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|Italy GDP growth forecast down by 0.3pp|
|Tuesday, 06 December 2016|
Commenting on the Italian Referendum result, Ana Boata, economist at Euler Hermes, the world’s leading trade credit insurance company, said: “While there is no need to panic, the resounding ‘No’ result and political turmoil that has followed could cause a mild confidence crisis in 2017. Even without any spill over to banks or the bond market, we expect -0.3pp of Italian GDP could be shaven off, leaving the economy with the prospect of a mere 0.6% growth next year.
“It will be Italian companies that bear the brunt of a confidence shock, albeit a mild one, which are already contending with some of the worst cash flow conditions in the world – businesses are waiting on average for 88 days for payment for goods and services. We are likely to see divestment from abroad and tougher financing conditions mean that inward investment levels will stay flat, compared to 2% growth we previously predicted for 2017, and hamper the economy’s chances of recovery.”
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