Ignazio Visco: 2019 World Savings Day

Address by Mr Ignazio Visco, Governor of the Bank of Italy, at the 95th World Savings Day, organized by the Association of Italian Foundations and Savings Banks (ACRI), Rome, 31 October 2019.

The views expressed in this speech are those of the speaker and not the view of the BIS.

The economic outlook

The trade tensions, the slowdown in China and the persistent uncertainty concerning the United Kingdom's withdrawal from the European Union have continued to affect the global economy. International trade, which has been declining since last autumn, seems to have contracted in the second quarter as well; for the year as a whole, it is expected to increase but at a rate of less than 1 per cent, the lowest since 2009.

In recent weeks, the International Monetary Fund revised downwards its growth forecast for 2019 and 2020 for nearly every country. Going forward, global demand may benefit from the stimulus measures implemented in the major economies, but the risks remain significant and are aggravated by the high level of public and private sector indebtedness in many countries.