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Italian economy slowing, growth under 1% this year – Panetta – Business – Ansa.it


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Bank of Italy Governor Fabio Panetta
said Wednesday that the Italian economy was slowing down and
growth would come in at under 1% this year.

“We are in a phase of cyclical slowdown, last quarter we grew
sluggishly, as did (the rest of) Europe,” Panetta told a
meeting of Italian Banking Association ABI’s executive committee
“There is a boost from consumer spending, and this is positive,
thanks to the resilience of employment levels.

“We expect 2023 to have ended with GDP growth of between 0.6 and
0.7 and it will be below 1% for 2024 and then rise to 1% in

Panetta declared that “inflation in Italy is under control”
after it soared following Russia’s invasion of Ukraine.

“It has returned steadily below 2%,” he said, adding that it is
expected to “remain on average” below this threshold “over the
next three years”.

The governor also said that “we expect some recovery in wage



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