Italy: COVID-19 is a wake-up call to bolster national resilience
Italy has an opportunity to rebuild economic and health resilience with the help of EU funds after a hard hit from the first wave of COVID-19.
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Key takeaways of this Economic Insights are:
- COVID-19 has hit Italy hard, with real GDP expected to contract by 10% in 2020, and low economic resilience will constrain its recovery.
- The pandemic is exposing existing vulnerabilities such as high public debt, which will reach above 160% of GDP this year.
- Health resilience is likely to weaken due to COVID-19 as public spending and incomes fall.
- The crisis offers an opportunity to build future resilience with support from EU funds, of which Italy is the largest single recipient.
- The private insurance sector can play a role in reducing healthcare system vulnerabilities.
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