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TEHRAN, November 11 -Italy’s economy minister is looking to revise downwards the budget estimate for economic growth next year to try to reach a deal with the European Commission over its fiscal policy, Italian newspapers reported on Sunday.
TEHRAN, Young Journalists Club (YJC) -Italy’s economy minister is looking to revise downwards the budget estimate for economic growth next year to try to reach a deal with the European Commission over its fiscal policy, Italian newspapers reported on Sunday.
The Commission, the European Union’s executive, rejected Italy’s fiscal plan for 2019 last month. It said it flouted a commitment to lower the deficit and did not guarantee a reduction in the country’s debt, the second highest in the euro zone as a proportion of gross domestic product.
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The Commission gave Rome until Tuesday to present a new budget and could start disciplinary steps against Rome later this month.
In its latest multi-year economic targets, in early October, Italy revised up its growth forecasts, with 2019 gross domestic product growth seen at 1.5 percent.
Economy Minister Giovanni Tria said on Friday Italy stood by the main pillars of its budget.
But la Repubblica newspaper said Tria was considering cutting the estimate for 2019 GDP growth to 1 percent and another daily, Il Messaggero, said he would cut the GDP forecast for next year to 1.2 percent.
Both newspapers reported that Tria was also examining the possibility of including in the budget an automatic mechanism which would cut public expenses in case the deficit were to rise beyond the set threshold.
Source: Reuters
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