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* PM Draghi promises "strongly expansionary" 2022 budget (Releads after forecasts presented, adds Draghi quotes)

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By Reuters Staff 3 Min Read ROME (Reuters) - Italy’s virus-hit economy is expected to grow 4.1% this year and 4.2% in 2022 in an “uncertain ascent from the abyss”, the country’s business lobby Confindustria said on Saturday. FILE PHOTO: People walk past closed bars and restaurants as Rome becomes a 'red zone', going into lockdown, as the country struggles to reduce the coronavirus disease (COVID-19) infections, in Rome, Italy, March 15, 2021. REUTERS/Yara Nardi The Italian economy shrank by a post-war record of 8.9% last year, and Confindustria said even such “historically high” g...

* Hikes deficit target to 11.8% * Approves new 40-bln-euro stimulus package * Debt to rise to post-war record of almost 160% of GDP ROME, April 15 (Reuters) - Italy on Thursday cut its economic growth forecast for this year and said the budget deficit would surge to a 20-year high as the coronavirus crisis weighs on recovery prospects and pushes up government spending. The Treasury’s annual Economic and Financial Document (DEF)forecasts gross domestic product will rise in 2021 by 4.5%, down from a 6% projection made last autumn. The fiscal gap is targeted at 11.8% of GDP, up from a previous...

The ongoing vaccination campaigns and the support of economic policies are being reflected in the improved global outlook; in the United States, the Biden administration's fiscal stimulus plan has raised expectations for growth and long-term yields. In the short term, however, uncertainties remain about the course of the pandemic and its impact on the economy, due to delays in rolling out vaccinations and the spread of new variants. It is vital to preserve favourable financial conditions in the euro area.   Economic activity in the euro area has been affected by a new increase in cases of i...