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rdf:type	schema:NewsArticle
schema:articleBody	Italy's economically-punishing coronavirus lockdown, combined with big-spend stimulus packages to support families and firms, will push public debt and deficit to dizzying heights, the government said Friday. The cabinet approved the spring budget document (DEF), which forecast that the eurozone's third-largest economy would plunge into a deep recession this year, with gross domestic product retracting by eight percent. The government is widening the budget deficit by 55 billion euros ($59 billion), the "shock cure necessary to enable the country to face this difficult phase," said cabinet undersecretary Riccardo Fraccaro, as quoted by Italian media. Italy is among the countries hardest hit by COVID-19, with over 25,500 recorded deaths. 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. Instead, the government forecast that GDP would fall by eight percent, with the public deficit rising to 10.4 percent of GDP. That is a mammoth leap from the 2.2 percent expected before the pandemic hit, and the 1.6 percent recorded in 2019. Public debt will jump to 155.7 percent of GDP, up from the pre-virus outbreak forecast of 135.2 percent, and the 134.8 percent recorded in 2019. The situation is expected to improve next year -- though even then the outlook is still far from rosy. 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. Italy's forecasts are well above the limits set by the EU's Stability and Growth Pact, which calls for deficits to be capped at three percent of GDP, and a debt-to-GDP ratio of no more than 60 percent. But such rules have been suspended as governments scramble to contain the economic fallout and prevent mass bankruptcies and layoffs. The nationwide lockdown is expected to be lifted gradually over a four-week period from April 27, though Prime Minister Giuseppe Conte has yet to officially outline the timeline. cco-ide/ams/lc
schema:headline	Italy unveils punishing public debt, deficit forecasts
schema:mentions	Debt-to-GDP ratio Eurozone Social norm 2020 Hubei lockdowns Deficit spending Government budget balance Prime Minister of Italy Rome Giuseppe Conte Government debt Recession Gross domestic product Italy European Union Pandemic Coronavirus disease 2019 Riccardo Fraccaro Swan Cabinet of Israel Microsoft Outlook
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-04-24 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	62 (xsd:integer)
http://data.cimple...tology#hasEmotion	anger

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