Italy’s Confindustria: Country’s GDP up by 6.1% This Year

According to Confindustria, Italy’s business lobby, the nation is expected to see a boost in overall growth due to successful containment of the covid-19 delta variant and improving economic factors. The growth rate is set to be much higher than forecasted by economic experts.

The research unit CSC has forecasted a rise of 6.1% for gross domestic product for 2021 and a growth of 4.1% for the upcoming year. The expected forecast shows a growth level seen before the pandemic era. During the Covid era, Italy’s economic growth went down by 8.9% making it the lowest ever GPD recorded in the post-war era.

The CSC estimates of the projected growth have included a euro recovery plan which has been supported by the European Union. However, even with a positive outlook for the economy, there are still risks of growing covid infections and restrictions, supply chain issues, inflation and low production levels. The president of Confindustria, Carlo Bonomi said that even though economic recovery is on track, it is still important to “keep the guard up.” He further said, “Italy must go back to growing at a yearly pace of at least 1.5% to 2%, an achievable goal, equal to the annual growth registered between 1997 and 2007.”