Italian Businessmen: Stop Waiting for EU Money

The Italian government makes the mistake of always focusing only on the fight against the coronavirus epidemic emergency, said Carlo Bonomi, head of the National Business Association of Industrialists, on Tuesday 17 November.

In such a situation, the country especially needs future projects and investment attraction, said Bonomi. According to him, instead ministers « live waiting for money from the recovery fund », the creation of which is agreed in the EU.

« Basta, » added the head of the association.

The national quarantine in Italy lasted from March to May 2020. The authorities began restricting economic activity once again – but already in fragments – with the arrival of the « second wave » in autumn 2020. At the end of the year, multibillion-dollar losses are predicted due to lack of tourists, reduced production and exports. At the end of the year, the volume of GDP will decrease by 10-15%, experts believe. The national debt of Italy has already grown by 20% of GDP, exceeding the mark of 150% of GDP.

According to expert estimates, the number of unemployed people may increase by one million, mainly citizens with temporary and ‘grey’ contracts, employed in the fields of tourism, catering and trade. The Italian authorities have provided tens of billions of euros in assistance to Italian citizens and businesspeople, including loans, and the EU will help Italy mainly with loans worth around 200 billion euros.

source: ft.com

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