Over a span of thirty years Franco Modigliani’s analyses, his diagnosis of the ills of our economy and the suggested cures, encompassed manifold subjects, from the labour market to the problems of retirement provision. He was motivated by the desire to penetrate the reality of the Italian economy in order to correct its malfunctions, increase efficiency and expand employment.
This reduction reflects the downward revision to exports, the pullback in housing and a shift in the timing of federal infrastructure measures that pushes some of the impact into 2017. We have reduced our growth estimate for this year to 1.1 per cent. The expansion in both 2017 and 2018 should be about 2.0 per cent, higher than the growth rate of potential.