A London Based Digital Publication Covering Diplomatic & Business Activities Globally

Monday, April 22, 2024

Coronavirus: Italy faces worst recession since WWII

Facing its deepest recession since World War II and with business confidence collapsing, the coronavirus pandemic is hitting Italy’s economy hard.

Business confidence in the eurozone’s third largest economy in May plummeted to its lowest level since official statistics institute ISTAT started the index in March 2005.

The figure is “alarming”, said small business federation Confesercenti.

“The health and economic emergency has swept businesses away, especially in shops, services and tourism,” it said.

Its members are particularly concerned “by the lack of liquidity necessary to pay costs and salaries… we are close to a point of no return and that’s why the measures decided by the government (loan guarantees, SME subsidies) must be operational immediately,” said federation head Patrizia De Luise.

“We need to reduce bureaucracy and accelerate and simplify procedures, because if support is delayed again, many businesses will have no option but to stop,” she said.

The government last week accused banks of not acting quickly enough, but they said that they had already passed on around 400,000 loan requests worth more than 18 billion euros ($20 billion) to the state-backed Central Guarantee Fund.

Latest Posts

Latest Posts

Stay in touch

To be updated with all the latest news, offers and special announcements.

RELATED ARTICLES

WTO Promotes Consensus

The final World Trade Organization General Council meeting before...

UK and Azerbaijan celebrate growing bilateral relations

UK PM Rishi Sunak congratulated President Ilham Aliyev on...

US Ambassador Meets with RAK Ruler

On November 21, 2023, H.H. Sheikh Saud bin Saqr...

French Consul General Visits Innovators at Gulfood

During the Gulfood Manufacturing 2023 exhibition, Mrs. Nathalie Kennedy,...

German Aviation Shines at Dubai Airshow 2023

In a testament to its aviation prowess, Germany, a...

Bahrain Sri Lanka ties discussed

In a significant diplomatic exchange on November 21 in...

Oil Minister Welcomes Sakha Officials in Meeting

Manama, Nov. 20 (BNA): Dr. Mohammed bin Mubarak Bin...

Investopia Inks 8 MoUs for 2024 Event

Investopia strengthens its position with eight key partnerships, signing...

UAE Minister Urges Global Support for Sustainability

During the Global Food Security Summit hosted by the...