Italy has taken huge effort to speed up long-overdue economic reforms but it is now essential to maintain the momentum, Angel Gurría, Secretary-General of the Organisation for Economic Co-operation and Development said Monday.
"Resolute implementation and continuation of the reforms are crucial," he said at a joint OECD-Italian government conference in Rome. "The success of Italy in overcoming these challenges will be decisive not only for the Italian people but for Europe as a whole."
According to him, reforms initiated by the Italian government could lift the economic growth by up to 4 percent over the coming 10 years. Continuing the reform process would boost growth even more.
The nation faces the challenges of weak growth, high unemployment and high public debt amid slowing demand from trading partners, he said.
Gurría observed that to improve Italian competitiveness Italy should increase productivity, keep wage dynamics in tandem with productivity growth and alleviate the tax burden on labor income.
by RTT Staff Writer
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