OECD Secretary-General Angel Gurría said on Thursday while presenting the report in Rome with Italian Finance Minister Padoan: “Italy is back… Reforms will have a multiplying effect resulting in an impact greater than their sum… Italy is progressing on an unprecedented path of reform that, being a core country, will not only boost growth and employment, but also bring confidence at the systemic, European level.” The survey says: “GDP should rise 0.4% in 2015 after years of negative growth. Growth should accelerate to reach 1.3% in 2016. Reforms introduced should raise GDP by an additional 6% over ten years… and enable the creation of 340.000 jobs in 5 years.” The report forecasts an unemployment rate of 12.3% this year, saying this should come down to 11.8% next year. “Full and effective implementation of the Jobs Act introduced in December 2014 would further boost growth and employment… rationalising employment protection, expanding active labour market policies, making social protection more effective and boosting women’s participation”.
Alongside improving prospects for growth, Italy has made major efforts to reduce its deficit with the result that the debt burden should begin to decline next year, the report says.“
“The reforms”, said Gurria, “will also enable more resources to be directed to vital areas such as education, a fairer social safety net, improved support for job seekers and key infrastructure investment.”