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Italian Referendum, Renzi’s Resignation Increase Political Uncertainty - Fitch

© AFP 2023 / ANDREAS SOLARO Italian Prime minister Matteo Renzi (File)
Italian Prime minister Matteo Renzi (File) - Sputnik International
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Italy's Prime Minister Matteo Renzi's resignation will trigger a period of political uncertainty as Italy's president consults with party leaders on how to form a new administration, according to reports of Fitch Ratings.

WASHINGTON (Sputnik) — The failure of the Italian constitutional referendum and subsequent resignation of Prime Minister Matteo Renzi will increase the political uncertainty in the country, Fitch Ratings said in a press release on Monday.

On Sunday, Renzi announced he would resign after Italian voters rejected proposed changes to the country’s constitution.

"Renzi's resignation will trigger a period of political uncertainty as Italy's president consults with party leaders on how to form a new administration," Fitch stated.

A man reads the Corriere della Sera newspaper in downtown Rome, Italy, December 5, 2016. - Sputnik International
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A protracted period of political instability would prevent lawmakers from making changes to increase Italy’s global competitiveness and address concerns in the banking sector, the release explained.

Italy’s economic stagnation has made it more difficult to reduce government debt and unemployment.

Fitch said Italy’s GDP is expected to increase by 0.9 percent in 2017 and the potential for growth over the medium term remains weak.

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