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By the Minister of Finance Roberto Gualtieri in the third trimester there will be a GDP rebound thanks to the “very strong recovery in industrial production” that has already taken place in recent months. The announcement comes a week after the last communication from ISTAT, which reported a 12.8% drop in GDP in the second quarter compared to the same period last year.
Italian GDP is expected to rebound thanks to a very strong recovery in production
Speaking at the Fact festival in Rome, Gualtieri said that it has already started “to register a very strong recovery of industrial production in May, then in June, with data above our expectations in a whole series of indicators”.
The new forecasts, assured the owner of the Mef, will be “less pessimistic than those that have been published” and will be announced in the Update of the Economic and Financial Document (Nadef). Therefore, the rebound in the third quarter, added Gualtieri, will be higher than initially estimated.
Gualtieri on MES: he doesn’t hide austerity
However, in order not to lose momentum, European resources must be used in the best possible way. In this regard, the executive said that he had “a lot of very high projects” on his desk to use the Recovery Fund. “And others are coming. This is something positive, “added Gualtieri.
As for the much debated European stability mechanism (MES), the Minister of Economy said that, in fact, “it would be inaccurate to say that there is no conditionality”, but these conditionality “have been suspended by a political commitment of the European Commission.”
In any case, he added, the only condition “is that the resources be used for health expenses.” Claiming that the MONTH is hiding austerity maneuvers, said Gualtieri, “it is a false thing.”
Gualtieri, the change of Irpef at the center of the tax reform
The last part of the intervention was dedicated to Tax Reform, whose processing was resumed after an interruption by the coronavirus epidemic.
The tax reform, said the minister, “will have the most important role, if not the only one, in the intervention in the income tax. Another column of the change will be that of reduced burden on lower-middle income. Gualtieri said that a valid model could be German.
