The International Monetary Fund (IMF) has cut its growth estimate for Italy from 0.4 per cent of gross domestic product (GDP) to minus 0.6 per cent to reflect the COVID-19 outbreak.
An IMF staff report published on Friday gave the 0.4 per cent outlook but was also accompanied by an updated supplement taking into account the outbreak and revising the forecast to minus 0.6 per cent.
The IMF Executive Board said the outbreak “has created both health and economic emergencies that need to be addressed urgently, while amplifying uncertainty and downside risks.”
“Once the health crisis has passed, they (the board) stressed the need to implement a comprehensive package of measures to boost potential growth and enhance resilience,” the board said in a statement accompanying the reports. (dpa/NAN)
