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rdf:type	schema:NewsArticle
schema:articleBody	Italy's government has agreed to borrow another 40 billion euros ($48 billion) this year to help mitigate the economic effects of the coronavirus pandemic, a prime ministerial source said Thursday. The money "will be used for new measures to support businesses and the economy," the source said after a cabinet meeting. The move comes just three months after the last expansion of the budget deficit, by 32 billion euros, as Italy seeks to recover from its worst recession since the end of World War II. Prime Minister Mario Draghi has been under pressure to offer more relief to businesses struggling with coronavirus restrictions, after protests from a wide range of groups, from entertainment workers to restaurant owners. On Thursday, the government also adopted new economic targets, according to the source from Draghi's office. It expects gross domestic product (GDP) growth of 4.5 percent in 2021 and of 4.8 percent in 2022, after a record fall of 8.9 percent in last year -- the biggest in postwar history. It also projected a rise in the 2021 public deficit to 11.8 percent of GDP, from 9.5 percent in 2020 and 1.6 percent in 2019 -- but falling to 5.9 percent in 2022 and 4.3 percent in 2023. As for public debt, which in 2020 jumped year-on-year by more than 20 percentage points, to 155.6 percent of GDP, government forecasts see it peaking at 159.8 percent in 2021 and falling gradually in later years. Italy has already spent more than 130 billion euros in propping up sectors shut by Covid-19 closures since the pandemic swept across the country in early 2020, causing more than 115,500 deaths. The latest budget correction adds to the country's debt mountain, but in the current economic environment of ultra-low interest rates, government borrowing has become noticeably cheaper. In addition, Italy hopes to fuel its economic recovery with EU grants and loans coming from its lion's share of the bloc's 750-billion-euro fund. It is set to receive around 190 billion euros, between 2021 and 2026. The government is currently drafting a plan setting out how the money will be spent, and related structural reforms. It is due to be submitted for EU authorities' approval by the end of the month. bh-ar-aa/rl
schema:headline	Italy to spend 40 bn more to help virus-hit economy
schema:mentions	Cabinet of the United Kingdom Deficit spending Government budget balance Applied Digital Data Systems USA Gymnastics Mario Draghi Government debt Recession World War II Gross domestic product Italy European Union Pandemic Severe acute respiratory syndrome coronavirus 2 Coronavirus disease 2019 Cleveland Browns relocation controversy
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2021-04-15 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	positive sentiment
http://data.cimple...readability_score	57 (xsd:integer)

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