02315cas a2200301 a 4500 AALejournalIMF021611 230101c9999 xx r poo 0 0eng d 5.00 USD 9781513573083 1934-7685 BD-DhAAL BD-DhAAL International Monetary Fund. European Dept. Italy : 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Italy. Washington, D.C. : International Monetary Fund, 2021. 1 online resource (83 pages) IMF Staff Country Reports <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students The pandemic dealt a severe blow to the Italian people and their economy. GDP fell by nearly 9 percent in 2020, with much larger drops for contact-intensive services. Public and corporate debt increased strongly and preexisting vulnerabilities have likely worsened. The government is prioritizing resolving the health emergency and transforming the economy to lift productivity, improve social outcomes and strengthen resilience to future shocks and structural change. The large National Recovery and Resilience Plan-partly financed by sizable Next Generation EU resources-will be used to increase physical and social infrastructure. Outlook. GDP is expected to recover strongly in 2021-22 and to grow well-above trend over the medium term, supported by investment spending. Nonetheless, economic scarring could be sizable. The two-sided risks relate to how the pandemic progresses, the efficiency of investment spending and the extent of savings drawdown, with large costs associated with the downside. Mode of access: Internet International Agreements imf International Organizations imf Monetary Policy imf Observance imf Italy imf IMF Staff Country Reports; Country Report ; No. 2021/101 Full text available on IMF http://elibrary.imf.org/view/journals/002/2021/101/002.2021.issue-101-en.xml IMF e-Library