ROMA — «The figure for employment growth compensates for the cold shower of the declining GDP: the Italian industrial fabric is healthy and reactive, the problem is exports to markets which are themselves weak, from Germany to China». Marco Gay, president of Confindustria Piemonte, hi-tech entrepreneur with Digital Magics, sees more lights than shadows but warns against the risks that the Italian economy runs, which went from first to third place in Europe after being overtaken by France and Germany.
In which sectors is the economic situation more unfavourable?
«In mechanics, capital goods, the automotive industry: spearheads of Italian exports but aimed at countries that today have reduced absorption capacity. Even a sector in which Made in Italy is traditionally strong, the agri-food sector, is losing a few blows because it is the victim of particularly tenacious inflation in food raw materials. Fashion and luxury, on the other hand, resist despite the ups and downs of apparently decisive markets such as America and China, not to mention the loss of Russia».
And your sector, technology?
“It is booming both at home and abroad. In 2022 the cloud grew by 24%, artificial intelligence by 32%, Blockchain by 28%, Big Data by 14.1%. It is important because there is a willingness to invest in technological development and in enabling sectors for real transformation».
Is the government doing its part?
“There are positive signs. The cut of the wedge goes in the direction we indicated, but it must become structural and more robust. Confindustria was asking for a commitment of 16 billion a year, which I realize is a lot, while it stopped at 5 billion for six months. As for the Pnrr, there is the possibility that it will be transformed, with the coming into play of the resources of the RepowerEu, into a plan for industry 5.0. after that 4.0 had already brought so many advantages in terms of productivity».
But the delays? Isn’t the government confused?
«It is not easy to implement a project conceived by one government, implemented by another and which a third party must implement. The vision is important: we will try to make the investments possible by 2026, but the economy will reap benefits if equally productive and technologically advanced initiatives are set up in the following years: therefore the “remaining” part, the reforms, is important”.
And the rates? Do you also think, like your president Bonomi and governor Visco, that the ECB’s hikes are too tight?
“I would say yes. Of course, rates could not stay at zero for life. But even this unprecedented vertical growth is excessive and counterproductive. Within a few months, an entrepreneur finds himself paying even 8 or 9% for a loan and often has to give up».