Figure 5: Incremental capital-output ratio
9
8
7
6
5
4
3
2
1
0
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2.3
2.6
2.8
3.3
3.6
3.8
4.6
4.6
4.2
4.5
4.4
4.4
4.5
4.2
3.8
3.5
5.0
5.9
5.5
6.1
7.5
7.7
8.1
8.5
8.7
8.3
8.3