Draghi: ‘The economy in Italy restarts but the pandemic is not over’

MILANO – The health crisis is not over, even if the economy has started up again. This is the message from the Prime Minister Mario Draghi during the closing ceremony of the academic year of the Accademia dei Lincei. “More than a year after the outbreak of the health crisis, we can finally think about the future with greater confidence. The vaccination campaign is proceeding swiftly, in Italy and in Europe. After months of isolation and distance, we have resumed most of our social interactions . The economy and education are back on track. But we have to be realistic. The pandemic is not over. Even when it is, we will have to deal with its aftermath for a long time, “he said. “We must face the emergence of new and dangerous variants of the virus. We remain ready to intervene with conviction in the event of a worsening of the pandemic such as to cause damage to the country’s economy”, underlined the prime minister.

Redundancies are possible from today. Draghi dismantles the cashback operation

by Rosaria Amato and Roberto Petrini

June 30, 2021

“EU estimates will be revised upwards”

According to Draghi, at the end of the year our country should record higher growth rates than those highlighted by the latest European stme. “The Commission’s current forecasts indicate a 4.2% increase in GDP this year in Italy and the EU. I believe these estimates will be revised upwards, even significantly. Consumer and entrepreneur confidence is returning. ECB has indicated that it intends to maintain favorable financial conditions. As uncertainty recedes, the expansionary effect of monetary policy will gain even more strength. Households and businesses are more willing to borrow and invest when the future is safer, “he said. said.

“Debt will rise to 160%, we will have to deal with it for a long time”

“Even when” the pandemic is over, “we will have to deal with its consequences for a long time. One of these is the debt”, underlined Draghi, also recalling that according to the European Commission “it will increase from 135% of GDP to 160 % “, in line with what the government indicated in the Def in the spring (159.8%). “The economic crisis that began last year is unprecedented in recent history. It was a recession largely caused by conscious decisions by governments. To prevent a catastrophic spread of the virus we had to impose restrictions that led to the closure of many sectors of the economy. We had no alternatives, “he added.

“For Italy it is a favorable moment”

“For Italy – according to Draghi – this is a favorable moment. The certainties provided by Europe and the choices of the government, the ability to overcome some of what were considered identity barriers, the abundance of public and private financial means are exceptional circumstances for businesses and families. But it is also a favorable time to combine efficiency with equity, growth with sustainability, technology with employment. It is a moment in which the taste for the future prevails. Let’s live it fully, with determination and with solidarity “.

Franco: “Growth could be over 5%”

Economy Minister Daniele Franco also spoke of growth: “For the second half of the year, our internal estimates currently indicate economic growth close to 2%. The continuation of a significant recovery” of the economy “would give a value for 2021 over 4.5% expected in April in the Def. A GDP recovery equal to or greater than 5% now appears to be equal to or achievable “, he said in his speech at the Assembly of Assolombarda 2021.” Every tenth of a point recovered – he added – gives support to workers, families and businesses “.


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