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Italy set to stay in recession until late 2013, says OECD

Downturn to last with European weak and austerity

22 May, 12:16
Italy set to stay in recession until late 2013, says OECD (ANSA) - Rome, May 22 - The Italian economy is likely to stay in recession for the rest of this year and most of 2013, the Organization for Economic Cooperation and Development (OECD) said in a report on Tuesday.

The OECD said the general weakness of European economies and the effects of government austerity meant the country would probably not return to growth until "towards the end of 2013".

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