## Italy: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Italy

_IMF Staff Country Reports, August 1, 2022_

## Source details

**Canonical URL:** [Italy: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Italy](https://www.imf.org/en/publications/cr/issues/2022/07/28/italy-2022-article-iv-consultation-press-release-staff-report-and-statement-by-the-521484)

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## Bibliographic details
- Published: August 1, 2022
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400217708.002

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### Overview
- GDP has fully recovered from the pandemic crisis.
- Government debt has risen to very high levels.
- The war in Ukraine triggered a surge in energy prices.
- The prospect of monetary policy tightening caused government bond yields to rise sharply.
- Implementation of the National Recovery and Resilience Plan (NRRP), which provides large EU grants and loans conditioned on implementing a comprehensive reform and investment program, is underway.

### Macroeconomic developments and risks
- Recovery: "GDP has fully recovered from the pandemic crisis."
- Fiscal position: "government debt has risen to very high levels."
- External shocks: "The war in Ukraine triggered a surge in energy prices."
- Financial market response: "the prospect of monetary policy tightening caused government bond yields to rise sharply."

### National Recovery and Resilience Plan (NRRP)
- NRRP status: Implementation is underway.
- NRRP features: provides large EU grants and loans conditioned on implementing a comprehensive reform and investment program.

### Subjects and keywords (as listed)
- Subject: Energy prices, Financial institutions, Fiscal policy, Fiscal stance, Inflation, International organization, Loans, Monetary policy, Prices, Public debt
- Keywords: Energy prices, financial asset, Fiscal stance, Global, Inflation, liability positions vis-à-vis nonresident, Loans, money market rate, price signal, public finance

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_Source: https://www.imf.org/en/publications/cr/issues/2022/07/28/italy-2022-article-iv-consultation-press-release-staff-report-and-statement-by-the-521484_