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GDP, Franco: ‘possible growth of over 5% but young test beds’

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The Italian GDP could exceed expectations and close the year at 5% or more. But for the post-pandemic rebound to give the impetus for lasting growth, a concerted effort, public and private, is needed to take advantage of this phase of expansionary policy to transform the country. The test bench? “the well-being of young people”: the barometer of a sustainable recovery. Economy Minister Daniele Franco, speaking at the assembly in Assolombarda, rattles off estimates that bode well but, with realism, dwells on the challenges facing the country. “The trend of the economy is heading towards an average growth in 2021 above the 4.5% indicated in the Def in April, a recovery of the GDP above or equal to 5% is achievable”, he says, noting however that this is a “rebound” after a 2020 that saw the deepest decline in GDP since the “post-war period”. All under the pressure of a second half of the year that travels towards economic growth of 2%. The positive results of the vaccination campaign that allowed the reopening process to push the economy. “The situation in the country is improving”, “infections are at a minimum”, the vaccine campaign continues “at a fast pace”, he says. There is no shortage of obstacles on the horizon though. “The risks associated with the new variants must be managed to avoid new drastic measures”, warns the Minister of Economy, stressing that “this phase must be used to strengthen the economy and increase potential growth”. In front of the audience of the association that brings together 6,800 companies, the locomotive of the Italian GDP, with 411,000 employees, Franco ensures the government’s commitment alongside the productive fabric. “We will do everything necessary to support businesses”, he guarantees, underlining that “the debt position of businesses is one of the critical aspects of the recovery” and the government will “carefully evaluate the evolution of the situation”. Not only that, if necessary it will be possible to evaluate adjustments to the interventions. What is certain is that for Italy “there are no easy solutions, there are no shortcuts, there are no tools that alone can bring a country with 60 million gradually aging inhabitants to significantly accelerate growth, commitment and choral effort are needed “, marks the owner of via XX Settembre. For the success of the NRP, whose implementation “will not be easy” and for the support for reforms, from taxation to work to welfare. “I believe that the test of an effective economic policy will be represented by the well-being of our young people”, Franco observes. “If they can enter the job market without difficulty, decide whether to live with their parents or away from home, if they will be able to graduate in percentages consistent with their peers from European countries, if they are not forced to emigrate for better prospects, then we will have been successful. “, adds Franco. “I believe – he concludes – that this will be the test for the ruling class of this country, in the public and private sectors: we must succeed, and I hope we will succeed”.

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