ITALIAN ECONOMIC OUTLOOK LESS BRIGHT, OECD SAYS Italy's economic outlook for 1987 and 1988 is likely to be less favourable than last year with slightly lower growth, higher unemployment and an increased trade deficit, the Organisation for Economic Cooperation and Development (OECD) said. But the OECD, in its half-yearly report, forecast a slightly lower inflation rate over the next two years. Last year Italy ranked as one of the OECD's fastest growing economies with Gross Domestic Product (GDP) growth at 2.7 pct. The OECD said Italy's GDP may grow by three pct in 1987, but will then fall back to 2.5 pct in 1988. The inflation rate will probably stabilise at around five pct during the projection period as a result of a turnaround in import prices, particularly oil, an acceleration in labour costs and the effects of domestic demand pressure, the report said. This year, and to a lesser degree in 1988, domestic demand should be stimulated by buoyant growth in household consumption made possible by wage increases following pay negotiations. Domestic demand pressure, coupled with the deterioration in Italian competitiveness, is likely to stimulate imports and adversely affect exports in 1987 and 1988. This could result in a sharp negative contribution to the currrent account.