The proposed policy mix builds on income support and transfers rather than the investment needed to support growth on a sustainable basis. Italy's government approved a draft 2020 budget that cuts taxes for middle-earners and aims to crack down on tax evaders, while holding the deficit at the same level as this year. LinkedIn Twitter Amid the US Presidential Election job numbers in Focus on Friday – USD weakness ahead? Google+, Facebook VERIFICATION EMAIL. The government budget balance is the difference between government revenues and expenses. Italy’s government approved a proposal for 25 billion euros ($29 billion) in extra spending as it battles to rescue an economy devastated by the coronavirus pandemic. Sugary drinks will also be taxed 10 cents per litre starting October 1, part of a wave of recent taxes on soda to help fight obesity. Tell us what you think. First presented in October, the budget passed with 334 votes versus 232 votes against with four abstentions. In 2019, the public debt is expected to reach 135.7 per cent of GDP, up from 134.8 in 2018. Publish your articles and forecasts in our website. In a special report on Italy, the Paris-based OECD said the deficit would rise to 2.5 percent of gross domestic product this year, above the 2 percent target Rome agreed in December with the European Commission. Centeno welcomed the appointment of Roberto Gualtieri at the helm of the Italian Treasury saying it was “absolutely key at this stage” to have a pro-European finance minister in Rome. Subscribe to t.me/BizTimes. The government still officially forecasts 1 percent growth, although it’s expected to lower that in a new planning document later this month. How to compare Forex brokers spreads and swaps? Twitter Email us at btuserfeedback@sph.com.sg. By signing up, you agree to our Privacy Policy and Terms and Conditions. The budget has faced fierce opposition from Italy's far-right League, led by former deputy prime minister and now-senator Matteo Salvini, who on Monday denounced the new law. Italy Government Budget to GDP was -23.906 USD Billion in 2020. The president, who acts by moral suasion but has no policy powers, urged more spending on infrastructure, education and research. It also provides EUR 4 billion to support the sectors hit hardest by the pandemic, and allocates EUR 4 billion to the health system. The budget also calls for a freeze in VAT tax next year, representing about 23 billion in lost funds for the state. Centeno said existing rules were flexible enough and warned the government against using the 2020 budget as a pretext to push for changes. The maximum surplus was 27.41 EUR Billion and deficit was -48.99 EUR Billion. Environment measures figured prominently in the budget, with a plan for public investment in a "Green New Deal," worth 4.24 billion euros (S$6.37 billion) over three years. Never miss out on our latest data, analysis and industry events. The budget deficit will rise to 3.0 percent of GDP in 2020, the OECD said, assuming the government does not adopt increases in sales tax included in its latest fiscal plan. It has also pledged not to endanger public finances in order to preserve markets’ favor and rebuild relations with Brussels, damaged by frequent clashes over fiscal slippage under the previous executive made up of 5-Star and the eurosceptic League. The economy will shrink by 0.2 percent this year, the OECD said, confirming a forecast last month, before expanding 0.5 percent in 2020. Italy must “continue in the difficult task of promoting growth with a fiscal policy that faces the restrictions that we all face,” Centeno said in an interview with Reuters late on Saturday on the sidelines of the Ambrosetti business forum. List of countries with highest gold reserves, TOP countries with the highest level of unemployment, How to find the best FX broker for trading in 2020. Moreover, in an effort to boost job creation, the package assigns EUR 13 billion for tax breaks to stimulate hiring, especially of younger people in Italy’s less-developed southern regions. The budget’s other flagship measure, a reduction in the retirement age, will lower economic growth in the medium term and risks worsening inter-generational inequality and increasing the public debt, the OECD said. © Take-profit.org, 2020 | All rights reserved. The IHS Markit manufacturing Purchasing Managers’ Index (PMI) rose from 53.2 in September to 53.8 in October.

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