IMF revises growth upward, but “Italy accelerate reforms” – AGI – Agenzia Journalistic Italy

Economy

19:04 May 18, 2015

(AGI) – Rome, May 18 – “The Italian economy is slowly emerging from a painful recession.” The IMF certifies the start of the turnaround and, on the basis of a better than expected first quarter, also revise upwards its growth estimates published just a month ago. Italian GDP, they say the inspectors at the end of their annual mission in our country, grow ‘by 0.7% this year and 1.2% next, “supported by increased exports and higher costs of companies and consumers. ” And much of the credit and ‘attributed to the Government. The staff of Washington has no doubt the quantitative easing of the ECB and the greater flexibility ‘granted by the European Commission have helped, but by no means least, and’ was the work of Matteo Renzi and his ministers, the statement of IMF technical, “has carried out major economic and institutional reforms that have increased confidence.” The road remains but ‘long. The growth, though improving, is not ‘still enough to attack unemployment and public debt with the required speed’.
Therefore the exhortation of the Fund and ‘decided: “It’ s time to go full speed ahead with the ‘reform agenda. ” E ‘need to “take advantage of the window of opportunity’ ‘given by the improvement in macroeconomic factors, warns Petya Koeva Brooks, head of the IMF mission in Italy.
In particular, according to the technicians of Washington” efforts should focus on three areas : addressing the perennial problem of productivity ‘; support the cleaning of balance sheets of banks and enterprises, and rebalance the fiscal adjustment to reduce public debt. ” For the Fund and ‘still “encouraging that the Government’s agenda includes ambitious initiatives in all these areas. The challenge,” the statement said, “and’ keep the pace of reform and achieve real changes on the ground”.
No worries however the judgment of the Constitutional Court on Pensions: “It should not change the approach to fiscal policy it ‘this year it’ in those to come,” say the IMF technicians. And fiscal policy of the Government is deemed “appropriate”, close in “dual purpose” to control the debt and not stifle a recovery in its infancy.
Unica rejection of privatization. “Accelerating privatization would reduce the debt, but progress remains disappointing”, says the Fund. “The recent sales of shares Enel and ‘a positive step. Taking advantage of favorable market conditions, the objectives of privatization should be more’ ambitious”, the statement concluded.

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