Bank of Italy Governor Ignazio Visco
said Tuesday that a prolonged war in Ukraine would probably cost
Italy two percentage points of GDP growth over the next two
years.
"The war has radically heightened uncertainty," Visco said.
"Productive activity weakened in the first quarter. It should
strengthen moderately in the current quarter.
"In April our assessment was that, if the conflict went on for
an extended period, it would lead to two two percentage points
less of growth this year and next.
"The recent estimates of international organizations are
similar.
"However, we cannot exclude more adverse developments... if the
war led to an interruption of Russian gas supplies".
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