The populist government is planning a series of new laws to kick-start Italy’s ailing economy, premier Giuseppe Conte said…reports Asian Lite News
“The government is planning to introduce numerous new laws to change the country and re-launch the Italian economy,” Conte said.
He made the remarks to a General Assembly of Italian labour consultants taking place in Rome.
Conte’s remarks came as figures issued on Friday by Italy’s central statistics agency Istat showed industrial output fell 1.6 percent in November from the previous month and dived 2.6 percent from November 2017 – the biggest drop since October 2014.
The worst-than-expected data were a further sign that Italy – the euro zone’s third-largest economy – is heading for another recession amid the spectre of a European slowdown, analysts said.
Italy’s economy shrank 0.1 percent in the third quarter of 2018, and data indicate further a further contraction in October to December. Istat will release preliminary GDP figures for the fourth quarter at the end of the month.
The government has already had to trim its growth outlook for this year and its big-spending budget’s deficit target to avert sanctions for breaching European Union fiscal rules.