“Italy Lowers Growth Forecast To 0.1 Percent”

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“Italy lowers Growth forecast to 0.1 Percent.” The Italian government lowers the growth forecast for the economy for this year from 1 percent to 0.1 percent, according to the reports on Wednesday.

Due to lower growth, the budget deficit would grow to 2.4 percent.

After lengthy discussions, it was agreed with the European Commission that the budget deficit should not exceed 2.04 percent.

A package of incentive standards could ensure that the budget shortfall still drops slightly to 2.3 percent,

but even agreed above the limit with the committee.

The Italian economy turned out to be in a recession in the second half of last year after the economy also contracted in the fourth quarter.

The Italian finance minister, Giovanni Tria,

stated on Wednesday in China that the southern European country cannot further overcome spending referring to the recession.

“We need to increase our growth rate and start reducing the debt-to-GDP ratio.”

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