Italy..

 

ITALY is considering a new state of emergency, highlighting the deteriorating economic situation linked to the war in Ukraine, according to media reports.

A looming energy crisis combined with fears the country is sliding into recession has led the Italian government to consider the measures.

Italy only ended a two-year stare of emergency on March 31 after the country finally recovered from a period of economic stagnation due to the Covid-19 pandemic.

But economists have warned that a spike in energy and food prices will hit spending power and lead to a decline in domestic demand.

War in Ukraine and sanctions on Russia along with the decision to cut off the Russian gas supply have had a serious impact on Italy’s struggling economy.

It is estimated that half a million workers could lose their jobs if Italy completely halts gas supplies from Russia.

Last year’s recovery, after the Italian economy contracted by 9 per cent in 2020, has been wiped out by the restrictions imposed on Moscow.

Bosses’ association Confindustria has said Italy is heading for recession while the government revised its growth projection down from 4.7 per cent to 3.1 per cent last month.

Earlier this week he called for reforms to the European Union to enable it to deal with a growing economic and energy crisis faced by the bloc.

The European Commission proposed an EU-wide ban on all Russian oil imports by the end of the year.

The people, in Democratic States elect their democratic leaders to create crisis and mismanage it. God help us all