Nike Vapormax 2018

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by Alessandra Cardone

ROME Air Vapormax Shoes , Aug. 27 (Xinhua) -- Italy's government must correct its growth forecast downwards this year, economy minister Pier Carlo Padoan said in an interview on Wednesday.

Yet, Padoan added the sluggish growth was now a problem for the whole euro zone and, as such, it would require European Union (EU) countries to coordinate better their strategies in order to stimulate recovery and avoid the risks of a very low inflation.

"We must cut our gross domestic product (GDP) growth forecasts," Padoan told Corriere della Sera newspaper in an interview.

After a timid recovery in the last three months of 2013, Italy's output fell by 0.1 and by 0.2 percent in the first and second quarter of 2014 Air Vapormax 2018 , respectively. This dragged the country back into recession for the third time since 2008. Its GDP had already fallen by an overall 1.9 percent in 2013 and by 2.4 in 2012.

Since Prime Minister Matteo Renzi's cabinet in April had predicted a 0.8 percent growth for this year, a review of the official forecasts was highly anticipated after latest figures.

"A revision at this point is normal and it was very predictable, since the government's latest forecast had been made a few months ago, when we all were still expecting a more substantial growth," Stefania Tomasini, head of economic analysis and forecasting with Prometeia think tank, told Xinhua in an interview.

Most analyses now foresee an almost-zero growth for Italy this year Air Vapormax Flyknit , and Tomasini agreed with the perspective, saying any forecast higher than a 0.2-0.3 percent would be most unlikely at this point.

Padoan, a former executive director with the International Monetary Fund (IMF), confirmed once more Italy's budget deficit would in any case remain below the EU limit of 3 percent of the GDP. He also stressed the relevance of the spending review, along with structural reforms, in order to put the third euro zone largest economy back on track.

"The spending review will be the driving tool in formulating our budget law," Padoan said.

As Italy's government has just resumed its activity after the summer break Air Vapormax , Padoan said all cabinet's ministers will be asked to locate possible cuts, and no public sector will be kept out. The spending review, however, will preserve the effectiveness of public services.

In the extensive interview with the Milan-based newspaper, Padoan broadened his analysis to the European economic situation, pointing out the current risks of deflation. According to the Italian economy minister, Europe is now "at a crossroad."

"Either will the EU slide into deflation and slow growth or it will perform a last-gasp effort and restart with 'growth friendly' structural reforms and budgetary consolidation policies Cheap Nike Vapormax ," Padoan declared.

The crisis engulfing Italy's economy has widen to the euro zone during the summer, German and French economies included, Padoan warned. "The situation is worse than expected, and nobody is happy with it. Yet, it draws attention to the fact that a joint European action is needed," he said.

Padoan added he was in "full agreement" with the European Central Bank (ECB) president, Mario Draghi Nike Vapormax Sale , who recently urged euro zone governments to do more to revive growth and suggested "growth-friendly" fiscal policies could play a greater role in promoting recovery.

Along the same lines, Padoan asked for a greater harmonisation among EU partners. "We should have a 'European vision' of reform strategies, by creating space for a greater coordination of our policies," Padoan said.

According to Prometeia expert, this idea has long been discussed but never put into place.

"A greater coordination of structural reforms and growth strategies, via investments to be managed at the European level, would be highly desirable Nike Vapormax Mens , and I believe this is what minister Padoan meant," Tomasini said.

EU countries have so far acted quite separately, but for the EU limits on budgets or debts, she explained. "Yet, this unexpected prolonged lack of growth might now push them along the path of greater coordination. It is difficult to predict, but it would be certainly desirable."

SEOUL, Oct. 29 (Xinhua) -- South Korea posted a current account surplus for 31 months in a row due to robust export growth Nike Vapormax Womens , central bank data showed Wednesday.

Current account surplus was 7.62 billion U.S. dollars in September, up from a 7.2 billion-dollar surplus in August, according to the Bank of Korea (BOK). It marked the 31st consecutive month of surplus.

For the first nine months of this year, the surplus reached 61. 86 billion dollars, up from 55.04 billion dollars tallied in the same period last year.

The BOK had expected the current account surplus to reach 84 billion dollars in the whole year of 2014, topping the previous record high of 79.9 billion dollars tallied in 2013.

Brisk exports led the September surplus. Exports, which account for about half of the economy Nike Vapormax Shoes , grew 4.2 percent from a month earlier to 50.98 billion dollars in September.

On a customs basis, outbound shipments of steel products and ships surged more than 20 percent, leading the export growth. Machinery exports expanded 15.8 percent, but those for consumer electronics and oil products fell 17.6 percent and 3.3 percent each.

Imports increased 4.1 percent to 43.25 billion dollars in the cited period, sending the September trade surplus to 7.73 billion dollars. It was up from a 7.37 billion-dollar surplus in August.

Consumer goods imports rose 23.4 percent, with imports of foreign luxury cars and grain jumping more than 30 percent. Imports of mineral and crude oil declined 11.8 percent and 0.3 percent each.

Despite the solid monthly performance in exports, the third- quarter exports under the GDP data standard slid 2.6 percent compared with the prior quarter Nike Vapormax 2018 , marking the biggest decline since a 4.3 percent fall tallied in the fourth quarter of 20.