“Today we can say that Italy is emerging from the worst economic crisis in its history. From 2008 to 2013, following a double-dip recession, GDP decreased by almost 10 percentage points, industrial production by about a quarter, investments by 30%, consumption by 8%”. This was stated by the governor of the Bank of Italy, Ignazio Visco, in the European Parliament.
“The budget correction launched at the most acute moment of the crisis, even if pro-cyclical, was necessary to regain the confidence of the markets and to convince our partners of the country's determination to correct its imbalances – he added – The budget balance Primary was back in surplus as early as 2011 and net borrowing was brought back below the 3% threshold of GDP the following year. The control of primary current expenditure has played an important role: since 2010 the growth of disbursements has been modest in nominal terms, of the order of 1%, against an average of over 4% in the previous ten years”.
In summary, “our most recent forecasts point to a further moderate strengthening in output growth. As for the area as a whole, the prospects of the Italian economy are however subject to risks, linked above all to global geopolitical factors. The indicators relating to economic policy uncertainty show that it is currently very high at the national level and in the euro area, as well as outside Europe. For several years now, Italy has embarked on a complex process of reform. The changes have started to pay off. The commitment to modernize the country must continue”, concluded Visco.
