November 23, 2017 / 6:53 AM / in a year

Italy economy could grow above 1.5 percent this year - minister to paper

MILAN (Reuters) - The Italian economy could grow above 1.5 percent this year, Economy Minister Pier Carlo Padoan told La Repubblica in an interview.

Italian Finance Minister Pier Carlo Padoan is seen during a meeting in Rome, Italy, October 31, 2017. REUTERS/Remo Casilli

“Even though I’ve seen forecasts that indicate a slowdown in 2018-19, we expect that the recovery will be sustainable,” Padoan told the paper. “Already for this year there is a possibility that matters could improve: I think growth, in the end, could exceed 1.5 percent,” he said.

The minister added that the case of Banca Carige and Creval, which have to issue shares to stave off the threat of being wound down, were not a sign of a banking system in difficulty.

He also added authorities had supervised Italy’s banking sector in an adequate manner but bad management at lenders should have been dealt with in a more decisive way.

Reporting by Agnieszka Flak

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