Italy: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Italy

Italy: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Italy
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Volume/Issue: Volume 2023 Issue 273
Publication date: July 2023
ISBN: 9798400249198
$20.00
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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Labor , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , International - Economics , headline inflation , money market rate , private sector liquidity , current account norm , potential GDP , export market shares , liability positions vis-a-vis nonresident , Energy prices , Tax allowances , Loans , Wages , Global

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Summary

Output grew robustly in 2022 despite surging energy prices on the post-pandemic recovery and fiscal stimulus. Inflation jumped and the current account fell into deficit. Employment reached new highs. Fiscal support and higher borrowing costs kept deficits large and public debt very high. Bank credit has begun to decline although loan quality continues to hold up. Italy’s National Recovery and Resilience Plan (NRRP), supported by EU financial resources, aims to boost productivity and labor force participation, which would help offset the drag on growth from the declining working age population.

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