Home » Franco: Italy continues to grow but estimates are uncertain. Another 200 million to Ukraine

Franco: Italy continues to grow but estimates are uncertain. Another 200 million to Ukraine

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Franco: Italy continues to grow but estimates are uncertain.  Another 200 million to Ukraine

«I don’t think there is a limit that we have to set ourselves to support Ukraine. The commitment is to continue to support the government of Ukraine ”. Thus the Minister of Economy, Daniele Franco. Italy announced another 200 million euros in aid to Kiev. “The other question that will arise is reconstruction, someone in the meetings talked about a Marshall plan for Ukraine”.

According to what the minister added, during the meetings of the International Monetary Fund and the various forums, issues “which are now of the utmost urgency, from the economic implications of the war to inflation” were touched upon. For Franco “this should have been a period of recovery after the pandemic but has taken a different turn for the trend in energy prices and the invasion of Ukraine”.

Italy continues to grow but uncertainty on estimates

“We have confirmed the objectives for the deficit,” explains the minister, stressing that the Italian economy continues to grow, even if slowed down by international events. “There is a lot of uncertainty about our economic estimates”, an overall picture on which the Governor of the Bank of Italy Ignazio Visco also focused. “Last year we reduced the debt compared to GDP by four points, we must continue on this path compatibly with the situation”, continues Franco, highlighting that “there is no doubt that the primary balance must improve”. Italy is also expected to increase its growth. «We have emerged from a global pandemic phase with higher public and private debts. This should have been a phase of rebalancing the situation and to bring debt levels down ”.

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Many countries are racing towards renewables

Many countries like ours are “running” towards renewable energies also as a result of recent events. Alongside this, during the meetings of the International Monetary Fund, a theme that has emerged at many moments is that of food as reported by the Minister of Economy. An unplanned but important consequence is the fact that the war in Ukraine “is contributing to a shortage of food”.

Visco: consequences on the world economy from the Ukrainian crisis

From the war in Ukraine “there is undoubtedly a consequence for the global economy. There is a worsening of the economic and financial situation and the assessments of the IMF show a strong downsizing of the growth forecasts of last October ». This was stated by the Governor of the Bank of Italy, Ignazio Visco at the G20 and IMF meetings in Washington. «It is a crisis – explains Visco – which has implications of a humanitarian nature, of suffering and of incredible disasters we are witnessing. The attention of the G7 countries and most of the advanced countries has focused on this: there is a divergent situation at the moment which, however, is hoped to concentrate on the substantive issues discussed both in the G20, in the meetings of the IMF and the G7 ». For Visco “the situation is very uncertain and this degree of uncertainty is reflected in both consumer confidence and investment decisions”. But “the markets are still calm,” adds the Governor.

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