It is true that “the market is worried about the recessionary impact, inflation, war, energy problems, but the level at which Italy is a little cornered is in my opinion exaggerated”. Thus the number one of UniCredit, the CEO of Andrea Orcel, who spoke at the Uilca congress.
“We are highly integrated in the European Union” and “Italy continues to grow more than Germany and France”. Of course, continued the CEO of the Italian bank, “we have a very high public debt, which we must reduce, and in fact that is the direction, but it must be put in the context of a wealth of our families that exceeds 10 trillion” .
“International investors have very negative expectations – continued the head of UniCredit – We instead expect a slight recession that will disappear at the end of 2023”.
“Governments – continued the banker – are talking directly with industry and banks to launch measures to absorb these shocks which, although temporary, should help support the economy. Another theme is that we see households’ economic and financial dynamics that are better than what the markets expected. We say that there will be a recession, maybe one, two or three quarters, but (growth then) will rebound and will do so because of these factors ”.
“We are more concerned about geopolitics, the decisions to be made about the war could have tragic impacts. If the war degenerates we could have a worse social economic impact than what we are seeing, we do not think this will be the case but we cannot foresee it ”.