OECD, Italy’s GDP towards 6.3%, Omicron is a threat to the recovery – Economy

OECD, Italy’s GDP towards 6.3%, Omicron is a threat to the recovery – Economy
OECD, Italy’s GDP towards 6.3%, Omicron is a threat to the recovery – Economy

The strong 6.3% recovery achieved by Italy in 2021, with the exit from the main restrictions related to the coronavirus, will gradually decrease in 2022 and 2023, with a respectively growth of 4.6% and 2.6%: this is what we read in the OECD Economic Perspectives presented today in Paris. Globally, GDP will drop to 4.5% in 2022 and 3.2% in 2023. The same trend in the euro area, where GDP will go from 4.3% in 2022 to 2.5% in 2023.

Italy’s unemployment rate will drop from 9.6% in 2021, to 8.9% in 2022 to 8.4% in 2023. A decline in Italian debt is also expected, which will fall from 154.6% of GDP in 2021 to 150.4% in 2022 to 148.6% in 2023.

The implementation of structural reforms to digitize and simplify justice, increase competition, especially in services, and improve the effectiveness of the public administration “remains crucial” for Italy, together with the tax reform to reduce the wedge and complexity of taxes on labor: this is what we read in the paper consecrated to Italy of the OECD Economic Perspectives, presented today in Paris.

The Secretary General of the OECD, Mathias Cormann, presenting the economic estimates of the OECD, has issued a severe warning on the global disparities with respect to the vaccination campaign. Inequality, which in addition to having consequences on health also have an impact on the economy. “Vaccination coverage remains uneven, in developing countries but also here in Europe,” Cormann said. calling for “continuing efforts without respite” to vaccinate “the entire world population”. “Omicron could pose a threat to recovery”; echoed OECD chief economist Laurence Boone.

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OECD Italys GDP Omicron threat recovery Economy

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