April 30, 2020 / 5:56 AM / a month ago

Moody's sees Italy economy contracting 9.3% this year - paper

MILAN, April 30 (Reuters) - Moody’s expects Italy’s economy to contract by 9.3% this year due to the impact of the new coronavirus and grow 6.1% in 2021, the ratings agency’s chief economist, Mark Zandi, told La Stampa newspaper in an interview published on Thursday.

“The growth forecasts are estimates, there is a lot of uncertainty. The key is the virus, especially the vaccine - we assume that it will be distributed everywhere by the second half of 2021,” Zandi told the paper.

He added that the aggressive response of the Rome government to the health crisis to shore up the economy so that it is not hit worse was what one “would have expected and wished”.

Reporting by Agnieszka Flak, editing by Maria Pia Quaglia

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