The International Monetary Fund (IMF) upgraded its growth forecast for Italy on Monday. The Italian economy is expected to expand 1.1% in 2016, up from its previous forecast of 1.0%, and about 1.25% in 2017-18.

The lender noted that there were downside risks to the outlook. According to the IMF, these risks are financial market volatility, a possible Britain's exit from the European Union, a higher number of refugees, and slowing global trade.