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IMF lifts Italy growth forecast, urges reforms

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Staff writer ▼ | May 24, 2016
Italy Rome
Europe   The IMF urged Rome to push ahead with reforms

The International Monetary Fund (IMF) raised slightly its 2016 and 2017 growth forecasts for Italy.

The IMF urged Rome to push ahead with reforms to address its very low productivity and boost its meager growth rates.

In its annual Article IV report published, the IMF said it now expects Italy's gross domestic product to rise 1.1% this year and 1.25% in 2017, up from its previous forecasts of a 1% and 1.1% growth, respectively.

Such modest growth means that Italy's GDP may not return to pre-crisis levels until the mid-2020s, while the gap with a faster-growing eurozone will grow wider, it said.

Moreover, the new forecasts are vulnerable to "financial market volatility, Brexit, the refugee surge, and headwinds from the slowdown in global trade," the IMF said in the report.

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