Italy May Lose Half a Million Jobs – Study
- Italy May Lose Half a Million Jobs – Study
by https://www.rt.com/
Natural gas shortage will stifle economic growth, analysts warn
Italy is at risk of losing up to 582,000 jobs due to the energy crisis and the resulting economic downturn, national media reported on Sunday, citing a study by the Confindustria Association of Industrialists.
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According to the findings, if the gas price stays at its current level (the August average was €235 per megawatt-hour), Italy’s economy will shrink 2.2% next year and the country will lose up to 383,000 jobs in 2022-2023.
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However, if the price hits €298 per megawatt-hour, which is the predicted level based on current gas futures, Italy may suffer a 3.2% decline in GDP and lose hundreds of thousands of jobs.
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According to the analysts, if Russia shuts down gas supplies altogether from October, Italy could be about 8% (6.4 billion cubic meters) short of the gas it needs to cover demand, taking into account available alternative supplies and reserves. Such a shortage could lead to mass closures of businesses and industries in the country.
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