Italy estimated economic losses from coronavirus

US, WASHINGTON (ORDO NEWS) — Italy’s economic losses from cessation of production as part of the fight against the spread of coronavirus could amount to about 100 billion euros per month, said Vincenzo Boccia, President of the General Confederation of Italian Industry (Confindustria).

On Sunday, Italian Prime Minister Giuseppe Conte signed a government decree, according to which all production activities not related to the provision of the most necessary goods and services to the population are suspended on the national territory. According to the prime minister, the authorities “decided to slow down the country’s motor without turning it off completely.”

“By means of this decree, the question is raised of the transition from an economic emergency to a military economy,” Boccia said in this regard, speaking on Monday on Radio Capital.

According to the head of the association of Italian industrialists, 70% of production capacities are shut down in the country.

“If our GDP is 1800 billion euros per year, this means that we produce 150 billion a month. If we close 70% of production, it means that every 30 days we will lose 100 billion,” Bachcha emphasized.

Italy ranks first in Europe for the spread of coronavirus and at the end of last week ahead of China in terms of the number of victims.

According to official figures released on Sunday evening by the head of the National Civil Defense Service, Angelo Borrelli, at present nearly 60 thousand cases of infection with a new type of virus have been recorded on the Apennines, more than 7 thousand patients have recovered, the number of victims is 5476 people.

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