Economic Survey of Italy 2017

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Non-subscribers can sometimes access a free access read only version, or read an extended summary of the source, through the ESO related url hyperlinks.The OECD Economic Survey of Italy 2017 was published in February 2017. The report said that Italy was slowly emerging from a deep and lengthy recession, helped by a range of structural reforms – such as the Jobs Act – and accommodative monetary and fiscal policies.

The report said that to boost inclusive growth, Italy needed to maintain a people-centred focus on enhancing well-being, reducing labour market duality and the mismatch of skills with jobs, while improving access to employment opportunities and vocational education for disadvantaged groups.

The report also highlighted that vital reforms to create a more effective public administration and improve the business environment must continue. A rapid and effective boost to infrastructure spending would be essential to raise investment while ensuring the continuation of prudent fiscal policies.

The Jobs Act and temporary cuts in social security contributions for new permanent contracts had contributed to rising employment and higher consumer spending. But the recovery remained weak because of low investment and a challenging international environment, said the report.

Productivity growth was low and the benefits were not shared sufficiently across the country. Inefficiencies in the public administration and judicial system, as well as weak competition in some sectors, still hampered business dynamism. The rejection of constitutional reform in the December 2016 referendum also risked slowing down reforms.

• Primary Source

Website: OECD iLibrary http://www.oecd-ilibrary.org/

OECD: Economic Survey of Italy http://www.oecd.org/italy/economic-survey-italy.htm

OECD: Press Release, 15.02.17: Sustained reforms are essential to reinforcing inclusive growth in Italy http://www.oecd.org/newsroom/sustained-reforms-are-essential-to-reinforcing-inclusive-growth-in-italy.htm

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