The favorable financial conditions ensured to Italy by the ECB with the launch of the Pepp program "allowed Italy to secure interest rates" and therefore "a relatively strong economic recovery will be essential to stabilize and lower the public debt compared to GDP ".
The rating agency Fitch writes in a report on Italy, which sees growth recovering slower than the government's estimates, "leaving GDP at the end of 2022 two percentage points below its pre-crisis levels".
Fitch estimates a recovery of the Italian economy "slower than the government forecasts", not yet taking into account the impact of the Next Generation EU funds because "the exact timing in which they will be disbursed is uncertain". This can be read in a report by the rating agency, which maintains the estimates of last September 8 - a -10% for 2020 and + 5.4% for 2021 against respectively -9 and + 6% of the executive - and explains that the funds of the recovery fund - whose non-repayable share Fitch estimates at € 65.4 billion - "will have a probable impact on our growth estimates, which we will update when we have more clarity on their use".