Italy: Staff Report for the 2004 Article IV Consultation
Volume/Issue:
Volume 2005
Issue 044
Publication date: February 2005
ISBN: 9781451819878
$20.00
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Topics covered in this book
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Business and Economics , Finance , Labor , Economics- Macroeconomics , Public Finance , ISCR , CR , staff projection , deficit , debt , net borrowing , risks to sustainability , staff appraisal , deficit target , unemployment rate , GDP deflator , Pension reform , Labor markets , Europe , Global
Summary
This 2004 Article IV Consultation highlights that a cyclical recovery is under way for Italy, with real GDP having risen by 1.2 percent in the first three quarters of 2004 relative to the same period of the previous year, thanks to the favorable external environment and a recovery of investment. A package of corrective measures adopted in mid-2004 is likely to have proven sufficient to keep the fiscal deficit just below 3 percent of GDP last year. IMF staff forecasts growth of 1.5 percent in 2004 and 1.7 percent in 2005.
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