They omit the states'deficits and also most of the cost of fertiliser and fuel subsidies (which alltold add another 3.5% of GDP).

邦一级的赤字和绝大部分的化肥与燃料补贴（这些补贴合计达到GDP的3.5%）都被忽略不计了。

youdao

Alltold, we have to fear that the damage to our markets and financial system will be so great that another generation of investors will be alienated from using investment as part of t heir survival, juyst as happened between 1929 and 1953, when the stock averages finally made up all their lost ground.

FORBES: We Have More To Fear Than Fear Itself