ROME, April 9 (Xinhua) -- Italy's cabinet on Tuesday approved the Economic and Financial Document (DEF), lowering the economic forecast for 2024 to 1 percent from the 1.2 percent forecast last September.
The DEF is the official paper that set Italy's economic and financial goals for the next three years.
Growth estimates for 2025 were also lowered to 1.2 percent from 1.3 percent, and that for 2026 to 1.1 percent from 1.2 percent.
The government's new growth forecast remained higher than predictions made earlier this year by the European Union (EU), which expected Italy to grow by 0.7 percent in 2024, and by 1.2 percent in 2025.
The government confirmed a budget deficit target of 4.3 percent of gross domestic product (GDP) for 2024, 3.7 percent for 2025 and 3 percent for 2026.
The DEF set the public debt target at 137.8 percent of GDP this year, 138.9 percent in 2025, and 139.8 percent in 2026. ■