3 economic pillars outlined for Italy’s post-pandemic era

Vittorio Colao, the head of Italy reconstruction task force, said that he would recommend an economic plan resting on three main pillars: innovation, environmental sustainability, and inclusion, for the country’s post-pandemic era.

On Monday, Colao said the strategy his task force recommends for relaunching the Italian economy in the wake of the coronavirus pandemic includes support for small- and medium-sized businesses as well as for the unemployed, reform of the way government contracts are awarded, and the inclusion of additional aid for export-driven companies, reports Xinhua news agency.

He said the plan focuses on rebuilding and modernizing infrastructure, protecting the environment, reforming the public administration, rethinking education, and reinforcing the tourism sector.

Colao’s remarks were part of Prime Minister Giuseppe Conte’s multi-day “Estates General” talks and the “Progettiamo il Rilancio” (We Are Planning the Relaunch) plan, which started on June 13.

The talks include in-person and virtual conferences with ministers, European Union officials, and representatives from the corporations, the financial sector, and trade unions.

On Monday, Conte praised Colao’s proposal as “an important contribution to the debate taking place for the preparation of the government’s plan”.

The plan comes amid dire economic news for Italy, with the Bank of Italy, the country’s National Statistics Institute, and the Paris-based Organization for Economic Cooperation and Development all predicting the Italian economy will contract by at least 9 per cent this year.

Italy, one of the most hard-hit countries by the COVID-19 pandemic, has so far reported 237,290 confirmed cases, with 34,371 deaths.