Italy Will Lose €100B A Month From Industry Shutdown
Italy’s economic losses from cessation of production could amount to about €100 billion per month, said Vincenzo Boccia, President of the General Confederation of Italian Industry (Confindustria).
On Sunday, Italian Prime Minister Giuseppe Conte signed a government decree according to which all production activities not related to providing the population with the most necessary goods and services are suspended on the national territory. According to Prime Minister, the authorities « decided to slow down the country’s motor without turning it off completely. »
“By means of this decree, the question is raised of the transition from an economic emergency to a military economy,” Boccia said in this regard, speaking on Radio Capital on Monday.
According to the head of the association of Italian industrialists, 70% of production capacities are shut down in the country.
« If our GDP is €1800 billion per year, this means that we produce €150 billion a month. If we close 70% of production, it means that we will be losing €100 billion every 30 days, » Boccia emphasized.
Italy ranks first in Europe by the spread of coronavirus and at the end of last week was ahead of China by death toll. According to official figures released on Sunday evening by the head of the National Civil Defense Service, Angelo Borrelli, at present nearly 60 thousand cases of infection with a new type of virus have been recorded on the Apennines, more than 7 thousand patients have recovered, the number of victims is 5476 people.