A "narrow" path, between the need to pay attention to debt and fully implement the NRP targets to achieve growth forecasts. In a nutshell, this is what emerged from the hearings of CNEL, ISTAT, the Court of Auditors and Bankitalia at the joint Senate and Chamber budget committees on the NADEF. "The macroeconomic framework foreshadowed in the NADEF is on the whole plausible even if slightly optimistic, particularly in light of the most recent domestic and international developments; non-negligible downside risks remain for productive activity," explained the Bank of Italy. "The realization of the growth forecasts is also linked to the full implementation of the NRP. "Without a noticeable correction of the accounts and a greater capacity for growth of the economy, the ratio of debt to GDP will assume an increasing trajectory from 2027, also due to the impact of population aging on public spending. Planning as early as the three-year period 2024-26 for a reduction in debt incidence large enough to be robust against less favorable economic trends than expected would diminish the possibility of negative repercussions of any market turbulence; it would reduce elements of uncertainty, in an environment made complex by the energy shock and an international framework weighed down by geopolitical tensions, with downside risks to global development. Anticipating the descent of the debt profile would contain the risk of having to resort to large account adjustments in the future in the event of adverse shocks".
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