OECD says Italian economy at 'turning point'

Quarter results point to recovery, OECD chief economist says

OECD says Italian economy at 'turning point'

Rome, September 4 - The Italian economy appears to be at ''a turning point'' despite a 1.8% contraction projected for 2013, OECD Chief Economist Carlo Padoan told radio listeners on Wednesday. Padoan told Radio Anch'Io that the squeeze on Italy's gross domestic product (GDP) is nothing new, whereas looking at results for the last quarter, the speed with which recovery appears to be taking shape is gaining momentum. Padoan said Italy's economy is emerging from crisis, and is at ''a turning point'', despite the OECD's Tuesday Interim Assessment which pointed out that Italy is the only one among the world's seven largest economies - the G7 - to contract this year. The OECD also warned that after more than two years battling sovereign debt crisis, the weary eurozone remains vulnerable to financial, banking and sovereign debt stresses.

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