{
  "title": "Italy: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Italy",
  "publication": "IMF Staff Country Reports, June 2, 2021",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2021/06/02/italy-2021-article-iv-consultation-press-release-staff-report-and-statement-by-the-executive-50196",
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  "summary": "The pandemic dealt a severe blow to the Italian people and their economy. GDP fell by nearly 9 percent in 2020, with much larger drops for contact-intensive services. Public and corporate debt increased strongly and preexisting vulnerabilities have likely worsened.",
  "sections": [
    {
      "heading": "Pandemic impact on the economy",
      "content": "- GDP fell by nearly 9 percent in 2020, with much larger drops for contact-intensive services.\n- Public and corporate debt increased strongly and preexisting vulnerabilities have likely worsened.\n- The pandemic dealt a severe blow to the Italian people and their economy."
    },
    {
      "heading": "Government priorities and policy response",
      "content": "- The government is prioritizing:\n  - resolving the health emergency;\n  - transforming the economy to lift productivity;\n  - improving social outcomes;\n  - strengthening resilience to future shocks and structural change.\n- The large National Recovery and Resilience Plan—partly financed by sizable Next Generation EU resources—will be used to increase physical and social infrastructure."
    },
    {
      "heading": "Outlook and risks",
      "content": "- GDP is expected to recover strongly in 2021–22 and to grow well-above trend over the medium term, supported by investment spending.\n- Economic scarring could be sizable.\n- Two-sided risks relate to:\n  - how the pandemic progresses;\n  - the efficiency of investment spending;\n  - the extent of savings drawdown.\n- Large costs are associated with the downside risk scenario."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subject: COVID-19, Financial institutions, Fiscal policy, Fiscal stance, Health, Income, International organization, Loans, Monetary policy, National accounts, Public debt\n- Keywords: balance sheet repair, banks' capitalization, COVID-19, Europe, Fiscal stance, Global, government support, Income, liability positions vis-à-vis nonresident, Loans, money market rate\n\nInternational Monetary Fund. Italy: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Italy (IMF Staff Country Reports 2021, 101).\n\n---\n\n Content in this bundle\n\n- 1itaea2021001\n  - 1itaea2021001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1itaea2021001 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: June 2, 2021",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513573083.002",
    "GDP fell by nearly 9 percent in 2020, with much larger drops for contact-intensive services.",
    "Public and corporate debt increased strongly and preexisting vulnerabilities have likely worsened.",
    "The pandemic dealt a severe blow to the Italian people and their economy.",
    "The government is prioritizing:",
    "The large National Recovery and Resilience Plan—partly financed by sizable Next Generation EU resources—will be used to increase physical and social infrastructure.",
    "GDP is expected to recover strongly in 2021–22 and to grow well-above trend over the medium term, supported by investment spending.",
    "Economic scarring could be sizable.",
    "Two-sided risks relate to:",
    "Large costs are associated with the downside risk scenario.",
    "Subject: COVID-19, Financial institutions, Fiscal policy, Fiscal stance, Health, Income, International organization, Loans, Monetary policy, National accounts, Public debt",
    "Keywords: balance sheet repair, banks' capitalization, COVID-19, Europe, Fiscal stance, Global, government support, Income, liability positions vis-à-vis nonresident, Loans, money market rate",
    "**1itaea2021001**"
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