2005 OECD Economic Surveys: Italy 2005

image of OECD Economic Surveys: Italy 2005

OECD's periodic survey of Italy's economy. This issue examines key policy challenges including continuing adjustment to the EMU, fiscal reform, enhancing corporate governance and the functioning of financial markets, migration, and reforms to expand employment and productivity.

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Assessment and Recommendations

In recent years, Italy’s GDP growth has been below the euro-area average, and total factor productivity growth has been very weak, and even negative. The OECD estimates that the potential growth rate of GDP, possibly only temporarily, has fallen below 1½ per cent. Consumer price inflation has been faster than in the euro-area and relative unit labour costs in both the non-traded and traded sectors have been rising steeply.

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