01:33 GMT22 February 2020
Listen Live
    Get short URL
    0 34

    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 percent over ten years.

    WASHINGTON (Sputnik) – Reforms to Italy’s political and institutional system will open up new opportunities for economic growth and job creation, and will increase the country’s Gross Domestic Product by additional six percent over a decade, the Organization for Economic Co-operation and Development (OECD) said in statement.

    “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 percent over ten years,” the statement, issued on Thursday, said.

    Market reforms, the statement said, will improve Italy’s low productivity growth while aiding productive firms in overcoming barriers to economic development.

    “Italy is progressing on an unprecedented 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,” OECD Secretary General Angel Gurria said in the statement.

    More recently, the focus has been on the December 2014 Italian Jobs Act to clarify employment protections in Italy; expand active labor market politics; make social protection more effective; and boost women’s participation in the workforce, according to the statement.

    Flexible hours, improvements on parental leave, and quality child care were also included in the bill, the statement added.

    OECD cautioned, however, that full and effective implementation of the reforms is necessary for the economic benefits to come to fruition.

    The OECD is an international economic organization focused on stimulating economic growth and world trade.


    Ukraine's GDP to Drop by 5.5% in 2015
    European Commission Expects Eurozone GDP Growth at 1.3% in 2015
    Russian GDP to Fall Three Percent, Inflation to Stand at 12 Percent in 2015
    National Statistics Bureau Reports China's GDP Grew by 7.4 Percent in 2014
    G20's GDP Set to Grow by 2% by 2018: G20 Leaders' Summit Communique
    GDP, Organization for Economic Cooperation and Development (OECD), Italy
    Community standardsDiscussion
    Comment via SputnikComment via Facebook