Reuters reveals Italy to stick to 5.6% deficit target despite slashing growth outlook

Reuters was first to report that Italy plans to confirm its 2022 budget deficit target at 5.6% of national output, despite coalition pressure to sharply hike borrowing as the growth outlook deteriorates. Mario Draghi’s government is preparing to slash its growth forecast for this year to 2.8% from a previous 4.7% goal made in September, amid surging energy costs and turmoil linked to Russia’s invasion of Ukraine.