ROME: Italy’s political and institutional systems are crucial to ensuring the success of ambitious reforms currently underway to boost economic growth and raise living standards, according to a new OECD report.
In its latest Economic Survey of Italy, the OECD estimates that if fully implemented, reforms introduced in Italy, should raise GDP by an additional 6% over ten years.
The report adds that to achieve this, full and effective implementation of the reforms is necessary.
Particularly important are the plans to improve the structure of parliament and the division of responsibility between central and regional governments due to be completed this year – that will ensure more efficient law-making and avoid delays in implementation. This will also ensure that future, necessary reforms, will have a better chance to be approved.
Presenting the report in Rome with Italian Finance Minister Pier Carlo Padoan; Labour and Social Policies minister Giuliano Poletti and Constitutional Reform minister Maria Elena Boschi, OECD Secretary-General Angel Gurría said: “Italy is progressing on an unprecedent path of reform, that will not only boost growth and employment, but that, being a core country, will also bring confidence at the systemic, European level. Strong political courage has been necessary to advance this agenda. The Italian government should continue with this determination to complete the work”. The reforms will also enable more resources to be directed to vital areas such as education, a fairer social safety net, improved support for job seekers and key infrastructure investment.”
