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Italy Industry Lobby Says Energy Shock Could Wipe Out Growth
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Italy Industry Lobby Says Energy Shock Could Wipe Out Growth A worsening energy shock could wipe out Italy’s economic growth next year, with high power prices and European Union carbon costs hurting industrial competitiveness, according to the country’s largest business lobby. The government’s expected economic growth of 0.6% next year could be “wiped out” if Brent crude averaged about $126 a barrel, or roughly a quarter above September levels, Confindustria, Italy’s biggest employers’...
Italy Industry Lobby Says Energy Shock Could Wipe Out Growth
A worsening energy shock could wipe out Italy’s economic growth next year, with high power prices and European Union carbon costs hurting industrial competitiveness, according to the country’s largest business lobby.
The government’s expected economic growth of 0.6% next year could be “wiped out” if Brent crude averaged about $126 a barrel, or roughly a quarter above September levels, Confindustria, Italy’s biggest employers’ organization, said in its autumn forecast. The same would happen with oil at $115 and European gas at €89 per megawatt-hour, it said.