Italian Parliament Approves Growth Package

(RTTNews) - The Italian parliament has granted final approval for a slew of measures proposed by the government to help the economy emerge from the ongoing recession, reports said. The package involves steps to limit bureaucracy, reorganize financial resources and improve the civil justice system.

The rescue package, which was introduced by premier Enrico Letta in June, has undergone a series debates in the parliament before being approved.

The program envisages massive investments in public works projects, including the augmentation of the rail and road networks and the education infrastructure.

Italian authorities have been struggling to revive the crisis-stricken economy, which is stuck in one of the longest recessions in its history, as the debt crisis in the euro area continues to weigh on economic activity across the region.

Earlier this week, the government said that Italy's long-drown recession eased in the second quarter, with the gross domestic product declining at the slowest pace in nearly two years.

Last month, the Bank of Italy had cut its GDP forecast, suggesting that Italy may heading for a more severe recession than expected. The central bank forecasts the economy to contract 1.9 percent in 2013, compared to 1 percent slump forecast earlier.