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Saturday, October 24, 2020

Italy. Coronacrisis. EUR 160 billion in losses in 2020

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The pandemic could contribute to 160 billion euros in losses to the Italian economy – this is the forecast of the national association of crafts and small events (CGIA). According to estimates, the gross domestic product in Italy will decline by 10 percent compared to 2019.

The organization, headquartered in Mestre in the north, stressed that the economic consequences of the current pandemic crisis can be compared to what would have happened if there had been a year-round lockdown in the Veneto region.

A more serious crisis

The effects of the pandemic will be much more severe than those of 2009, considered the worst for the Italian economy, the association said. It recalled that 11 years ago, GDP fell by 5.5 percent.

“This year, if it goes well, GDP will decline by 10 percent,” added Paolo Zabeo of the craft and small business organization. – That is why we are opposed to any decision to close the country, which could further aggravate the situation; also because the worst is still ahead of us, he said.

The present report shows that the current decline in consumption as a result of the pandemic will bring families “savings” of 96 billion euros. Every Italian family will spend 3,700 euros less this year. Consumption, noted, has been declining despite falling prices since May; families buy less because of limited resources and fears for the future.

The goods are lying on the shelves, traders are in more and more trouble, producers are forced to cut production, which means that their employees are dismissed or sent on forced leave, stressed the Italian organization.

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Main photo source: PAP / EPA / ANGELO CARCONI



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