Italy downgrades its 2016 & 2017 GDP forecasts


Italy’s Central Bank has just trimmed its 2016 & 2017 growth forecasts from 1.5% & 1.4% to 1.1 & 1.2% respectively and made the following statement –

The main factors of uncertainty weighing on this scenario are of a global nature: the continued weakness of the emerging economies and a less florid recovery in the advanced ones could put a brake on international trade for longer than expected; if geopolitical tensions worsen, volatility on the financial markets and in risk premiums could increase sharply.”

This is despite the ECB buying its non-performing loan books from the insolvent banking sector. We just won’t mention that the ECB is violating its own charter with respect to its actions.

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