Italy’s Confindustria Sees Economy Shrinking 10% This Year

Meghann Showers

(Bloomberg) — The Italian economy will contract 10% in 2020 and make a partial recovery next year with growth of 4.8%, Confindustria said in a report published Saturday. © Bloomberg Waiters wait for customers outside a restaurant in Navonas square in Rome, Italy, on Thursday, Oct. 1, 2020. Italy’s economy […]

(Bloomberg) — The Italian economy will contract 10% in 2020 and make a partial recovery next year with growth of 4.8%, Confindustria said in a report published Saturday.



a group of people walking in front of a building: Waiters wait for customers outside a restaurant in Navonas square in Rome, Italy, on Thursday, Oct. 1, 2020. Italy's economy is forecast to shrink 9% this year and then rebound 6% in 2021, according to a Finance Ministry official.


© Bloomberg
Waiters wait for customers outside a restaurant in Navonas square in Rome, Italy, on Thursday, Oct. 1, 2020. Italy’s economy is forecast to shrink 9% this year and then rebound 6% in 2021, according to a Finance Ministry official.

After a rebound in the past quarter, momentum is expected to weaken again in the final three months of the year, the industry lobby said. “The gradual increase in the number of newly infected, although more contained than in other European countries, represents a source of uncertainty and concern about future prospects.”

Prime Minister Giuseppe Conte is struggling to revive an economy that has been ravaged by the coronavirus and a strict national lockdown. The country is starting to plan for what could happen if the pandemic worsens significantly, after recent numbers have showed an increase in infections.

Video: More corporate job cuts are likely without new stimulus measures (CNBC)

More corporate job cuts are likely without new stimulus measures

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A key boost to the economy could come over the next year from support measures already approved at the European level, according to Confindustria.

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