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rdf:type	schema:NewsArticle
schema:articleBody	Italy's business lobby Confindustria said Tuesday it forecasts a severe recession in 2020, with the country's GDP dropping by six percent if the acute phase of the coronavirus outbreak is over by the end of May. It said each additional week of a national lockdown could see Gross Domestic Product shrink by an additional 0.75 percentage points. The government has announced a 25 billion euros aid package to support the economy and help Italians make up for lost income -- a number that could be doubled. The COVID-19 epidemic "has struck at the heart of the Italian economy", Confindustria said. Should the strict anti-contagion measures last until the end of May, the budget deficit would jump to 5.0 percent this year from 1.6 percent in 2019, while the accumulated public debt would skyrocket to 147 percent of GDP, compared to 134.8 percent last year, it said. "We must protect the productive and social fabric, workers, companies and families, with new strategies and instruments and without skimping on resources to guarantee future well-being," the business lobby said. Italy already has the highest public debt ratio in the eurozone behind Greece, although it has managed to keep its annual budget deficit in check. Under EU rules, member states are supposed to keep their annual budget deficit to not more than 3.0 percent of GDP, with public debt limited to 60 percent. Confindustria said it expects the economy to improve by as early as 2021, when it should grow 3.5 percent, with the budget deficit dropping back to 3.2 percent. cco/ide/bmm
schema:headline	Italy's business lobby sees GDP shrinking 6% in 2020
schema:mentions	General Confederation of Italian Industry Eurozone 2020 Hubei lockdowns Government budget balance Government debt Recession Gross domestic product Italy European Union Severe acute respiratory syndrome coronavirus 2 Greek Merchant Marine
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-03-31 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	62 (xsd:integer)

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