Ernesto Ferlenghi, president of Confindustria Russia (Association of Italian Industrialists in Russia), said that the crisis caused by the Covid-19 pandemic could set Italy's technological development back for 20 years ago. The politician noted that more than 90% of Italian companies are small and medium-sized businesses. And today they have massive losses and suffer from falling demand. Rising unemployment exacerbates the situation in the country. At the same time, Italy has a very high level of public debt, which will reach 155% of the country's GDP in 2020. Thus, Italy will soon have no money left to invest in the country's technological development. Experts predict that Italy's GDP will fall by 8% this year. The fall in demand will continue in 2021. Domestic and foreign investment may be reduced by 12%, and exports – by 14.4%. Ferlenghi also said that in order to revive the Italian economy, serious support measures are needed, including from other EU countries. In particular, 600-700 billion euros are needed only for business restoration.
QUICK LINKS
Contact Us 
