(ANSA) - MILAN, SEPTEMBER 23 - S&P Global has raised Italy's growth estimates in 2021 to + 6%, from the + 4.9% expected at the end of June. Those for 2022 have been reduced from + 4.9% to + 4.4%, while growth of + 1.8% in 2023 is confirmed. Europe's prospects rise: "The rebound of the European economy since the restrictions were lifted in March-April has been surprisingly strong, both in terms of GDP and employment, prompting us to raise our growth estimates to 5.1%, from 4.4% of our previous forecast, "the report reads.
S&P also increased its inflation estimates from + 1.8% to + 2.2% in 2021 due to the "strength of the recovery" which "caused shortages of materials and increased prices ".
Nonetheless, the US agency continues "to see a deceleration of inflation below the ECB target next year, on the basis of a limited evolution of wages and a slowdown in growth".
S&P therefore does not believe that the "transitory" increase in inflation is "a reason for a further tightening of the monetary policy of the ECB".
"Consequently - says S&P -, we do not expect the ECB to stop overall asset purchases before the end of 2023 and therefore we do not expect any rate hike until the end of 2024".
(HANDLE).