Growth in the Italian economy reported by Padoan

Pier Carlo Padoan. Photo by EUnews

ROME - According to the Minister of the Economy, Pier Carlo Padoan, the recovery of the Italian economy is “gaining robustness.” Padoan was speaking at a hearing at Def. He explained that there are now a million more jobs available in Italy than there were at the “lowest point” in Sept. 2013, and there is now a “return of the consolidation of growth” (sic).

 The growth of the last 10 years, according to Padoan, is among the most impressive of the euro states. After 7 years of debt, the first fall was recorded in 2015 and there continues to be a reduction in 2017. “[We are still in] the phase of significant improvement in the labour market” and “a further gradual increase in employment in the coming months and years” is foreseeable. Thus, in his view, there will be accelerated growth from this point forward. His sentiments were echoed by other speakers, with the Director general of the Bank of Italy, Luigi Federico Signorini, remarking that while the path to prosperity is “always difficult, it is a little less narrow than in the past, thanks to the favorable conditions of the economy and the markets.”

 Padoan also cited the positive growth prospects of Europe as a contributing factor to the Italian incline, but stresses that there is still progress to be made as “there are conditions for further strengthening of growth in the third quarter”. The plans include €3.5 billion spending cuts, and €5.1 billion to be gained from new revenue. The latter is specifically aimed at reducing the evasion of certain taxes, particularly indirect ones. Padoan presented this programme as key in increasing growth potential and the competitiveness of the production system. The importance of this was also stressed by the President of Istat, Giorgio Alleva, who recalled data from the Mef report of 2012-2014 that revealed a €97 billion loss in missed tax revenue.

 Overall, the hearing revealed encouraging statistics for this current year and predicted positive Italian economic growth in the near future.