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Bank Of Italy Sees 3.5% GDP Growth This Year

The Italian economy is set to expand this year and next, but will return to pre-pandemic levels only in 2023, the Bank of Italy projections showed Friday.

Gross domestic product is set to grow 3.5 percent this year, after a massive 9.2 percent contraction in 2020, due to the disruption caused by the coronavirus, or Covid-19, pandemic.

Growth is seen at 3.8 percent in 2022 and then slow to 2.3 percent in 2023.

GDP is set to rise significantly in the spring on the back of the expected improvement in the coronavirus situation as countries have started vaccinating public.

"Starting in the second half of 2021 and continuing over the next two years, the economic support and recovery measures financed through the national budget and using EU funds should provide a further boost," the bank said in its latest economic bulletin.

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