Confindustria’s center of research estimated “an enormous” decrease of gross domestic product in the first half of 2020.
MILAN — Recession may loom ahead for Italy, but the country’s main industrial association, Confindustria, is rallying its associates to avoid a depression in the wake of the coronavirus outbreak.
As reported, Italy has been in lockdown since March 9 and nonessential activities are shut down until April 3, although this regulation may be extended until after Easter, to April 15. The government is expected to issue a decree by the end of the week on the issue. Confindustria’s study stated that each additional week of halted production could cost an additional 0.75 percent of GDP.
Confindustria said the COVID-19 pandemic has “struck the heart of the Italian economy” and that all efforts must be made to “take action immediately, with massive interventions in new ways that have never been known before, nationally and at the European level,” without scrimping on resources and protecting the production and social webs, companies and families. This is the only way to avoid “a prolonged economic depression,” it said.
For Confindustria, the pandemic is putting a pressure on Italy’s production system that has no equal and “whether it resists will allow the country to relaunch,” once the health emergency is over.
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