Italy's real post-COVID economic
recovery may not come until 2022, industrial employers group
Confindustria said Monday.
Confindustria, Director-General Francesca Mariotti told
parliament that the latest economic figures including an
unprecedented drop in GDP could mean the recovery would be
delayed until 2022.
With GDP "registering a drop never before seen in peacetime", he
said, data for the fourth quarter of this year "do not indicate
a continuation in the recovery".
He said achieving GDP recoveries of around 5% next year, which
had been expected up to a month ago, would require strong
positive variations in the second quarter, which now appear hard
to achieve.
Italy's industrialists, Mariotti said, believe that "a (new)
strategy of post-pandemic recovery" is essential.
He said investments and reforms were needed.
Italy's GDP is set to contract by 11-13% this year and then
rebound next year by 4-6%, according to various previous
estimates.
The Italian economy will not return to pre-COVID levels in 2022,
the European Commission said in its updated economic forecasts
earlier this month.
It said the economy is recovering from a steep virus-linked
decline "but it is unlikely that the recovery will be sufficient
to get production back to pre-pandemic levels by 2022".
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