Covid, Terzulli (Sace): ‘Italy strongly hit but held up thanks to measures’

“Italy was strongly hit by the pandemic shock, we were the epicenter of the pandemic with a budget of -9% of GDP in 2020” but “after some initial hesitations, both in Italy but also at the European level, there is it was a different awareness of the global crisis and space was given to fiscal levers “and to” favoring a certain coordination “and this” also allowed us to lay the foundation for a recovery that we have experienced in the last few quarters “. This is the picture outlined by Sace’s Chief Economist, Alessandro Terzulli, speaking at the ‘Future forward: Italy and the future of trade’ event, organized by Economist with the support of Philip Morris International. Terzulli then recalled “everything the European Central Bank has done” during the pandemic for the stability of the European economic system, but, added the Chief Economist of Sace, “even at the national level we must not forget everything that the system domestic banking did “like” corporate liquidity loans. “We – he observed – have played a role on the aspect of guarantees also with the ‘Guarantee Italy’ program, offering support for around 30 billion euros”.