Mercoledì, 26 Settembre 2018

Italy vows to make reform commitments after OECD warnings


Rome, November 27 - The Italian government on
Tuesday called an OECD economic outlook report "positive" and
vowed to see its reforms were implemented after the Paris-based
agency warned of the need for further austerity measures if they
were not.
"The government takes note of the positive assessment of the
OECD, in particular with regard to fiscal consolidation, the
effects of reforms and the confirmation that Italy will reach a
balanced budget in structural terms in 2013 and 2014, as this
government had committed to do, and as required by the EU," said
a statement.
Earlier Tuesday the OECD praised the structural economic
reforms Monti's government has introduced but stressed that they
"must be fully and consistently implemented if they are to
produce results".
It also revised down its growth forecasts for Italy for
this year and next and it warned that additional budget
tightening may be needed in 2014.
The OECD said it expected Italy's gross domestic product
to fall 2.2% this year and 1% in 2013, compared to May forecasts
of contractions of 1.7% and 0.4% respectively.
In response, the government said that it had thus far "been
able to avoid the worst-case scenario", and that the job market
in Italy remains "remarkably resilient" despite rising
unemployment, which is due mostly to more people joining the job
market, particularly women.

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