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

Author: International Monetary Fund. European Dept.

Volume/Issue: Volume 2023 Issue 273

Publication date: July 2023

ISBN: 9798400249198

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Topics covered in this book

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International - Economics , Labor , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , 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.