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Visco, Italy recession only if gas stops from Russia

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Work, Soumahoro:

Italy will end up in recession only in the event of a scenario of blocking gas supplies from Russia. This was stated by the governor of the Bank of Italy Ignazio Visco according to which in this adverse scenario, GDP (which should grow in line with the eurozone in the two-year period) would undergo “a contraction on the average of the two-year period 2022-23, to return to growth in 2024 “. There would be “direct repercussions of this interruption on sectors with the highest energy intensity, further increases in the prices of raw materials, a more marked slowdown in foreign trade, a worsening of confidence and an increase in uncertainty”. The growth of Italy, following the “geopolitical tensions” and the repercussions on imports of raw materials from Russia, will undergo a downward revision but will be in line with that of the euro area in the two-year period 2022-2023. (HANDLE).

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Source: Ansa

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