The Strategist

Italian central bank forecasts growth of economy in 2023

10/11/2022 - 15:29

According to Luigi Federico Signorini, the director general of the Bank of Italy, the country's gross domestic product is only expected to expand slightly in 2019.
At a public event in Rome, he stated, "According to our baseline forecast, the change in GDP is likely to remain positive on average in 2023, since the economy is expected to return to growth in the second half of the year."

Forecasts for growth for the following year will be "seriously decreased," says Signorini.

"Under the adverse scenario," said the financial institution executive, "the economy will continue to contract for several more quarters and GDP will fall on average for the year. This scenario assumes a stronger and more prolonged impact of the war on energy availability and prices, as well as global trade and uncertainty.

The forecast for Italian GDP growth in 2023 was recently reduced by the Italian government from 2.3 percent to 0.6 percent.