S&P raises Italy’s outlook to ‘positive’ on reforms
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October 22, 2021
(Reuters) – Ratings agency S&P Global on Friday raised Italy’s outlook to “positive” from “stable”, saying the government’s commitment to pro-growth reforms would boost the economy.
The government in April presented to the European Union a plan that sets out infrastructure investments and reforms to raise Italy’s growth potential and obtain more than 200 billion euros ($234.52 billion) of EU funds over the next six years.
“The Draghi government’s large bicameral majorities should ensure the end 2021 implementation of the 51 milestones and targets included in its ambitious reform program,” the ratings agency said in a statement.
The agency added that steps taken by the European Central Bank since the COVID-19 pandemic’s start to ensure a unified monetary policy within the euro zone have also supported Italy’s recovery.
A strong investment-led recovery in 2021 and 2022 should put the Italian gross domestic product above 2019 levels one year earlier than S&P had previously estimated, the ratings agency said.
The eight-month-old government forecasts the euro zone’s third-largest economy will grow by 6% this year, following the record 8.9% contraction in 2020 caused by the pandemic.
S&P affirmed Italy’s rating at “BBB/A-2”.
(Reporting by Reshma Rockie George in Bengaluru and Gavin Jones in Rome; Editing by Aditya Soni)
Source Link S&P raises Italy’s outlook to ‘positive’ on reforms
Tajammul Pangarkar is a CMO at Prudour Pvt Ltd. Tajammul longstanding experience in the fields of mobile technology and industry research is often reflected in his insightful body of work. His interest lies in understanding tech trends, dissecting mobile applications, and raising general awareness of technical know-how. He frequently contributes to numerous industry-specific magazines and forums. When he’s not ruminating about various happenings in the tech world, he can usually be found indulging in his next favorite interest - table tennis.
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