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

July 26, 2023

Preview Citation

Format: Chicago

Italy: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Italy, (USA: International Monetary Fund, 2023) accessed September 18, 2024

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.

Subject: Energy prices, Financial institutions, International organization, Labor, Loans, Monetary policy, Prices, Public debt, Tax allowances, Taxes, Wages

Keywords: Current account norm, Energy prices, Export market shares, Global, Headline inflation, Liability positions vis-a-vis nonresident, Loans, Money market rate, Potential GDP, Private sector liquidity, Tax allowances, Wages

Publication Details

Pages:

99
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2023/273
Stock No:

1ITAEA2023001
ISBN:

9798400249198
ISSN:

1934-7685

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