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Europe News

Italy cuts 2023 growth forecast as public finances improve

The outgoing government of Italian Prime Minister Mario Draghi on Wednesday slashed economic growth forecasts for next year to 0.6% due to soaring energy costs.

He nevertheless specified that the receipts would further ensure an improvement in public finances.

Gross domestic product in the euro zone’s third-largest economy will “fall slightly” in the second half of this year, according to a government statement.

The new growth projections highlight the economic challenges facing Giorgia Meloni, who led a right-wing bloc to victory in Sunday’s election and is set to be appointed prime minister next month.

The Treasury’s annual Economic and Financial Document (DEF) indicates that GDP will grow by 3.3% in 2022, against a forecast of 3.1% set in April, thanks to sustained growth in the first six months.

The forecast of 0.6% for next year signals a considerable deterioration in the outlook from the previous target of 2.4%.

Draghi has already released some 66 billion euros since January to try to ease the energy crisis exacerbated by the war in Ukraine. His successor will probably have to follow the same path.

Meloni may set new targets soon after taking office if she thinks the tax cuts and spending measures she has promised could stimulate the economy.

euronews Gt

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