Italy to lower growth forecasts

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Italy’s economy minister Pier Carlo Padoan told Il Corriere della Sera that the Italian government could lower its growth forecasts soon.

Before Italy fell back into recession, the Italian government currently predicts that GDP will rise by 0.8% this year.

Pier Carlo Padoan told the Corriere della Sera newspaper that: “We must revise the GDP growth forecast to the downside.”

Reuters highlighted that could bring the government into line with most economists who expect little or no growth for the euro zone’s third-largest economy this year.

Prime Minister Matteo Renzi is due to unveil at the end of the week a package of measures aimed at reviving the economy, which has been one of the world’s most sluggish for the past 20 years.

Padoan said Italy would keep its budget deficit below the European Union limit of 3% of gross domestic product this year, repeating a promise he and Renzi have made several times.

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