BANK OF ITALY SAYS GOV’T HELP AVERTED 600,000 FIRINGS

Government measures to support employment during the COVID emergency have so far averted the loss of 600,000 jobs, the Bank of Italy said, the Italian news agency ANSA reported.

The central bank said that lay-off benefit extensions, support for firms' liquidity and a halt to firings averted the massive layoffs nationwide.

Lead researcher Eliana Viviano said about a third of the 600,000 job losses would however not have happened thanks to other measures.

The Italian economy is enduring an unprecedented recession due to COVID-19. GDP is forecast to drop between 11% and 13% this year, according to various estimates. However, the economy will bounce back anywhere from 4% to 6% next year, forecasters say.