18/07/2014 (Agence Europe) - Italy reduces its growth forecasts. On Friday 18 July, Banca d'Italia revised down its economic forecasts from 0.7% growth in GDP in 2014 to 0.2% with downside risks. On Thursday, Italian Finance Minister Pier Carlo Padoan told the Italian parliament: “The most recent macroeconomic data, if confirmed, indicate a delay in the mechanisms for a return to sustained economic growth in Europe and elsewhere. That is true for our country as well”. “The margins for government action in this case will be more restricted, but the need for decisive reform action remains”, he added. Banca d'Italia expects inflation to be 0.4% in 2014 and 0.8% in 2015. (EL)