.066; most funded group hard.national_security.strategic_strike_and_missile_defence
  • passsame_actionthe most repeated move (group and mode) appears in a median 50% of rounds
  • passregression_index_p50index_p50 moved 1.7% since cycle-002 (11.13 to 11.32); versions changed (0.1.0 to 0.1.1, graph 0.2.0 to 0.2.0)
  • passregression_score_sum_p50score_sum_p50 moved 1.0% since cycle-002 (852.70 to 861.08); versions changed (0.1.0 to 0.1.1, graph 0.2.0 to 0.2.0)

Settings and versions

Experiment cycle-003.e4-rus. Every simulation records the model, graph and parameter versions, the scenario, the method and its seed, so it can be reproduced exactly.

Nation
Russia (RUS)
Position
A reconstructed 1996 position, aligned to the Index's scale
Method
Scripted. Actions fixed in advance by the experiment: for a backcast, the nation's historical pathway.
Scenario
Scripted events: Global funding seizure in year 2, Regional war spillover in year 3, Global funding seizure in year 12, Regional war spillover in year 12, Regional war spillover in year 18, Trade bloc rupture in year 18, Severe pandemic in year 24, Regional war spillover in year 26, Trade bloc rupture in year 26
Objective
Capability index, the primary objective the experiment is judged on; every other objective is reported beside it
Horizon
30 rounds, 1996 to 2026
Simulations
30 seeds, 1 to 30. Every method in the batch faces the same draws for the same seed.
Graph elasticities
Drawn for each simulation, uniformly within each edge’s bracket
Income
Base credits 825.3 a round, moving with the economic groups
Versions
Model 0.2.0, Capability Dependency Graph 0.2.0, parameters 0.1.1
Batch
Backcast 1996-2026 (cycle-003), cycle 3 of the improvement loop
Runtime
6.9 seconds in all; 1563 microseconds a round
Not a forecast
Every figure is a distribution over the simulations of a structural model, reported to compare methods and test the model. None is a prediction of what a nation will do or become.
Structural parameters
Costs, decay, vulnerability and credits are structural seed values with low or medium confidence, set by domain with single-group exceptions. Five groups have no defensible value in a single-nation model and are flagged in the parameter tables.
Other nations are frozen
One nation is simulated at a time. Every other nation stays at its 2026 rating, so rank and tiers are measured against a still field; where the simulated nation rises past others their own tiers are not re-sorted.
Starting depth and mode are defaults
The position is the National Capability Index ratings. How institutionalised each capability is, and how much was built, bought or partnered, have no data behind them yet and start from structural defaults.
Credits are calibrated, not measured
Each nation’s income is set so that its position is affordable with headroom that rises with its fiscal capacity. It is not yet fiscal capacity as a share of GDP.