Investors have lost confidence with Italy and its future remains uncertain, former prominent politicians in the country have told CNBC.
Investors have lost confidence with Italy and its future remains uncertain, former prominent politicians in the country have told CNBC, taking aim at the current coalition government seated in Rome.
"I think it is a worrying situation with no ideas for the future from the present government. It is just redistribution with no idea on how to grow. The country will face the second quarter for the year very very hard," Letta said. The present Italian government has often pointed out that the country's economy has been weakening since early 2017 and has recently been hit by a slowdown in Italy's main trading partners.
Reports of Italy cutting its growth target have been in the news lately. Last week, Italy's Il Sole 24 Ore reported that the government is set to downgrade its GDP forecasts along with introducing a package to boost growth. Bloomberg on Thursday reported that Italy is set to cut its 2019 growth forecast from 1% down to just 0.1%.
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