Draghi credits vaccines for Italy’s economic recovery

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MILAN (AP) – Italy’s vaccination campaign is a key factor in the economic recovery from the pandemic, Prime Minister Mario Draghi said Wednesday after signing a document forecasting above-expected growth of 6% for this year.

Draghi called vaccination “an ingredient that fueled this recovery of the Italian economy“.

“The fact that you can work in peace in a company, that you can travel around, that kids and students go back to school … that’s, in my opinion, the basic ingredient for growth that we need to protect,” he said.

Italy has vaccinated 78.4% of its eligible population aged 12 and over. From October 15, health cards are required for access to all workplaces. The passport has proof of vaccination, a recent negative test, or proof of recent recovery from the virus, and is required for indoor recreational activities such as theater, museums, and restaurants, as well as long-distance domestic travel.

Italian household numbers initially forecast 4.5% growth, after falling 9% in 2020 when Italy’s economy was devastated by draconian lockdowns to contain the pandemic.

The Italian government raised its forecast to 6% for 2021 thanks to strong exports, the impact of government measures to support the economy, improved consumer and business confidence and a sharp reduction in new virus cases, Economy Minister Daniele Franco told reporters.

The growth trend appears to be continuing, with GDP expected to grow by 4.2% in 2022.

“There is trust in Italy, among Italians and in the rest of the world towards Italy. That’s the other big news, ”said Draghi. Any new government action must “contribute to equitable, sustainable and sustainable growth,” he said.

National debt is expected to fall to 153.5% of GDP this year, from 155.6% in the previous year, which, according to Draghi, is the “first quantitative confirmation” of what central bankers have long been claiming: growth is the most important way to achieve the high Fight national debt.

Draghi repeatedly called “offensively” whether he was considering replacing Sergio Mattarella as Italian president when Mattarella’s term expires next year.

“It is parliament that decides the life, the horizon and the effectiveness of this government,” he said. “This government was created to respond to specific problems at a specific time, and it does its job.”

He also made it clear that with a legal mandate until 2023, the government would not hold onto power beyond its usefulness.


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