Italy's government forecasts that its economy will plunge into a deep recession this year, with gross domestic product retracting by 8 percent
A man wearing a protective face mask and gloves is seen in Capri, as the spread of coronavirus disease continues in Capri, Italy, April 24, 2020
The government is widening the budget deficit by 55 billion euros , the "shock cure necessary to enable the country to face this difficult phase, " said cabinet undersecretary Riccardo Fraccaro, as quoted by Italian media.The pandemic was a "black swan," an unforeseen event beyond the norm with potentially serious consequences – without which the country's weak economy had been expected to gradually improve over the year, the document said.
It also expected that most of Italy's new sovereign debt created by the crisis around the pandemic will be bought by the European Central Bank. Rome is tabling on a return to growth, with a 4.7 percent rebound in GDP. It thinks the deficit will lower to 5.7 percent, while the country's vast public debt mountain will shrink slightly to 152.7 percent.
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