Italy growing more than France and Germany, notes IMF

Rome: The International Monetary Fund revised its growth estimates for the Italian economy upwards – at 1.1%, beating the other two major EU economies as well as the eurozone’s average.

Italian economic growth shots past competitors. On Tuesday, the International Monetary Fund updated its forecast for Italy’s economic growth upwards to 1.1%.

The figure is higher than that of France and Germany (the other two major European Union economies stand at 0.8% and minus 0.3%, respectively) as well as the eurozone’s overall average.

In concrete terms, Italian GDP has risen 0.4% so far this year. The 2024 forecast was also revised upwards by one decimal point to 0.9%.

The services and tourism sectors are decisive in buoying the Italian economy, notes the IMF in its World Economic Outlook, and slowing inflation figures aid the overall result.

The global economy is also signalling it’s on the path to recovery and shaking off the after-effects of the pandemic and Russia’s invasion of Ukraine, said Chief Economist Pierre-Olivier Gourinchas, who warned that growth remains weak.

Cause for celebration in Rome. The IMF’s figures “confirm the effectiveness of the government’s economic policy and spur us to continue on this path and do even better,” rejoiced Prime Minister Giorgia Meloni in an official note. The results, she added, will be the foundation for the next budget law.

“In a complex scenario, we will continue to cultivate the line of development and prudence, of momentum and stable accounts. Italy proves to be resilient and dynamic. Businesses and households have given an extraordinary response.”