Italy sticks with 1% 2023 growth target despite weak second quarter

Interest rate hikes by the European Central Bank to curb inflation dampening economic activity has put Rome’s growth target of 1.5% next year increasingly at risk, economists say.

Italy can still achieve economic growth of 1% this year despite the fall in output reported in the second quarter, Economy Minister Giancarlo Giorgetti said on Sunday.

“The government plans to maintain the forecasts of 1% in 2023, but inevitable external variables are radically changing the picture,” Giorgetti said, speaking at The European House-Ambrosetti economic forum. Italy is preparing a difficult 2024 budget in which it will seek to reaffirm Prime Minister Giorgia Meloni’s commitment to keeping its deficit on a downward trend, leaving little leeway for stimulus.

“Next year’s budget law will obey the purpose of limiting positions of advantage we can no longer afford and reward those who work and create real wealth, especially looking ahead to the main source of wealth production: children,” Giorgetti said, indicating there might be tax breaks to help families.

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