Martedì, 23 Ottobre 2018

OECD praises Italy as among states getting books in order


Paris, November 21 - Italy has been praised as one
of the OECD countries that is making a serious effort to improve
its public finances, through measures valued at about 6% of
gross domestic product (GDP), the organization said Wednesday.
In response to the global economic crisis, many countries
have announced measures aimed at reducing debt and deficits,
which are worth more than 3% of their GDP over the period 2009
to 2015, according to the OECD's report: Restoring Public
Finances 2012.
However, Italy is among the countries that are taking
concrete steps it says will help to restore stability to public
Italy's efforts includes reducing spending through job and
wage cuts as well as trimming education, health, and
infrastructure budgets.
Some critics say too much cutting and not enough investment
can cause an economy to stagnate or even contract.
"Finding the right balance between consolidating budgets
and stimulating growth is a challenge for all governments," said
OECD Secretary General, Angel Gurria.
"While there is an indisputable need for medium-term fiscal
consolidation, austerity alone is unlikely to achieve its goal.
"The key to sustainability is credible structural reforms
that strengthen public finances, promote long-term economic
growth and support those who are hardest hit by the crisis".
The report also notes that Greece, Ireland and Portugal
have announced fiscal consolidation packages totalling more than
12% of GDP in cumulative terms from 2009-2015.

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