Franco: “GDP will return to pre-crisis levels at the beginning of 2022, but we still have to reach 23 of the 51 objectives of the NRP”

Franco: “GDP will return to pre-crisis levels at the beginning of 2022, but we still have to reach 23 of the 51 objectives of the NRP”
Franco: “GDP will return to pre-crisis levels at the beginning of 2022, but we still have to reach 23 of the 51 objectives of the NRP”

“At the end of September we were still below the previous GDP, I think by 1.4. While the rest of the Eurozone had already recovered. This means that we will return to pre-crisis level in the first quarter of next year ». This was stated by the Minister of Economy, Daniele Franco, at the end of the Ecofin meeting: “In the spring we expected to arrive in the second-third quarter, but it will almost certainly be the first quarter”. On the other hand, the recovery of employment levels is more difficult.

Compared to the Italian Pnrr, however, there are “23 objectives out of 51” still to be achieved within the year, “we are monitoring the situation and the whole government is committed to this. We hope to close these commitments by the end of the year ». The minister then spoke on the European rules which must ensure “the sustainability of public finances and which allow countries to have room to deal with economic shocks. We all think that debt needs to be reduced, debt relief is one of the government’s priorities, the question is at what pace. And if the pace is such as to bring the country into recession, the citizens are not happy, the country “concerned” is not, and neither are the others “of the EU. Italy is however committed “to ensure that ratification takes place within the scheduled time”.

As for the economic situation, the minister explained that “inflation in October in Italy was 3.1%, therefore a point lower than the European one, with core (base) inflation of 1.3%. So Italy has a significantly lower inflation dynamics. We will now see how temporary this is, but it is someone who has been dragging on for some time and also helps us to regain competitiveness ».

On Mps, on the other hand, “we have an interview on the timing (to extend the expiration of the privatization, ed) underway with the European Commission and we hope that it will be positive”.

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