Sabato, 22 Settembre 2018

OECD revises down Italy GDP forecasts, issues budget warning


Paris, November 27 - The OECD on Tuesday said it
had 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.
It said "weak growth will put further downward pressure on
employment, wages and consumer prices".
Premier Mario Monti's emergency technocrat government has
introduced painful austerity measures of tax hikes and spending
cuts since coming to power last year to put Italy on course to
balance the budget in structural terms next year.
But the OECD said more may soon be needed, if its growth
forecasts are right.
"Should the OECD projection be realised, further fiscal
tightening in 2014 would be necessary to achieve the planned
debt reduction path," the OECD said in its economic outlook
The Paris-based organisation 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".

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