The Bank of Italy has forecast Italian gross domestic product to fall by 9. Speaking at a forum organised by Goldman Sachs, Gualtieri said in a video link-up that even though data for April and May had been broadly as the government anticipated and a recovery was now expected, some sectors, such as tourism, would struggle for longer.
Asked about the sustainability of Italy's huge public debt, targeted to rise to Gualtieri, from the centre-left Democratic Party, said Italy's debt would come down next year and decline "substantially" in future years when the country would return to running a budget surplus net of interest spending. This year's overall deficit is targeted to jump to A wealth tax to raise resources for extra spending or bring down the debt was not in the government's programme, Gualtieri said.
Despite the recession tax revenues were holding up much better than expected, he said, thanks to the government's fight against tax evasion which was bearing fruit before the virus outbreak. These efforts will continue to recoup some of the estimated billion euros of lost revenue every year, Gualtieri said, adding that wanted Italy to become a world leader in terms of digital payments and creating a "cashless society.
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Coronavirus downturn likely to add to high government debt in some countries
Motley Fool. Simply Wall St. Yahoo Finance. Yahoo Finance Video. Yahoo News UK.Please refresh the page and retry. W ell, that's all from us today, thank you for following along. Be sure to join us again in the morning. Stock markets in Europe came under pressure as fears resurfaced over a spike in coronavirus infections, but a resilient Wall Street helped them off their worst levels, dealers said. The FTSE inched back into positive territory thanks to a weaker pound following grim British output data.
Investors felt the market had been oversold in the previous day's late stumble, and upbeat results from JP Morgan lifted sentiment.Freebitcoin auto claim
The British pound slid on data showing that the virus-plagued UK economy shrank by almost a fifth in the three months to April. So far the banking sector has handled the crisis well with its extra capital buffers for protection, plus government support for business and individual customers.
But there is a risk that all this borrowing could push up interest rates, while huge Government stimulus could stoke inflation.
Bank of Italy lowers 2020 GDP forecast to -9.5%
That would be bad for the Government which has heavy debts, one-third of which are linked to inflation. There are also signs yields may harden - reflecting a stronger market - on West End offices as well as industrial and distribution properties. The commercial property market has been hammered by coronavirus, with retail tenants forced to close their businesses during lockdown and uncertainty over whether office tenants will continue to want as much space.
Read Rachel Millard's full article here. The German retailer said it also plans to open an additional sites across andas part of plans to have 1, UK stores by The company said it will open stores in areas such as Selhurst, Harrow Weald, Coleford and Llandudno Junction this year.
Lidl GB chief executive officer Christian Hartnagel said: "It is testament to the continued hard work of our colleagues that we are able to continue forging ahead with our expansion plans, despite the challenging circumstances that have been faced over the past months.
W ith Britain in lockdown, the Government has been racing to find ways to ease restrictions without putting public safety at risk. On May 5, the Government revealed its first attempt at a contact-tracing app.
But in a major u-turn, on June 18, the Government admitted the app flawed and it would switch to a model being developed by tech giants Apple and Google.
Get the full details here. The mood has been downbeat all day as continued health concerns and rising tensions in relation to China has weighed on stocks. Dealers are still worried about the rate at which the virus is spreading, and seeing as some restrictions are being reintroduced, that is adding to the bearish move too.
The US government has hit out against the Beijing administration in regards to its territorial claims in the South China Sea. This represents the latest development in the frosty relationship between the two largest economies in the world. Big banks have doled out billions in emergency loans to prop up small companies and are now setting aside huge amounts amid fears many borrowers could struggle to make repayments.
Shedding a light on the depths of America's recession, the largest US lender by assets revealed that it had put aside a record provision for loan losses. That almost halved profits for the second quarter compared with a year ago. Thanks for following along today! He has asked the Office of Tax Simplification to conduct the review, which will assess whether the current rates are fit for purpose.
It will also consider how certain reliefs and exemptions could be simplified or scrapped — including the exemption from the 28pc levy that applies to people selling their homes. The Chancellor said he was particularly interested in how gains are taxed compared to other types of income and has asked that the review consider how CGT interacts with other taxes including inheritance tax.
MPs called on Monday for the accounting watchdog to be replaced urgently with a beefed-up regulator to prevent further high-profile corporate failures like those at Thomas Cook, Carillion and BHS. The regulator also reduced the number of audits it reviewed, which it said was due to resourcing constraints. U S consumer price inflation picked up slightly during June, rising 0.Italy's credit rating has been downgraded to one notch above junk level by Fitch ratings agency as the coronavirus hurts Italy's already fragile economy further.
Fitch downgraded Italy's credit rating from 'BBB' to 'BBB-', just one level above its junk rating, reflecting increasing doubts around Italy's credit-worthiness as it tries to recover from the economic and societal damage inflicted by the coronavirus. The ratings agency said the downgrade reflects "the significant impact of the global COVID pandemic on Italy's economy and the sovereign's fiscal position.
But "in the event of a second wave of infections and the widespread resumption of lockdown measures, economic outturns would be weaker for and ," Fitch warned.
Italy is one of the most indebted nations in the world after Japan and Greece. According to Fitch's baseline debt dynamics scenario, the debt-to-GDP ratio "will only stabilize at this very high level over the medium term, underlining debt sustainability risks.
Fitch's appraisal of Italy's creditworthiness was not scheduled its next review is due in July but was taken, Fitch said, because "situations where there is a material change in the creditworthiness of the issuer The Italian economy was already in a weak position when the COVID shock hit the country hard in February, making it the epicenter of Europe's coronavirus outbreak.
Real GDP grew by only 0. The ratings agency put a stable outlook on its latest Italy rating, saying that it partly reflects its view that the European Central Bank's net asset purchases will facilitate Italy's substantial fiscal response to the COVID pandemic and ease refinancing risks by keeping borrowing costs at very low levels at least over the near term.
Italy has recorded the highest death toll from the coronavirus so far in Europe, with 27, fatalities as of Tuesday, according to data from Johns Hopkins University.
On Sunday, Italian Prime Minister Giuseppe Conte outlined further steps, or its "phase 2" for lifting the lockdownsaying that parks, companies and factories will be allowed to reopen from May 4 as long as social distancing measures are in place; bars and restaurants can also provide a takeaway service from then and on May 18, museums could re-open. Schools will stay closed until September, however. Sign up for free newsletters and get more CNBC delivered to your inbox.
Get this delivered to your inbox, and more info about our products and services. All Rights Reserved. Data also provided by. Skip Navigation. Markets Pre-Markets U. Key Points. Fitch downgraded Italy's credit rating from 'BBB' to 'BBB-', just one level above its junk rating, reflecting increasing doubts around Italy's credit-worthiness. Related Tags.
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China reported that the country's GDP grew by 3. Economists polled by Reuters expected gross domestic product to have grown modestly at 2.Bolly4uhd info
China's first quarter GDP contracted by 6. This was the country's first GDP decline since at leastwhen official quarterly records started. Recent data out of China show some signs of recovery.
Manufacturing activity in June also expanded compared to May, two different sets of surveys showed.Tierce odre abon
Chinese exports have been getting "massive market share" while the rest of the world was locked down, said Bo Zhuang, chief China economist at TS Lombard before the data release. China started easing lockdown measures earlier than other countries.
Zhuang said he expected China's GDP recovery to be sustainable in the next two quarters at least, as the domestic economy seems to be doing "fine" with growth in infrastructure and cross-provincial travel reopened, he told CNBC's "Street Signs. Data released on Thursday also showed weak consumption in China.Que significa fyp
Retail sales were down 1. Retail sales declined by 2. Concerns over the job market and the lagged impact of bankruptcies continue to hang over the economy. The world economy is expected to fall into recession this year as many governments globally have implemented lockdowns and limited business activity and social gatherings.
Slowing growth in global demand is expected to hurt Chinese exports. Sign up for free newsletters and get more CNBC delivered to your inbox. Get this delivered to your inbox, and more info about our products and services.
All Rights Reserved. Data also provided by. Skip Navigation.In addition to its public health consequences, the coronavirus pandemic is likely to lead to an increase in government debt around the world. For some governments, the debt incurred on COVID relief will add to the considerable red ink already on their ledgers before the pandemic arrived.
It excludes private debt held by businesses and individuals. Government finances are in the spotlight amid the global economic downturn caused by the coronavirus. This analysis of government debt-to-GDP ratios is based on data for more than countries from the International Monetary Fund, published in October The analysis uses the most recent available year of data for each country in most cases Private debt, such as debt held by businesses and individuals, is excluded from the analysis.
Abe has held out the possibility of reversing the tax increase if its economic effects are harmful. Japan is not the only major economy where government debt exceeded or nearly equaled GDP before the outbreak. In China — which has the second-largest economy in the world after the U.
China reported April 17 that its GDP declined for the first time in decades in the first quarter offalling 6. Government debt in most countries was running high by historical standards before the coronavirus outbreak, according to a December analysis by the IMF. In the U. Japan and the U. In the first quarter ofthe U. The Congressional Budget Office projected on April 28 that without policy changes, the federal debt-to-GDP ratio could rise to its highest level ever by the end of the fiscal year.
At the same time, the relief plan is also likely to help stave off worse economic conditionsand because interest rates are low, borrowing is cheaper than it might otherwise be.
In Gallup surveys earlier this year and last year, only a small fraction of U. And Pew Research Center surveys have found a decline since in the share of U. About Pew Research Center Pew Research Center is a nonpartisan fact tank that informs the public about the issues, attitudes and trends shaping the world. It conducts public opinion polling, demographic research, media content analysis and other empirical social science research.
Pew Research Center does not take policy positions. It is a subsidiary of The Pew Charitable Trusts. Home U. Main More. Share this link:. Sign up for our election newsletter.The International Monetary Fund slashed its economic forecasts once again on Wednesday and warned that public finances will deteriorate significantly as governments attempt to combat the fallout from the coronavirus crisis.
The IMF now estimates a contraction of 4. The fund also downgraded its GDP forecast for It now expects a growth rate of 5. The Washington-based institution explained that the downward revisions were due to social distancing measures likely remaining in place during the second half of the year, with productivity and supply chains being hit.
And in those nations still grappling with high infection rates, the fund expects that longer lockdowns will dent economic activity even more.
The IMF cautioned that the forecasts are surrounded with unprecedented uncertainty and economic activity will depend on factors such as the length of the pandemic, voluntary social distancing, changes to global supply chains and new labor market dynamics. Income losses also appear to have been uneven across genders, with women among lower-income groups bearing a larger brunt of the impact in some countries," the IMF said.Coronavirus: Italian city’s warning to the rest of the world
The IMF had estimated a contraction of 5. Similarly, the fund also downgraded its forecasts for the euro zone, with the economy now seen shrinking by Brazil, Mexico and South Africa are also expected to contract by 9. In order to mitigate some of the economic impact from the pandemic, governments across the world have announced massive fiscal packages and new borrowing. As a result, public finances are seen deteriorating significantly as a result.
Under the IMF's base case, global public debt will reach an all-time high in and at In addition, the average overall fiscal deficit is set to soar to There have been more than 9 million confirmed infections worldwide from Covid, according to Johns Hopkins University. The United States, Brazil and Russia are currently the nations with the highest number of cases globally. Sign up for free newsletters and get more CNBC delivered to your inbox.
Get this delivered to your inbox, and more info about our products and services. All Rights Reserved. Data also provided by. Skip Navigation. Markets Pre-Markets U. Key Points. The fund cautioned that the forecasts are surrounded with unprecedented uncertainty.
Brazilian indigenous Anita, of the Marubo ethnic group, is notified that she contracted the new coronavirus by a member of the medical team of the Brazilian Armed Forces. Hundreds of unemployed Kentucky residents wait in long lines outside the Kentucky Career Center for help with their unemployment claims. VIDEO Related Tags.REF said a rebound was possible starting from the third quarter of this year. Italy's GDP will fall 0. There is a risk that "if the infections were to continue to increase" there could be a "deterioration in confidence" and a further contraction of economic activity with the possible "return of the nexus between sovereign debt and banks", the IMF said.
Coronavirus: Italy's GDP to fall 8% first half - report
The IMF praised the coronavirus response of the Italian authorities and recommended "coordinated regional and international action to tackle the effects of the pandemic". It said Italy's response had been "rightly focused on fighting the pandemic and supporting the health system, workers, businesses and households".
The IMF said the next action should include "structural reforms to boost productivity and investments, and a credible medium term plan to consolidate the budget to put the debt on a downwards trajectory, as well as measures to support the financial sector". Suggerisci Facebook Twitter Altri. Chiudi Condividi.
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