Italy's recovery after COVID will be 'slow, uneven' - OECD

(ANSA) - ROME, DEC 1 - The OECD said in is latest economic outlook on Tuesday that Italy's recovery from the economic earthquake caused by the COVID-19 pandemic will be "slow and unequal".
    It said that, after falling by 9.1% this year, GDP is projected to expand by 4.3% in 2021 and 3.2% in 2022.
    The report forecasts Italian unemployment will rise from 9.4% this year to 11% next.
    "Lockdowns and uncertainty about the pandemic will weigh heavily on activity, investment and employment until general immunisation has been attained," the OECD said.
    "The unemployment rate will pick up during 2021 and remain high in 2022.
    "Consumption growth is projected to recover, but household precautionary saving will remain elevated. "Investment is expected to recover in 2022, as public investment rises and firms in more resilient sectors such as manufacturing begin to undertake replacement investment. "The services sector, by contrast, will recover more slowly as domestic demand and tourism remain weak until an effective vaccine is widely deployed. "This will exacerbate labour market and regional inequalities". (ANSA).