Italy may need corrective budget measures, says OECD

Ending excessive-deficit procedure 'fundamental'

Italy may need corrective budget measures, says OECD

(see related story on OECD forecasts) Rome, May 2 - Italy will need to introduce corrective budget measures if it fails to get its deficit-to-GDP ratio below 3%, the OECD said on Thursday. The OECD forecast in a report that Italy will have a deficit of 3.3% of GDP, above the 2.9% forecast by the Italian government. Rome is hoping this month to convince the European Commission that it has got the deficit below the 3% threshold allowed by the EU so that it ends the excessive-deficit procedure against the recession-hit country. "It will be necessary to do something (if the deficit is over 3%)," OECD Chief Economist Pier Carlo Padoan said. "Coming out of the infraction procedure is fundamental". The OECD also forecast on Thursday that Italy's massive public debt will rise to 134% of GDP next year. The report said reducing this was a priority because otherwise the country would "remain exposed to sudden changes in the mood of the financial markets".

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