Venerdì, 19 Ottobre 2018
ROME

Italy has 'touched bottom' of crisis, but taxes 'unbearable'

English
© ANSA

Rome, June 27 - Industrial employers'
confederation Confindustria said Thursday that Italy had
"touched the bottom" of the economic crisis.
But Confindustria's research centre added in a report that
it could only see "scattered evidence" of recovery and stressed
that the high tax burden was unsustainable for Italian business.
"We have touched the bottom," the report said. "In the
sixth year of crisis, there are signs here and there of the end
of the fall and, more randomly, indications of a turning point.
"There's a mixed bunch of scattered evidence that makes it
possible to perceive the start of the recovery, although this
does not represent a solid basis to forecast it".
Confindustria also bemoaned the tax hikes former premier
Mario Monti's emergency technocrat administration introduced
last year as part of austerity measures to restore health to
Italy's public finances.
These further raised the country's already high tax burden
and contributed to deepening its longest recession in over 20
years.
"Tax pressure is reaching a historic high of 44.6% of GDP
in 2013 and it will remain unsustainably high in 2014," the
report said.
Confindustria praised Premier Enrico Letta's left-right
administration, which replaced Monti's government in April, for
putting greater emphasis on promoting growth.
But the confederation's chief economist, Luca Paolazzi,
said the measures approved up to now were "very limited" and
that the government "lacked a plan" to combat the crisis.
The research centre sounded the alarm about Italian firms
losing competitiveness too, saying rising labour costs and
falling productivity were hitting business hard.

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