Rome

Italy reaping benefits of government policy, says Monti

Disagrees with OECD forecasts of falling economic growth

Italy reaping benefits of government policy, says Monti

Rome, November 27 - Italy is already reaping the benefits of his government's reforms through lower interest rates and greater market stability, Premier Mario Monti said Tuesday. Monti was responding to an OECD economic forecast earlier in the day that warned the country isn't yet on the right economic path and faces more painful austerity measures. Monti, who was appointed to head a caretaker government one year ago, disagreed, saying his programs of tax hikes and spending cuts are putting Italy back on the right course. "(We are) doing very well in the markets and the work of this government ensuring a credible path out of the crisis, removing market uncertainty, and normalizing the supply and cost of credit is already visible in the low financing rates," said Monti. The OECD said it expected Italy's gross domestic product (GDP) to fall 2.2% this year and 1% in 2013, compared to May forecasts of contractions of 1.7% and 0.4% respectively. In a statement, government officials suggested that main difference between the latest OECD forecasts and others stem from different views of technical changes to tax policies.

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