Coronavirus (COVID-19), is one of the biggest killing virus which affected entire world. Almost till now 598,307 view by country Deaths: 27,373 Recovered: 133,426 (Day to Day quantity are progressing) , the virus not only destroy the life of folks but also destroy the economic of the world largest and rich country including America and Europe Countries, specially Italy!!!
Hi, this is Fahad Hussain welcome to Fahad Hussain Free Computer Education, In the Article we look in depth of economy of Italy which has been affected from this Coronavirus (COVID-19), and Coronavirus (COVID-20).
Italy and CoronaVirus:
Italy faces the prospect of a technological recession in the first quarter of this year, as the rapid spread of the Corona virus is likely to further damage the already shrinking economy. The Italian economy shrank 3.0 percent in the last three months of 2019, the fastest decline in six years, economists said, and the global economic impact of the Corona virus was further compounded by the completion of the quarter. Technological recession is described as two consecutive quarter shrinking. Nadia Gharbi, senior economist at Picket Wealth Management, said that the first quarter of China being hit by the Corona virus is likely to create further instability in Italy's manufacturing-sensitive economy.
The majority of cases diagnosed with the virus are in the rich regions of Lombardy and Veneto, which accounts for about a third of Italy's output. The country's financial capital, Milan, is the epicenter of the epidemic, and schools, offices and tourist centers have been closed as part of the response to the outbreak. Some businesses have asked workers in affected areas to stay home. Italy has declared at least 10 northern towns to be quarantined, and the southern Basilicata has banned those coming from the northern regions of Piedmont, Lombardy Veneto, Emilia Romana and Liguria. Disruptions in travel restrictions and work, supply chains and tourism all together threaten to burden the country's troubled economy.
Expert economist opinion about Italy:
Jack Allen Reynolds, senior economist at Capital Economics, said there was a clear risk that the Italian economy would fall for the fourth time since 2008. Investors reacted in search of protection in financial markets. Significant shares of Italy's FTSEMIB index fell 6.4%, which put it on the path to the worst day since June 2016. Italy's benchmark profit on 10-year-old government bonds, which is rising against prices, rose 1 percent from 9 basis points until the market closed on Friday. Italy's tourism industry, especially the Corona virus, is in danger of being shut down. The country attracts 128 million tourists annually, almost equal to the number of domestic and foreign tourists. According to the Bank of Italy, in 2018, foreign tourists spent 42 billion euros in Italy.Guido Carrissi, who manages two hotels in Central Florence and looks forward to the start of the good season, says, he is facing a cancellation of one-on-one bookings. It would be really tough for them
Jack Allen Reynolds, senior economist at Capital Economics, said there was a clear risk that the Italian economy would fall for the fourth time since 2008. Investors reacted in search of protection in financial markets. Significant shares of Italy's FTSEMIB index fell 6.4%, which put it on the path to the worst day since June 2016. Italy's benchmark profit on 10-year-old government bonds, which is rising against prices, rose 1 percent from 9 basis points until the market closed on Friday. Italy's tourism industry, especially the Corona virus, is in danger of being shut down. The country attracts 128 million tourists annually, almost equal to the number of domestic and foreign tourists. According to the Bank of Italy, in 2018, foreign tourists spent 42 billion euros in Italy.Guido Carrissi, who manages two hotels in Central Florence and looks forward to the start of the good season, says, he is facing a cancellation of one-on-one bookings. It would be really tough for them
According to Bank of Italy statistics, tourism's economic value added accounts for about 6% of gross domestic product, which contributes more to economic growth than France and Germany. The macroeconomic environment was already looking scary. Mr Alan Reynolds expects domestic demand to decline substantially in the first quarter of 2020, but is particularly bad from an investment standpoint. It is being reported that investment conditions have worsened. Italy's exporters and manufacturers have been battling economic wars for the past two years due to trade tensions between the US and China and slowdown in Germany's car industry, while domestic demand was less than a decade ago. Mr Alan Reynolds said that now the shutdown and supply chain disruptions due to the Corona virus added further barriers to industrial production.
In order to prevent the eurozone's third largest economy from falling, Italy's exporters have gained importance in recent years. In the last three years, exports of Italy's products and services have more than tripled at the pace of the overall economy, and expanded slightly faster than Germany and France. Italy's exports of goods and services as a share of GDP increased to 31 percent in 2018, up from 25 percent in 2010.
Italy's long tradition of high-quality exports boosted its international credibility in the fields of luxury fashion and food, as well as industrial manufacturing. However, they are particularly vulnerable to the domestic and global economic consequences of the disease.
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Fahad Hussain
MSCS, MCS, DAE(I.T)
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