• Meeting Rimini, Gualtieri: "Italy will surprise everyone with its results"

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  • Istat: Italy's GDP -12.8% in the second quarter, never so declining since 1995

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02 September 2020The annual GDP estimate made previously "was made when it was not known how long the lockdown would last: the new one will be worse than the estimated -8%, but not so much", Economy Minister Gualtieri tells Rai3. noting that "all the forecasters who indicated -11, -12, -13% say that Italy is doing better than they expected".



In the third quarter, a strong rebound is also estimated: "There are many indicators that say this and that of employment is added", explains the minister, who then dwells on the tax reform: forward on the cut of the wedge, and then the single check to support the family.



GDP less negative than expected


 "That -8% of GDP was estimated before it was known how long the lockdown would last, which lasted longer than expected. It will certainly be worse than -8% but not that long. We estimate a recovery underway in the third quarter, there are signs of a strong rebound in GDP ".

This was stated by the Minister of Economy, Roberto Gualtieri, at Agorà Estate on Rai3, defining the Istat data on employees as "positive".



Tax reform and Recovery Fund


The owner of the Treasury then spoke about the tax reform which will be based on two pillars: "Continue on the path of cutting the tax wedge, reduce the income tax on work to increase salaries, and according to support the great innovation of 'single check. Gentiloni is right - he continued - it cannot be financed with the resources of the Recovery Fund which must be concentrated on packages of reforms and investments, the tax reform will have to be self-financed when fully operational. Of course having the Recovery Fund, have a phase of massive investments and resources that can increase the GDP, can give the space to introduce the tax reform and make it arrive at full capacity. It is a great challenge but also a great opportunity ".



Single allowance for families


Furthermore, the executive intends to "realize the innovation of the single allowance that we will define, a more powerful tool to support the family and parenthood".

The reform must be "self-financed", through a reduction in tax expenditure and the fight against tax evasion, he concludes.



Mes, decision at the right moment


On the Mes the government "will decide at the right moment", said Gualtieri.

The ESM "does not give non-repayable money but interest-free resources that would result in savings in terms of interest over the horizon of several billion euros", he explains, noting however that "we often forget that before there was only the ESM , considered insufficient and inadequate, and that thanks to the work carried out by President Conte, at first alone, the largest program in the history of Eurobonds was made to support common expenses ".

So now there is also the Recovery Fund, and therefore we must take into account


"the whole context", he concludes.