What are the Consequnces of a Balance of Payment DEFICIT

-This can indictae the Economy is Uncompetitive. -But its not always Bad. It may mean the People are Wealthy to have a lot of Imports, and enjoy a Higher Standard of Living. -However, it can also lead to the Value of the Currency falling, making Imports higher in the Short Run. Inflation! -This also can mean Job losses at Home as Goods being Imported means Less have to be made Domesticallly - Unemployment