Venerdì, 19 Ottobre 2018
ROME

Despite recession, Italy's economy undervalued, says Squinzi

English
© ANSA

(ANSA) - Rome, July 18 - Despite the recession in Italy and
little recovery expected in 2013, the chief of the country's
major employers union said on Wednesday he remains "optimistic".
"I'm still an entrepreneur and we must be optimistic,"
Confindustria President Giorgio Squinzi said, adding that Italy
is being undervalued by rating agencies like Moody's.
He agreed with Bank of Italy figures showing that the
country is in recession with no hope of recovery until early
2013.
On Tuesday, the central bank said Italy's gross domestic
product will fall by 2% this year and by 0.2% in 2013, adding
the recession should end "at the start of 2013".
Squinzi said researchers at Confindustria, Italy's main
employers' association, forecast a 2.4% drop in economic growth
this year and a loss of 0.3% in 2013.
But Italy still has a stronger industrial base than
credit-rating agencies realize, he said.
"The country is much more competitive than Moody's and the
other rating agencies" acknowledge, Squinzi said.
On July 13, New York-based Moody's cut its ratings on
Italian government bonds by two notches, a move that could drive
up borrowing costs.
To reinforce Italy's ability to compete, while also
increasing employment, a proposal to celebrate some holidays on
weekends, "is worth thinking about it," Squinzi added.
"Right now, I do not think there is enough work. (Measures
that) increase our competitiveness are welcome".
He also called for a renewed focus on government policies
that will provide a better road map for Italy's future.

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