Def and more, all Giorgetti’s numbers
Here are the government's forecasts in the Economy and Finance Document (Def) as illustrated by the Minister of Economy, Giancarlo Giorgetti
Green light from the Council of Ministers on the Economic and Financial Document (Def). GDP for 2024 was estimated at 1%, a deficit at 4.3% and the debt at 137.8%.
ALL THE NUMBERS OF THE DEF OF THE MELONI GOVERNMENT
In 2025, GDP will grow by 1.2%, while the deficit will stand at 3.7% of GDP and the debt at 138.9%. In 2026, GDP should record a +1.1%, the deficit should settle at 3% of GDP and the debt at 139.8%. The following year, GDP is expected to grow by 0.9%, the deficit at 2.2% of GDP and the debt at 139.6%.
WHAT GIORGETTI SAID ABOUT THE DEF
From the trend picture, updated with the dynamics of the new economic political forecasts, "the devastating impact of the super bonus and similar" emerges. “The trend of the debt is heavily influenced by the cash flow consequences of the payment of the tax credits of the superbonus in the coming years. This enormous mass of 219 billion in construction credits will fall in the form of compensation in the coming years, and will become public debt in all respects, also for accounting purposes", stated the Minister of Economy, Giancarlo Giorgetti, in the press conference after the green light from the CDM to the Def.
GIORGETTI'S WORDS
"What doesn't stop now is the verification and control of the validity of these debts" deriving from the superbonus, which "has already led, to date, to around 16 billion in credits canceled and seized for various reasons". "This verification operation regarding the validity of all these credits claimed, or declared as such, by the State will continue and I believe it is one of the most important parts of the tax assessment and audit operation that we must carry out this year", he added.
GROWTH FORECASTS
Macro and growth forecasts are "very complicated in a complicated international and geopolitical framework", Giorgetti further explained, adding that the Def "takes into account the revolution in budget and fiscal rules at European level, such that implementing provisions are lacking, the instructions for building the route". “At the European level – he recalls – it was decided that the deadline for the presentation of the new Def, i.e. the structural programme, was set for 20 September. Obviously our desire is to present it first, when all the elements are available, first of all the technical trajectory which should presumably be made available in the second half of June by the European Union".
DECONTRIBUTION
“The decontribution which expires in 2024 is an objective that we absolutely intend to replicate in 2025”, it is “the real objective that we set ourselves when we define the structural plan by 20 September”, he then explained.
And again: “I hope that a decrease in interest rates will begin shortly in relation to the fact that inflation, at least in our country, seems to be under control,” said Giorgetti, explaining that “over the years, interest expenditure increases ” due to the increase in rates by the ECB.
PETROL PRICES
As for the rise in petrol prices, "there is already a provision from last year, if the circumstances arise it will start, but as is clear to everyone, the price of petrol does not depend on the government".
Furthermore, "at the ministry we are thinking about how to move further in this direction of spending cuts, we did not hope for the disaster of the super bonus and this honestly complicates the picture". In the next plan we will have to "take into account the new framework but also the objectives such as the decontribution which has given Italians some breathing space again" and in this also "the trend of inflation comforts us", said Giorgetti. '"When the budget law is passed, ways will be found to confirm" the cutting of the wedge which "is priority number one", he added.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/def-e-non-solo-tutti-i-numeri-di-giorgetti/ on Tue, 09 Apr 2024 13:58:19 +0000.