ANSA: Consumer spending knocked back 25 yrs - Sangalli
ROME. KAZINFORM The COVID crisis has knocked consumer spending in Italy back 25 years, the head of retail group Confcommercio, Carlo Sangalli, said Wednesday.
«The COVID emergency has brought consumption to its lowest levels in the last 25 years,» he said after its study office issued estimates, ANSA reports.
«Further, we are concerned about the rise in overheads for households, such as rent, bills, and insurance, which erode almost 44% of total consumption», Sangalli went on.
Sangalli called for major tax cuts to offset the slump.
«Unless there is decisive intervention to cut taxes we will definitively lose the possibility of making an economic recovery,» he said.
The Italian economy is set to contract by 9-13% this year due to the coronavirus.
A 4-5% rebound is expected next year.
Major EU aid to help offset the economic aftershock of the virus is set to come on tap next year.
Italy has been awarded the largest single chunk of an unprecedented EU recovery fund.