Italy’s inflation seen falling to 5.4% this year

Modest rate: Tourists dine at cafes in Venice. The government set a GDP growth target of 1.5% next year, down from the previous 1.9%. — Bloomberg

ROME: Italy raised its growth forecast for 2023 but cut next year’s projection as the outlook clouds, while confirming previous public finance targets to keep the budget deficit on a downwards trend.

In its Economic and Financial Document (DEF), the Treasury forecasts gross domestic product (GDP) to grow by 1% this year, up from a 0.6% projection last November.