Rome

Italian economy min denies more austerity likely in 2014

Grilli disagrees with OECD assessment of Italy's economy

Italian economy min denies more austerity likely in 2014

(see related story) Rome, November 27 - Italian Economy Minister Vittorio Grilli on Tuesday said he did not think that Italy would need more austerity measures in 2014 after an OECD report warned that it might. "I believe it will not," Grilli said, referring to whether major budget tightening would be needed again in 2014 to keep Italy on its planned path of structural debt reduction. The OECD report on Tuesday revised down growth forecasts for Italy this year and next, and said Italy's government may need to slash spending again in 2014, despite painful austerity measures of tax hikes and spending cuts introduced by Premier Mario Monti's emergency technocrat government since coming to power last year. The OECD said it expected Italy's gross domestic product to fall 2.2% this year and 1% in 2013, compared to May forecasts of contractions of 1.7% and 0.4% respectively.

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