Italy: Updated DEF bets on growth to gradually bring debt down

GDP growth to ease to 4.7% in 2022 from 6.0% in 2021

Govt foresees no return to primary surpluses over forecast horizon

No-policy-change scenario would have yielded sharper fiscal consolidation and debt reduction

DEF update targets general govt debt-to-GDP ratio of 146.1% at end-2024 (from 153.5% at end-2021)

High energy prices and adverse epidemiological developments remain leading downside risks