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WorldPosted at: Sep 9 2020 6:27PM


Italy may need up to 15 years to recover from COVID-induced economic slump – Confindustria

Moscow, Sep 9 (Sputnik), Andrei Savenkov - Post-COVID economic recovery for Italy may take up to 15 years, as the country has suffered greatly from the pandemic, Ernesto Ferlenghi, the president of the Confindustria Russia association of Italian industrial enterprises, told Sputnik.
“By the end of the year, we expect between 12 to 15 percent decrease of the Italian GDP year-on-year. How many years we need to return to growth? I think quite a long time. Everybody recognizes that 2021 would be already a year for recovery, but the GDP now is back at the level we were more than 10-15 years ago. In order to offset that gap, we need probably another 10 years,” Ferlenghi said.
Italy also needs to tackle growing unemployment and focus on retaining the young generation in Italy, who are now sometimes fleeing the country to find better-paid jobs, the executive noted.
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