Italy may face two decades of stagnant economy: IMF

The International Monetary Fund authorities warned that the Italian government would face two decades of a stagnant economy.In a report published by IMF, it indicates that the growth rate of Italy has dropped to below one per cent.The third largest Eurozone country is presently facing a debt crisis, putting the banking sector under immense pressure.It is learned that the IMF has released a reversed growth rate list after the Brexit referendum, which confirmed the exit of the UK from the EU.

Meanwhile, IMF confirms that Italy’s neighbouring countries would not face this much trouble during the next two decades.Presently, over eleven per cent of the country’s employable population is unemployed due to the fall of job opportunist.In the Eurozone financial indicator, Italy stands next to Greece in terms of the economic instability, bank crisis, and economic issues.The banking sector of the country needs a big financial boost instantly through foreign aid or economic growth.Anyway, the IMF is not specifically suggesting any recovery period or recovery formula at this moment.It seems that the IMF is not forecasting an immediate solution to the current Eurozone crisis.It is said that after the June 23 referendum, the growth rate of the Eurozone countries has witnessed a slight decrement.IMF has earlier predicted that the Eurozone would acquire a growth rate of 1.7 per cent on next year. But, after the Brexit referendum, it revised the growth rate to below 1.4 per cent.

Vignesh

Photo Courtesy : Google/ images may be subject to copyright