Sabato, 20 Ottobre 2018

GDP down 2% in 2013, says Bank of Italy


Rome, July 10 - Italy's gross domestic product
(GDP) in 2013 ''is expected to drop around two percentage
points'', Bank of Italy Governor Ignazio Visco on Wednesday told
an assembly of the Italian Banking Association ABI.
''Economic activity should return to expand at a moderate
rate by the end of the year with growth over half a percentage
Visco also warned the annual gathering that ''margins of
uncertainty are high: the risks of a slowdown of the world
economy, in emerging economies in particular, are weighing on
the timing and intensity of recovery''.
The Italian economy is going through ''a difficult
transition'', the Bank of Italy chief said.
''Overcoming it successfully requires an effort from all.
The banking system must play its part''.
In particular, Visco warned ABI representatives that no
lasting economic recovery could be expected ''without sufficient
financial support to companies''.
The Italian economic situation ''is difficult'', he said,
but the outlook is positive as stressed ''by a number of
international organizations including, yesterday, the IMF'',
International Monetary Fund.
On Tuesday the International Monetary Fund (IMF) said
Italian GDP will fall 1.8% in 2013 but rise 0.7% in 2014. The
2013 forecast was 0.3% lower and the 2014 forecast 0.2% higher
than April forecasts.
The same day however Standard & Poor's cut its rating for
Italy down to BBB from BBB+ with a negative outlook. In a
statement, the ratings agency said the Italian economy will
contract by 1.9% in 2013, with a debt-to-GDP ratio of 129%.

(photo: Bank of Italy Governor Ignazio Visco)

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