Def, green light from the CDM. Cut the tax wedge by more than 3 billion euros
Green light of cabinet al Def 2023with the cut the tax wedge “of over 3 billion for the current year” and for the benefit “of employees with medium-low incomes”.
“The prudence of this document is a responsible ambition. We have great challenges ahead of us, from climate change to the demographic decline of the Italian population, but also considerable opportunities to open a new phase of development for our country”, affirms the Minister of Economy, Giancarlo Giorgetti.
“Today the Government has outlined the economic policy for the next few years, a line made up of stability, credibility and growth. Let’s responsibly revise the GDP estimates upwards and continue the process of reducing the public debt. These are the cards with which Italy presents itself in Europe. We have also decided on a state of emergency on immigration to give more effective and timely responses to the management of flows”, wrote the Prime Minister, Giorgia Meloni, in a note.
GDP, estimates on the rise in 2023. The Def on the table of the Council of Ministers
Growth of Pil by 1% and deficit to 4.5% in 2023: these are the programmatic estimates that will be written in Document of Economy and Finance
The trend scenario, again according to the estimates indicated by the same sources, sees a growth of Pil of 0.9% and a deficit at 4.35%. For 2024, the programmatic estimates indicate a growth in the GDP of 1.4% and a deficit of over 3%. The programmatic debt for 2022 it stands at 144.4% to drop to 140.9% in 2025.
Sources from the Ministry of Economy recall that in drafting the document on economics and finance, the minister Giancarlo Giorgetti has adopted a “prudent and serious” approach to the estimates relating to growth and debt, in line with the dialogue and the relationship with the EU and with the situation of the public debt of the country. A type of approach, it is recalled, that had already been adopted in recent months with the Nadef and the budget law.
March 27th the Parliamentary Budget Office sent its findings relating to the provisional macroeconomic framework for 2023-26 sent by Mef last March 20th. Among the variables that will impact the growth of Pil there is the implementation status of the Pnrrat the center of a political dispute for the week over delays in tenders that would jeopardize the use of part of the resources.
Last week also the last one Italian Macroeconomic Bulletin elaborated by EY warned that if the resources in the Pnrr 70% and 90% of what is forecast will be spent in 2023 and 2024, GDP may not grow this year and recover by 1.8% next year. If, on the other hand, around 50% of the forecast is used, the Italian economy would return to growth in 2024, at a rate of 1.5%, after a contraction of 0.3% in 2023.
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