Italy fears economic collapse

The spread of the Covid-19 virus has had major economic repercussions on the countries of the European Union, and Italy was the most affected, according to reports issued by the Italian National Institute of Statistics and the Statistical Office of the European Union. epidemic, and did not exceed 0.5% in 2019.

Italy ended 2020 with a drop in GDP of 8.3%, and there are worse numbers for 4 countries in the European Union: Spain, Greece, Malta, and Croatia. This indicates – according to Mohamed Kamal, a researcher in political economy and a professor at the School of Management and Economics at the University of Turin for Studies – “a very negative curve towards recession, and more weakness in the economic cycle, in Italy in particular, and the rest of the other European countries close to the Italian situation.” .
The European Union and Italy have developed an initiative and plan to confront the aftermath of Corona, and how European countries can recover their economic recovery, within the framework of the Recovery Fund / Recovery Fund project, which was created thanks to Italy’s urgency, as “passed – for the first time – the logic of secured joint financing.” For 27 countries through the European Union’s Next Generation Plan, a portion of which is 70% available by 2022,” Italian Prime Minister Giuseppe Conte explained in a previous private interview with Al Jazeera Net, after extracting a financing agreement for the effects of Covid-19 from his European partners in July / last July.
The course of the birth of the Recovery Fund was marked by many convulsions and political events, the most prominent of which was the overthrow of the second Conte government at the beginning of this year, to be compensated by financier Mario Draghi, who is considered “a European money guard in Italy, especially since the man had previously played a major role in reviving the euro in the year 2016, and his strong return to the economic life cycle, when he was director of the European Central Bank.