Italy is expected to experience "modest growth" in 2023 and 2024, with GDP slowing from 3.8% in 2022 to 1.2% this year and 1% next. This is what the OECD writes in its Economic Outlook. "Risks to growth are broadly balanced" also thanks to high household savings "which could lead to a faster rebound in domestic demand" than expected. "On the contrary, negative fallout from the recent turbulence in the international banking sector or further delays in the implementation of NRR public investment projects could slow growth," the OECD warns.
"Delays in the implementation of the Recovery and Resilience Plan could reduce Italy's GDP growth." The warning is launched by the OECD in the Economic Outlook 2023. According to the international organization, rather, "the rapid implementation of structural reforms and public investment plans in the NRP will be key to sustaining activity in the short term and laying the foundations for sustainable growth in the medium term", as well as having "the additional benefit of exerting further downward pressure on the debt-to-GDP ratio".
"
Global economic developments have started to improve, but the recovery remains fragile." This is what we read in the OECD Economic Outlook according to which "global GDP growth is expected to decline from 3.3% in 2022 to 2.7% in 2023, before reaching a still modest 2.9% in 2024". As chief economist Clare Lombardelli puts it, "the global economy is turning a corner, but it faces a long and winding road to achieving strong and sustainable growth." The outlook still remains "significantly uncertain" and inflation and the war in Ukraine are among the main concerns.
