“I don’t think this has happened for a long time,” former Italian prime minister Gentiloni said.
“Italy has had a growth of 12 per cent over the last three years, which is very significant, after a 9 per cent drop during the pandemic”.
The European Commission said on Monday that it forecasts Italy’s GDP will rise 1.2 per cent this year and 1.1 per cent in 2024.
That is up from the predictions of growth of 0.8 per cent and 1 per cent in 2023 and 2024 respectively made in February.
The Commission said that it expects Italy’s deficit -to-GDP ratio to come in 4.5 per cent this year and drop to 3.7 per cent in 2024.
It forecast that Italy’s public debt will be 140.4 per cent of GDP in 2023 and 140.3 per cent next year.
In more broader terms, the European economy is in better shape than was projected last autumn, Gentiloni said.
“Thanks to determined efforts to strengthen our energy security, a remarkably resilient labour market and easing supply constraints, we avoided a winter recession and are set for moderate growth this year and next.
“Inflation has proved stickier than expected but it is forecast to decline gradually over the remainder of 2023 and in 2024.
“And the improvement in public finances is set to continue as energy support measures are progressively withdrawn.”
However, Gentiloni said, complacency should not creep in and risks remain too plentiful for comfort.
“Russia’s brutal invasion of Ukraine continues to cast a shadow of uncertainty over the outlook,” he said.
“We must remain vigilant – and stand ready to respond to any future shocks with the same unity and determination that saw us through these past three stormy years.”
ANSA
