Influenced by high unemployment and weak domestic market, the growth rate of Italian economy continues to decline.
According to statistics provided by Italian National Bureau of Statistics on Feb.15, the gross domestic product (GDP) of Italy dropped by 0.2 percent and 0.7 percent respectively in the third quarter and the fourth quarter last year, with negative increase for two quarters.
“Italian economy has been in deep recession.” said Corrado Passera, the Minister of Development and Infrastructure. “The difficult economic situation of Italy will not soon be improved, and Italian people should get up their courage to carry out deep-rooted reform, instead of being panic and yielding, to realize an economic growth as quickly as possible.”
Since the second half of last year, Italian government has already unveiled multiple measures in financial retrenchment and economic reform, trying to pull their economy out of debt crisis through cutting down expenses and stimulating economic growth.
As estimated by authoritative international organizations, Italy will be in a more severe economic situation in the next two years.
International Monetary Fund (IMF) lowered this year’s expectation of the Italian economy to 2.2 percent of negative growth recently. If Italy could not get out of the economic predicament in time, the confidence of international market in this country’s debt issues will be influenced inevitably.
