Italy approves new stimulus package to help virus-hit economy
Italy has approved a new stimulus package in its 2021 budget to foster an economic rebound from the recession caused by the coronavirus crisis, a government statement said on Sunday after a late-night cabinet meeting.
The ruling coalition, led by the anti-establishment 5-Star Movement and centre-left PD party, agreed a preliminary version of the stimulus package, a government source said, leaving final details to be hammered out.Among measures to support the health and education system, the government will set up a 4 billion euro ($4.7 billion) fund to compensate companies worst hit by coronavirus lockdowns.
The budget also extends temporary lay-off schemes for companies with workers on furlough and offers tax breaks to support employment in the poor south of the country.Italian Prime Minister Giuseppe Conte is expected on Sunday to also announce new measures to curb the steady spike in COVID-19 cases over recent weeks.
One of the European countries worst hit by the pandemic, Italy has forecast a 9% economic contraction for 2020 and a budget deficit equating to 10.8% of gross domestic product.The expansionary package is expected to keep Italy’s deficit next year to 7% of economic output, up from a 5.7% forecast in April, reflecting the additional spending.
Italy has forecast economic growth of 6% in 2021.Expansionary measures next year will total 40 billion euros, including cheap loans and grants from the European Union’s Recovery Fund, Gualtieri told lawmakers this month.($1=0.8534 euros)Reporting by Elvira Pollina; Editing by David Goodman
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Italy's debt is far from on a fast-improving trajectory, BoA warns. Only in the scenario of maximum growth support, debt would be below 160%-line at end of the decade. In that scenario, stronger growth would outpace the burden of extra-deficit. all the countries look at the economic plan and it will not be easy ..keep up economy more employment with safe
This beautiful country government can take care of their citizens while Trump does nothing for us but push ACB thru for his destruction of our healthcare system. Vote him out NOW! And who pays? 💸🤡🤪😷🇩🇪 Because stimulus is so helpful. Which is why we need another. EndSARS OPPORTUNITY OF THE DAY IN AMAZON !! BOTH SHIPPING FREE!!
good This is surprising. The rich and elite have money regardless of the economy. Gucci, Ferrari ,Etc will survive. Paid by Netherlands wow
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