War and risk of recession for Italy, the alarm from Confindustria

“If the crisis in the Gulf is not resolved, and we get to the end of the year, we are almost certain to get there at the risk of recession“. The president of Confindustria said it Emanuele Orsinion the sidelines of the ‘India-Italy: business partners, brighter future’ event, organized in Milan by ‘Il Sole 24 Ore’ and Banco Bpm. “We – recalls Orsini – had already said it almost a month ago; if the war had ended quickly we would be at 0.5% of GDP; if we continued like this for another three months we would be at zero, but if we reach the end of the year, we are almost certain to reach the risk of recession”.

“There is starting to be a shortage of products on the shelves”

The president of Confindustria also warns about the lack of some products. “Speaking with the president of Federdistribuzione in recent days, I learned that Some products are starting to be missing on the shelves in Sicily“, he said. For this reason, he continued, “I say that Europe must wake up: we need a path to be built anyway. And even today I read that there are advice to countries on what to do about energy, but I expect something different from Europe. Europe today must give with clarity and certainty aid measures especially to those countries that are a little further behind on energy.” “Us we already have a big problem with aluminum. Products arriving from the Gulf are starting to be missing”, he explained. The closure of the Strait of Hormuz “is a problem for us – highlighted Orsini – because there we had an exchange of 32 billion with a positive balance of 11 billion, so obviously it is a problem for us”.

Energy in Italy

“In Italy – said Orsini – we have to do our homework, because we we must immediately look for the suitable area for photovoltaic, renewables and wind power. I believe that it is essential to put everything possible on the subject of energy on the ground, because we expect Europe to be able to give European guarantees to the banks of the various states to be able to build new plants”. “What we have to do today is build plants – underlined Orsini – but if even we politically, among all the political parties, cannot find the suitable area, you understand that it is a problem. Then it is logical” we need to focus on “new technologies, on the micro nuclear reactor, but it takes ten years. So what can be done, too reopen coal power plants. If today we need to reopen coal power plants in order to benefit our businesses, it must be done. Because I remember that Germany is doing it.”

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