The Italian economy did not need that. Decreasing at the end of 2019 (- 0.3% in the fourth quarter), it could hardly do better than treading water (+ 0.3%) this year, according to forecasts by the European Commission. The already known effects of the coronavirus are likely to precipitate it into recession.
The consequences of the crisis hit Italy at the heart on two combined planes. First, geographically: Lombardy and Veneto together account for more than 30% of the country's GDP, with an additional 9% each for the neighboring regions of Emilia-Romagna and Piedmont. It is the country's industrial lung, that of "made in Italia" exported around the world and integrated into logistics chains with disturbed China. The Italian industry was already in a severe recession (-4.3% in 2019). Second blow of the coronavirus: it is now the services, lifeline of economic activity, which are hit hard.
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Thousands of cancellations by tourists and travelers
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