|July 2, 2012
Italy is suffering a ''serious recession'' causing economic damage that is similar to a war, according to a report by the country's biggest business association.
"Up until now the damage caused by the crisis is equivalent to that of a conflict," the Rome-based Confindustria said Thursday in a report. Most of the damage has hit "the most vital and precious part of the Italian economic system."
"The rise and the level of public debt is similar in all the advanced economies to that which is present at the end of bellicose global clashes," the report said.
The powerful Confindustria said it expects the Italian economy to shrink 2.4 percent this year and 0.3 percent in 2013. That compares with the group's December forecast of a 1.6 percent decline in 2012, rising 0.6 percent in 2013.
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