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Expert Ninja
Expert Ninja

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PostPosted: Mon Nov 19, 2018 7:19 pm    Post subject: / Reply with quote

ROME, Feb. 15 (Xinhua) -- Italy's Economy Minister Pier Carlo Padoan on Wednesday said the government would push forward with its privatization plan this year.

Meanwhile, the Organization for Economic Cooperation and Development (OECD) said Wednesday in a survey that Italy's gross domestic product (GDP) will grow by one percent in 2017, slightly up from a previous forecast of 0.9 percent.

The report was launched by OECD's Secretary-General Angel Gurria in a press conference alongside the Italian economy and finance minister here. "Italy's economy is recovering from a long and deep recession," the OECD stated, adding, "Structural reforms, accommodative monetary and fiscal conditions, and low commodity prices have helped the economy to turn the corner."

The Paris-based organization also forecast a one-percent growth for Italy in 2018. Yet, it pointed out recovery remains weak, and crisis-related issues such as a wider social inequality and increased poverty had to be tackled urgently.

It also called on Italy to insist on structural reforms to fully heal from the long recession, not least addressing its huge public debt, and the bad loans burdening the banking system.

The OECD report was "rightly critical where it was needed, and yet encouraging where it had to be," according to Padoan.

"The Italian government's tools to reduce the public debt -- including the privatization plan -- are relevant and will continue to be used," the minister told the press conference.

"Our idea of privatization has not changed: our goal is not only to raise money, but also to increase the management efficiency in companies facing major challenges on the market," he added.

Despite having emerged from an eight-year-long recession in late 2015, Italy's economy still bears the scars of the crisis, the OECD survey noted.

The organization, however, also acknowledged Italy's efforts in latest years. "The (implemented) reforms are producing results, this is a key message I would like to send," state broadcaster RAI News 24 quoted Gurria as saying.

While growth was indeed recovering, some tough challenges would persist, according to the OECD chief.

"The Italian government must keep tackling evasion, which remains the Achilles heel (great weakness) of the country's tax system," Gurria warned.

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