Italian Audit Court chief criticizes Italy's tax burden
Italy can't escape from vicious cycle without careful budget11 December, 12:33
"The problem with the Italian economy is a problem of growth," said Raffaele Squitieri, who was nominated to the top post in the Audit Court last month and on Wednesday took office in Rome. "But in an economy in which public spending is worth more than half of the gross domestic product (GDP), no growth is possible without more effective and efficient public spending," he added.
"The (tax) levy amounts to 45% of the (GDP)," Squitieri said.
"One cannot have consistent improvement in resource allocation accompanied by relevant productivity growth - and hence significant acceleration in (economic) growth - if we don't know how to better spend the enormous resources derived from the tax levy," said Squitieri.