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March 20, 2019 Fitch returns to cut Italy's growth estimates. In 2019, according to the 'Global Economic Outlook, the GDP of our country will grow only by 0.1%, compared to the forecast of 1.1% last December, while in 2020 the expected growth is reduced from 1.2% at 0.5%.

Italy, after Turkey, was the country that suffered the heaviest revision of the 2019 GDP, equal to one percentage point within a quarter. Moreover, already in February Fitch had cut Italy's growth forecasts to 0.3%.

The outlook for global growth has deteriorated significantly, "but even if we have revised our estimates for 2019, we do not anticipate a global recession," Fitch explains. The agency cut world growth for 2019 to 2.8% from 3.1% and 2.8% from 2020 for 2020. The decline in growth by 0.4 percentage points we expect between 2018 and 2019 is the largest on an annual basis since 2012 ''.