Giuseppe Conte, Italy's prime minister, gestures as he speaks during an interview at Chigi palace in Rome, Italy, on Tuesday, Oct. 23, 2018.

The spat between Italy and the European Commission has resurfaced after the Italian government slammed the Brussels-based institution's economic forecasts as "ungenerous" and "bogus."

The European Commission — the EU's executive arm — presented Tuesday its latest economic forecasts, where the Italian budget deficit is seen hitting 2.5% of its GDP (gross domestic product) this year and rising to 3.5% in 2020.

These forecasts suggest that Italy will not respect previous commitments with Brussels that stated the country's 2019 budget deficit would not go beyond 2.04%. At the same time, the estimates from the European Commission also indicate that Italy could be in breach of the EU's fiscal rules in 2020, given that European countries are not meant to have a deficit higher than 3%.

Italian Prime Minister Giuseppe Conte said Tuesday the economic forecasts "seem ungenerous" and show a "prejudiced attitude," the Italian news agency Ansa reported.

Furthermore, the anti-establishment party Five Star Movement, one of the two forming the coalition government, also said that the European Commission was trying to "hit this government politically by using bogus estimates," Ansa reported.