31 March 2022

Ambrosetti Club Economic Indicator - The double shock of pandemic and war

The previous article commenting on the survey of the Ambrosetti Club Economic Indicator was focused on outbreaks and developments of the pandemic, inflation and economic recovery. It also commented enthusiastically that the business community was increasingly optimistic and the prospects for 2022 would be extremely positive. 

Then, on February 24, 2022, Putin decided to invade Ukraine and the businesses’ responses have dramatically changed, quickly reversing to the previous negative trend.

41% of Italian electricity is produced by gas and we are the European country that most uses this resource in its production mix. About half of the gas we use comes from Russia, and if we add our oil consumption, this country receives a daily cheque of one billion Euros from Europe. In addition to the negative impacts on energy supply, huge impacts are expected on Italy’s manufacturing supply chains. It is indeed a complex scenario, and there are not easy solutions.

What to do, how to face these issues, what are their impacts, and how to push forward the economic recovery will be the topics covered in the 33rd edition of the Workshop "The Outlook for the Economy and Finance", the event that takes place every spring in Cernobbio, at Villa d'Este, to discuss the economic and financial scenarios in Italy, Europe and the world.

The Ambrosetti Club Economic Indicator is aimed at measuring the sentiment of Italian companies, and derives from a survey administered, on a quarterly basis, to more than 400 members of Ambrosetti Club's business community.

Read the full report (in Italian) “Pandemia e Guerra: la morsa a tenaglia di un doppio shock esogeno che mette a rischio la ripresa in Italia