## Italy: 2026 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Italy

_IMF Staff Country Reports, July 24, 2026_

## Source details

**Canonical URL:** [Italy: 2026 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Italy](https://www.imf.org/en/publications/cr/issues/2026/07/23/italy-2026-article-iv-consultation-press-release-staff-report-and-statement-by-the-577963)

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## Bibliographic details
- Published: July 24, 2026
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798229052627.002

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### Key findings
- In 2025, economic activity expanded by 0.5 percent.
- Continued strong fiscal consolidation helped strengthen market confidence, with sovereign spreads reaching multi-year lows.
- Persistently high debt and dependence on imported energy are exposing Italy to tighter financial conditions and higher global energy prices.
- Medium-term growth prospects remain subdued amid weak productivity and adverse demographics.

### Near-term outlook and risks
- The near-term outlook is more challenging due to the war in the Middle East and heightened global uncertainty.
- Exposure to tighter financial conditions and higher global energy prices has adverse implications for inflation, real incomes, and confidence.

### Policy implications and priorities
- Maintain fiscal consolidation to preserve market confidence (continuation of measures that contributed to sovereign spreads reaching multi-year lows).
- Address vulnerabilities from high public debt to reduce sensitivity to tighter global financial conditions.
- Mitigate risks from energy import dependence, given exposure to higher global energy prices.
- Undertake reforms to boost productivity to support medium-term growth prospects in the face of adverse demographics.

*Italy: 2026 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Italy*

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_Source: https://www.imf.org/en/publications/cr/issues/2026/07/23/italy-2026-article-iv-consultation-press-release-staff-report-and-statement-by-the-577963_