IMF ups Italy’s GDP forecast for the year

THE INTERNATIONAL Monetary Fund yesterday slightly raised its forecasts for Italy’s economy this year and next, and said that Rome should take advantage of favourable external conditions to push through much-needed reforms.

“A wide-ranging reform to raise the efficiency of public services is long overdue,” the IMF said in its report.

The Fund lifted its forecast for Italy’s economic growth this year to 0.7 per cent, from a 0.5 per cent projection in April, due to firmerthan-expected 0.3 per cent growth in the first three months.

It raised next year’s growth forecast to 1.2 per cent from 1.1 per cent.