Italians lost 2,600 euros of income each in 2020

Italians lost 2,600 euros of income each in 2020

The recovery in 2021 will be enough to recover only a part of the wealth lost in Italy. The estimate of Cgia di Mestre which launches an alarm in view of the end of the layoffs on March 31

(photo: chris s from Pixabay) "On a per capita level, we estimate that last year every Italian lost an average of 2,600 euros of income, while this year it will regain just under 1,400. In the two-year period 2020-2021, therefore, the balance will be negative for just over 1,200 euros ". This was reported by Paolo Zabeo, coordinator of the Cgia studies office in Mestre on the basis of the 2020 GDP forecasts for Italy which would stand at -9.9%, while in the new year it should return to growth of + 4.1%. in essence, the crisis would have burned 156 billion euros of wealth present in the country, but the expected recovery in the coming months is 83 billion, with a negative balance of 73 billion euros in the two-year period. "It is likely to argue that we will return to a pre-Covid situation no earlier than 2024", says Zabeo.

In parallel, according to the latest estimates made by the European Commission, Italian household consumption expenditure (equal to 60% of National GDP) is estimated to decrease by about 4,400 euros for each nucleus in 2020, for a total saving of about 110 billion euros (-10.5% compared to 2019), while in 2021 the recovery will be "only" +3 , 8%. The investment trend for 2020 is -13.6%, but an increase of 7.2 percent is expected for the current year. The recovery of exports is also partial: -16.7% in 2020 and a growth of 10.3% in the next 12 months.

“In 2009, GDP fell by 5.5 percent and the unemployment rate, in the space of 2 years, went from 6 to 12%. With a collapse almost double in 2020 compared to that recorded 12 years ago, it is clear that such a vertical fall will have very negative effects on the labor market - they observe from Cgia -. When the freeze on layoffs, scheduled for March 31st, is lifted, we run the risk of seeing the number of people without a job increase dramatically. A problem that will affect especially young people and women ”. The appeal is therefore to "spend the 209 billion in aid that will come to us from the European Union well. Otherwise, we risk that our country will end up on a dead end and the economic crisis will turn into an unprecedented social crisis ”.

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Italy Jobs Recovery Fund globalData.fldTopic = "Italy, Jobs, Recovery Fund"

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