European countries are battling with the coronavirus as the number of infected people keeps growing, while the death toll in Italy rose dramatically Thursday.
"What I think is that these measures of the government, which are quite extreme and evasive, are in fact necessary because the name of the game is to slow down the contagion," Ambrosetti said Friday.
Meanwhile, health authorities in the northern region of Lombardy are telling patients to avoid hospitals with anything other than urgent matters.The Italian government has already warned that its 2020 deficit will be higher than initially planned. With the latest financial aid package of 7.5 billion euros, Italy is expecting its deficit to reach 2.5% this year – 0.3% higher than the estimations prior to the outbreak.
"We expect the situation in Europe, Japan and the U.S. to worsen through April before it starts to improve slightly at some point in May. This implies a near-term recession in Germany, Italy and Japan," Berenberg bank said in a note Friday morning.
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