Italy cuts 2024 growth forecast to 1.5%, citing rates, war
The Italian government has cut its economic growth forecast for next year, taking into account the negative impact of rising interest rates, the effects of the war in Ukraine and the emergence of localized crises in the international banking and financial system
ROME (AP) — The Italian government on Tuesday cut its economic growth forecast for next year, taking into account the negative impact of rising interest rates, the effects of the war in Ukraine and localized crises in the international banking and financial system.
In its Economic and Financial Document, approved by a cabinet meeting on Tuesday, the Italian Treasury forecast that gross domestic product will grow by 1.5% in 2024, down from a previous projection of 1.9% made in November.
The 2023 GDP forecast was instead raised to 1% from a previous 0.6%.
“We are facing big challenges, from climate changes to a demographic decline in the Italian population, but also significant opportunities to open a new phase of growth for our country,” Economy and Finance Minister Giancarlo Giorgetti said.
