Economics
Italy’s Visco Sees Recovery Even as Covid Weighs on Growth
- Fears of infection still holding back consumer spending
- Fiscal policies must continue to aim for debt reduction
Pedestrians walk along Via Condotti, in view of the Spanish Steps, in Rome.
Photographer: Alessia Pierdomenico/BloombergThis article is for subscribers only.
The Bank of Italy sees an increase in economic output in the Spring even as continued fears over coronavirus infections weigh on a recovery in consumer spending, governor Ignazio Visco said in a speech.
A spring recovery “hinges crucially upon the progressive attenuation of the epidemic over the course of the coming months,” Visco, who is also a member of the European Central Bank’s governing council, said at the annual Assiom-Forex event. “The surveys conducted by the Bank of Italy at the end of November suggest that consumption expenditure is being held back by fears of infection, besides the precautionary motive based on economic and financial considerations.”