Fitch confirms Italy’s ‘BBB’ rating. This can be read in a note from the agency, which keeps the outlook ‘stable’.
Italian growth “exceeded our expectations in the first quarter of 2023” thanks to the easing of the gas crisis, the strong recovery of tourism and the strengthening of global demand. Fitch affirms it, emphasizing that in the light of these dynamics it has raised growth estimates for Italy in 2023 to +1.2% from the previous +0.5%. “In 2024 we expect growth of 0.8%, slower than the 1.3% expected in March”, reads a note from the agency.
Fitch predicts a decline in the Italian public debtwhich in 2024 is expected to stand at 142.3% of GDP compared to 144.4% in 2022. However, the debt remains above pre-pandemic levels, when it reached 134.1% in 2019, and the average of the countries that they have a BBB rating.
The Italian government enjoys a stable majority in parliament and strong support among voters. In light of this and the fragmented
opposition we believe it is possible for the government to last a full term‘. Fitch affirms this, emphasizing that political ‘stability’ creates space for the government for a medium-term strategy’. Either way, Fitch warns, the coalition could face pressure to deliver on spending pledges made during the campaign.
Read the full article on ANSA.it
2023-05-12 21:23:00
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