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by Tiziana Di Giovannandrea 05 April 2020 In 2021 there will be a rebound but in the meantime what is written, black on white, in the Sunday report of the chief economist of Unicredit is freezing the blood.

"The mother of all recessions has arrived," says the report which predicts a 6% drop in world GDP for 2020 and a 8.6% recovery in 2021 (between 8 and 9%).

The US economy (-10.8%) and that of the Euro area (-13) also fell, returning to a positive GDP in 2021 of 11.8 and 10% respectively.

Among the most affected countries, Italy with an estimated GDP drop of 15% this year but with a rebound of 9% in 2021, which is only surpassed by Greece (-18.6%) and Spain (- 15.5%).

As for Italy, the estimated 15% decline in GDP for 2020 is assessed as "the worst drop in 60 years".

The decline in the economy and what is needed to counteract the effects of Coronavirus for Italian businesses and families will have consequences for public finances . The estimates for Italy see the deficit rise from 1.6% in 2019 to 12.2% in 2020. The debt goes from 134.8% to 167.0%

"The measures deemed necessary to combat Covid-19 have paralyzed the global economy " reads the Sunday report. "Nobody knows how it will turn out in the next year or two, but it seems obvious that the second quarter will see the largest collapse of GDP in modern history, perhaps in the order of 20%."