Italy’s economic landscape is witnessing a recalibration as the cabinet approves a revised Economic and Financial Document (DEF), signaling adjustments to growth forecasts for 2024 and beyond. The DEF, a cornerstone document outlining Italy’s economic objectives over the next three years, has been officially endorsed, reflecting the government’s response to evolving economic conditions.
The revised growth forecasts for 2024, 2025, and 2026 indicate a downward adjustment compared to earlier projections. Growth estimates for 2024 have been revised to 1 percent from the previously forecasted 1.2 percent, with similar adjustments made for subsequent years. Despite these revisions, Italy’s growth outlook remains relatively optimistic compared to earlier predictions by the European Union (EU).
In terms of fiscal targets, the government has reaffirmed its commitment to prudent budgetary management. The DEF maintains a budget deficit target of 4.3 percent of gross domestic product (GDP) for 2024, followed by 3.7 percent for 2025 and 3 percent for 2026. Additionally, the document sets public debt targets, aiming for 137.8 percent of GDP in 2024, rising slightly in subsequent years.
The approval of the revised DEF underscores the government’s proactive approach in addressing economic challenges while fostering resilience in uncertain times. As Italy navigates its path towards recovery, policymakers remain focused on supporting economic growth, ensuring financial stability, and enhancing the nation’s competitiveness globally.
Photo source Google
By: Montel Kamau
Serrari Financial Analyst
11th April, 2024
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