Posted on 11/10/2007 9:22:28 PM PST by bruinbirdman
Italian Prime Minister Romano Prodi called for action Saturday to avoid an "irreversible crisis" following European Commission forecasts of weak growth next year. The commission Friday predicted that Italy's gross domestic product would increase by only 1.4 percent in 2008 and 1.6 percent in 2009, the lowest growth in the 13 nations using the euro as a common currency.
It said European economic growth would be weaker than previously expected next year, with an average of 2.2 percent, blaming distressed financial markets, a relentless rise in oil prices and a weakening US economy.
In the broader 27-nation European Union, economic growth was forecast to slow from 2.9 percent this year to 2.4 percent in 2008.
"Because of its divisions, Italy has become a static society," ANSA news agency quoted Prodi as telling a meeting of the new centre-left Democratic Party in Bologna.
"The duty of the Democratic Party and the government is to restore movement to society," Prodi said. "If Italy does not progress like other countries, the crisis will be irreversible."
Can’t trust those Talians.
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