The analysis that emerged from the study "The Italian public debt and Covid - 19" carried out by the Council and the National Foundation of Accountants, Among the G20 countries, Italy shows the greatest increase in the debt / GDP ratio (+ 22,9%) after Canada (+ 28,9%) and Japan (+ 24,1%). Miani (national president of accountants): "Avoiding new tax shocks"
In 2020, the Covid -19 pandemic cost the average Italian 5.420 euro each, Of which 2.371 € di lower GDP per capita and the remaining ones 3.049 € di increase in debt. The figure emerges from the study "The Italian public debt and Covid - 19"Carried out by the Council and the National Foundation of Accountants which measured the impact of the emergency on the Italian economy by comparing it with that of the countries of G20.
In the analysis conducted starting from the most recent data from the International Monetary Fund, it emerges that the collapse of real GDP for Italy, estimated for the year just ended at -9,2%, (-8,9% according to the latest Istat data) and the worst drop after Argentina (-10,4%) and the United Kingdom (-10%) while, due to a too short rebound in 2021, Italy would show a decline in GDP highest in the two-year period 2020-2021 (-6,5%).
In 2020, the additional public spending and tax reliefs to address the pandemic have reached 6,8% of GDP placing Italy at 9 th in the G20. In per capita terms, that is, on average for each Italian, the state support was equal to 1.858 €, much less than in Germany (4.414 €), in France (2.677 €), In United States ($ 9.311) or in United Kingdom (€ 5.752).
Considering that in 2020 the average loss for every Italian the GDP is equal to 2.371 €, the state support of 1.858 euros was not enough to cover it by generating a loss of 513 euros per capita, while for France the result was -120 euros and for Germany +1.841 euros.
As regards the debt, in our country, last year, in per capita terms it increased by 3.049 euros. In 2021 it increases by another 2.372 euros each and in two years grows in total by 5.421 €. As a result of the pandemic, the Italian public debt at a per capita level, that is, for every Italian on average, passes from € 39.864 in 2019 to € 42.913 in 2020. In the G20 it ranks third together with Canada and after the United States and Japan and in 2021 it reaches 45.285 euros.
Massimo Miani, President of the National Council of Chartered Accountants “the study shows that ours is one of the most affected countries in the world in terms of GDP and debt / GDP ratio. At the same time it is one of those who the less he used leverage to withstand the pandemic crisis, which results in a rather significant loss of nominal GDP per capita. The analyzes and data presented in the research highlight significant risk profiles for the Italian economy including the danger of new fiscal shocks which could aggravate the Italian tax burden, already very high in itself ". According to Miani “it is necessary to promote expansionary fiscal policies more consistent with the situation of extreme difficulty of Italian businesses and families and at the same time make the best use of the resources of the Recovery Fund. But it is also necessary to re-discuss, a European level, fiscal rules that govern public finance. It is absolutely essential to reconsider the sustainability of the Italian public debt in light of the changed post-pandemic economic conditions. This is the only way to avoid dangerous shocks for the country's economy that would significantly affect the wealth of Italians ”.