Confindustria Warns Energy Shocks Could Wipe Out Italy's Growth
Confindustria warns that rising oil and gas prices could eliminate Italy's projected 0.6% economic growth for next year.
The General Confederation of Italian Industry, Italy's largest employers' organization, warned that a worsening energy shock could eliminate the country's projected economic growth for next year. In its autumn forecast, the business lobby stated that the government's expected growth of 0.6% could be wiped out if Brent crude oil averages approximately $126 per barrel, a figure roughly a quarter above September levels.
Confindustria noted that similar economic erasure would occur if oil prices reach $115 while European gas prices hit €89 per megawatt-hour. The organization attributed these risks to high power prices and European Union carbon costs, which it claims are undermining industrial competitiveness.
