Coronavirus fallout: IMF cuts Italy’s growth estimate to minus 0.6% for 2020

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Rome – International Monetary Fund (IMF) has cut its growth estimate for Italy from 0.4 per cent of gross domestic product (GDP) minus 0.6 per cent to reflect the -19 outbreak.

An IMF staff report published on Friday gave 0.4 per cent outlook but was also accompanied by an updated supplement taking into account the outbreak and revising the forecast minus 0.6 per cent.

IMF Executive Board said the outbreak “has created both and economic emergencies that need be addressed urgently, while amplifying uncertainty and downside risks.”

“Once the crisis has passed, they ( board) stressed the need to implement a comprehensive package of measures to boost potential growth and enhance resilience,” the board said in a statement accompanying the reports.