Govt moves averted 600,000 firings - Bank of Italy

Study calculates effects of CIG extension, firings halt

(ANSA) - ROME, 19 NOV - Government measures to support employment during the COVID emergency have so far averted the loss of 600,000 jobs, the Bank of Italy said Thursday.
    The central bank said that CIG lay-off benefit extensions, support for firms' liquidity and a halt to firings had this effect.
    Lead researcher Eliana Viviano said about a third of the 600,000 job losses would however not have happened thanks to other measures.
    The Italian economy is enduring an unprecedented recession due to COVID-19.
    GDP is forecast to drop 11-13% this year, according to various estimates.
    Th economy will bounce back by 4-6% next year, forecasters say.


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