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Italy Expects Zero Growth This Year
Italy's Prime Minister Matteo Renzi has reduced the government's 2014 economic forecast to "around zero" growth this year.
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Italy's Prime Minister Matteo Renzi has reduced the government's 2014 economic forecast to "around zero" growth this year.
The government previously predicted 0.8% expansion this year. But Italy's gross domestic product shrank 0.1% in the first quarter and 0.2% in the second quarter. Economists generally define a recession as two or more consecutive quarters of contraction.
Renzi, who was voted into office in February, believes Italy's economic shrinkage has stopped. But he notes that zero expansion does not define a recovery, adding, "I am not optimistic."
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