PARIS - It is now expected that Italy’s GDP will see a 0.6 percent growth this year, 0.4 per cent higher than was initially forecast, the OECD said Wednesday.

The OECD (Organisation for Economic Cooperation and Development) now predicts 1.3 percent GDP growth in the country in 2016.  

The OECD has also reevaluated its GDP forecasts for France and Germany, with the former expected to grow by 1.1 percent this year, up 0.3 per cent from the original predictions, while the latter will grow by 1.7 per cent, 0.6 per cent higher than thought in November. The Eurozone as a whole is now predicted to see a 1.4 per cent increase in 2015 and 2 per cent growth 2016.

OECD officials have attributed the changes to lower fuel prices and to the European Central Bank’s programme of quantitive easing, claiming that these factors have allowed the Eurozone to avoid a prolonged period of fixed real income and low inflation.

After presenting the forecast revisions, OECD chief economist Catherine Mann praised the speed of reform in Italy, telling the press that “Italy has gone from stalling on reform to having an excellent reform pace and that's why we are more positive about the future prospects”.  She added: “There are opportunities for this country.”