Italy cuts 2024 growth forecast to 1.5%, citing rates, war

ROME (AP) — The Italian government has cut its economic growth forecast for next year, taking into account the negative impact of rising interest rates, the effects of the war in Ukraine and the emergence of localized crises in the international banking and financial system. In its Economic and Financial Document approved by the cabinet on Tuesday, the Italian Treasury forecasts that gross domestic product (GDP) will grow by 1.5% in 2024, down from a previous projection of 1.9% made in November. The 2023 GDP forecast was instead raised to 1% from a previous 0.6%.