IMF "hopefully" too pessimistic on growth - minister

BRDO, Slovenia (Reuters) - Italy's Economy Minister Tommaso Padoa-Schioppa said on Saturday he hoped the International Monetary Fund's forecasts for growth were "too pessimistic."

"At the moment, every new growth forecast is worse than the previous ones. The IMF's estimates confirm this. Hopefully, they are too pessimistic," Padoa-Schioppa told a news conference after a meeting of the European Union finance ministers.

Padoa-Schioppa did not specify which forecasts he referred to, but said he agreed with Bank of Italy Governor Mario Draghi who said on Friday the IMF's forecast for growth in some euro zone countries was "too negative."

When the IMF publishes its World Economic Outlook report on April 9, it is expected to forecast Italy's gross domestic product (GDP) to grow just 0.3 percent this year, down from a forecast made in October of 1.3 percent.

The IMF is also expected to say the economy of the 15 countries using the euro will grow less than 1.3 percent this year, a source familiar with the matter told Reuters on Friday.

IMF chief Dominique Strauss-Kahn said on Saturday most of the downside risks to the world economy identified six months ago have now materialised and the Fund's forecasts due to be released in a few days were "not really improving."

The IMF said on Thursday it had cut its 2008 outlook for world economic growth to 3.7 percent this year from its January forecast of 4.1 percent and lower still from the 4.8 percent rate it predicted in October last year.

Padoa-Schioppa said the general economic climate had changed dramatically compared to two years ago and economic recovery was not a long-term one as hoped for.