ROME: Italy will introduce this week measures worth 3.6 billion euros (US$3.5bil) to help the economy withstand the largest outbreak of coronavirus in Europe, Economy Minister Roberto Gualtieri said on Sunday (March 1). While many countries in South-East Asia and China are managing to control the outbreak, Europe especially Italy are having their hands full in the fight against Covid-19. The economy minister said he was confident the European Union would approve the necessary hike in Italy's official deficit target, adding eurogroup ministers would talk mid-week by telephone about the situation. Italy had forecast a deficit of 2.2% for this year, based on the assumption the economy would grow 0.6% in 2020. The respected REF Ricerche think tank has warned the crisis could cut national output by 1%-3% in the first half of 2020.

Source: The Star March 01, 2020 09:56 UTC