On cashback: “A useful tool but not a structural one”
“This year we are growing a lot. The growth rate in 2023-24 will be very high,” said the Minister of Economy Daniele Franco during the hearing on the Update to the document on economics and finance (Nadef).
Growth
«I think it is a goal for the following years. To this end, fiscal policy will remain expansionary in 2022-2023 to return to neutral from 2024. Potential growth rises because we are investing much more and this should help us sustain higher growth. This must be our goal: it gives us more well-being and ample margins to manage public finances ». The priority is to reverse the trend established in past years: «The real test is growth. We need to get out of the long period of economic stagnation. Employment rates are lower than our partners ».
Estimates
The government estimates that the third quarter of 2021 closed with GDP growth of 2.2% and industrial production of around 1%. This was underlined by the Minister of Economy, Daniele Franco, during a hearing on Nadef in Parliament. At the end of the year, he reiterated, the economy will have recovered two thirds of what it lost in 2020: “In April we expected a growth of 4.5% of GDP, now an increase of 6%, therefore an increase of one point and a half. This is a very significant change: all forecasters are seeing the estimates of Italian economic growth up ”.
The risk pandemic
Franco warns us: “Should the pandemic ever resume, our forecasts would be at risk but the scenario we have outlined – without new restrictions on people and business activities – seems to us the most probable, and it is for all forecasters” .
The incentives
“The Superbonus and the other building bonuses are very important to restart the construction sector, so in the budget law we are evaluating how they can and should be extended, but we must remember that these are expensive instruments, not sustainable in the long run” Construction “is a sector that must be supported, bearing in mind that it cannot grow out of all proportion and that these interventions are a burden on public finance”. Then a point on cashback: «It was an important tool for electronic payments that facilitate the containment of evasion, payments are more efficient and tracked. There is a cost and benefit analysis to be carried out, in extending it one must evaluate both. It was certainly important but I would not see it as structural: the moment we pushed people towards the digital world, we stay there, we hardly go back. We have to see if another period of use could be useful ».
The scrapping of folders
Minister Franco explains the ministry’s line on the dilution of accumulated debts: “We are evaluating whether some further spreading of the burdens can be considered, but we must gradually move towards a situation of normality, families and businesses must return to pay the bills of the Agenzia delle Come in, we can move and dilute again for this phase, but we must gradually return to a normal situation ».
A passage on pensions, which according to the minister are “an open question that we will address in the Budget Law,” he said, explaining that the Update to the Def does not contain an exhaustive list of planned interventions.
The bills
What worries the owner of the Economy are the costs of energy: “An issue that must be monitored and we must evaluate whether to do something at national and European level to mitigate this dynamic”. This is a “significant” issue, but the feeling is that “in the first half of next year it will diminish”. Franco also spoke about the bills issue: «To mitigate the impact of the price increases essentially for gas, the government intervened twice. Obviously the problem will arise again on January 1st next ».
As for exports “they are doing very well, there has been a very positive dynamic and this has led us to strengthen the surplus compared to other countries, which remains above 3%,” said the minister.
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On cashback: “A useful tool but not a structural one”
“This year we are growing a lot. The growth rate in 2023-24 will be very high,” said the Minister of Economy Daniele Franco during the hearing on the Update to the document on economics and finance (Nadef).
Growth
«I think it is a goal for the following years. To this end, fiscal policy will remain expansionary in 2022-2023 to return to neutral from 2024. Potential growth rises because we are investing much more and this should help us sustain higher growth. This must be our goal: it gives us more well-being and ample margins to manage public finances ». The priority is to reverse the trend established in past years: «The real test is growth. We need to get out of the long period of economic stagnation. Employment rates are lower than our partners ».
Estimates
The government estimates that the third quarter of 2021 closed with GDP growth of 2.2% and industrial production of around 1%. This was underlined by the Minister of Economy, Daniele Franco, during a hearing on Nadef in Parliament. At the end of the year, he reiterated, the economy will have recovered two thirds of what it lost in 2020: “In April we expected a growth of 4.5% of GDP, now an increase of 6%, therefore an increase of one point and a half. This is a very significant change: all forecasters are seeing the estimates of Italian economic growth up ”.
The risk pandemic
Franco warns us: “Should the pandemic ever resume, our forecasts would be at risk but the scenario we have outlined – without new restrictions on people and business activities – seems to us the most probable, and it is for all forecasters” .
The incentives
“The Superbonus and the other building bonuses are very important to restart the construction sector, so in the budget law we are evaluating how they can and should be extended, but we must remember that these are expensive instruments, not sustainable in the long run” Construction “is a sector that must be supported, bearing in mind that it cannot grow out of all proportion and that these interventions are a burden on public finance”. Then a point on cashback: «It was an important tool for electronic payments that facilitate the containment of evasion, payments are more efficient and tracked. There is a cost and benefit analysis to be carried out, in extending it one must evaluate both. It was certainly important but I would not see it as structural: the moment we pushed people towards the digital world, we stay there, we hardly go back. We have to see if another period of use could be useful ».
The scrapping of folders
Minister Franco explains the ministry’s line on the dilution of accumulated debts: “We are evaluating whether some further spreading of the burdens can be considered, but we must gradually move towards a situation of normality, families and businesses must return to pay the bills of the Agenzia delle Come in, we can move and dilute again for this phase, but we must gradually return to a normal situation ».
A passage on pensions, which according to the minister are “an open question that we will address in the Budget Law,” he said, explaining that the Update to the Def does not contain an exhaustive list of planned interventions.
The bills
What worries the owner of the Economy are the costs of energy: “An issue that must be monitored and we must evaluate whether to do something at national and European level to mitigate this dynamic”. This is a “significant” issue, but the feeling is that “in the first half of next year it will diminish”. Franco also spoke about the bills issue: «To mitigate the impact of the price increases essentially for gas, the government intervened twice. Obviously the problem will arise again on January 1st next ».
As for exports “they are doing very well, there has been a very positive dynamic and this has led us to strengthen the surplus compared to other countries, which remains above 3%,” said the minister.
Unlimited access to all site content
€ 1 / month for 3 months, then € 3.99 / month for 3 months
Unlock unlimited access to all content on the site
On cashback: “A useful tool but not a structural one”
“This year we are growing a lot. The growth rate in 2023-24 will be very high,” said the Minister of Economy Daniele Franco during the hearing on the Update to the document on economics and finance (Nadef).
Growth
«I think it is a goal for the following years. To this end, fiscal policy will remain expansionary in 2022-2023 to return to neutral from 2024. Potential growth rises because we are investing much more and this should help us sustain higher growth. This must be our goal: it gives us more well-being and ample margins to manage public finances ». The priority is to reverse the trend established in past years: «The real test is growth. We need to get out of the long period of economic stagnation. Employment rates are lower than our partners ».
Estimates
The government estimates that the third quarter of 2021 closed with GDP growth of 2.2% and industrial production of around 1%. This was underlined by the Minister of Economy, Daniele Franco, during a hearing on Nadef in Parliament. At the end of the year, he reiterated, the economy will have recovered two thirds of what it lost in 2020: “In April we expected a growth of 4.5% of GDP, now an increase of 6%, therefore an increase of one point and a half. This is a very significant change: all forecasters are seeing the estimates of Italian economic growth up ”.
The risk pandemic
Franco warns us: “Should the pandemic ever resume, our forecasts would be at risk but the scenario we have outlined – without new restrictions on people and business activities – seems to us the most probable, and it is for all forecasters” .
The incentives
“The Superbonus and the other building bonuses are very important to restart the construction sector, so in the budget law we are evaluating how they can and should be extended, but we must remember that these are expensive instruments, not sustainable in the long run” Construction “is a sector that must be supported, bearing in mind that it cannot grow out of all proportion and that these interventions are a burden on public finance”. Then a point on cashback: «It was an important tool for electronic payments that facilitate the containment of evasion, payments are more efficient and tracked. There is a cost and benefit analysis to be carried out, in extending it one must evaluate both. It was certainly important but I would not see it as structural: the moment we pushed people towards the digital world, we stay there, we hardly go back. We have to see if another period of use could be useful ».
The scrapping of folders
Minister Franco explains the ministry’s line on the dilution of accumulated debts: “We are evaluating whether some further spreading of the burdens can be considered, but we must gradually move towards a situation of normality, families and businesses must return to pay the bills of the Agenzia delle Come in, we can move and dilute again for this phase, but we must gradually return to a normal situation ».
A passage on pensions, which according to the minister are “an open question that we will address in the Budget Law,” he said, explaining that the Update to the Def does not contain an exhaustive list of planned interventions.
The bills
What worries the owner of the Economy are the costs of energy: “An issue that must be monitored and we must evaluate whether to do something at national and European level to mitigate this dynamic”. This is a “significant” issue, but the feeling is that “in the first half of next year it will diminish”. Franco also spoke about the bills issue: «To mitigate the impact of the price increases essentially for gas, the government intervened twice. Obviously the problem will arise again on January 1st next ».
As for exports “they are doing very well, there has been a very positive dynamic and this has led us to strengthen the surplus compared to other countries, which remains above 3%,” said the minister.
Unlimited access to all site content
€ 1 / month for 3 months, then € 3.99 / month for 3 months
Unlock unlimited access to all content on the site
On cashback: “A useful tool but not a structural one”
“This year we are growing a lot. The growth rate in 2023-24 will be very high,” said the Minister of Economy Daniele Franco during the hearing on the Update to the document on economics and finance (Nadef).
Growth
«I think it is a goal for the following years. To this end, fiscal policy will remain expansionary in 2022-2023 to return to neutral from 2024. Potential growth rises because we are investing much more and this should help us sustain higher growth. This must be our goal: it gives us more well-being and ample margins to manage public finances ». The priority is to reverse the trend established in past years: «The real test is growth. We need to get out of the long period of economic stagnation. Employment rates are lower than our partners ».
Estimates
The government estimates that the third quarter of 2021 closed with GDP growth of 2.2% and industrial production of around 1%. This was underlined by the Minister of Economy, Daniele Franco, during a hearing on Nadef in Parliament. At the end of the year, he reiterated, the economy will have recovered two thirds of what it lost in 2020: “In April we expected a growth of 4.5% of GDP, now an increase of 6%, therefore an increase of one point and a half. This is a very significant change: all forecasters are seeing the estimates of Italian economic growth up ”.
The risk pandemic
Franco warns us: “Should the pandemic ever resume, our forecasts would be at risk but the scenario we have outlined – without new restrictions on people and business activities – seems to us the most probable, and it is for all forecasters” .
The incentives
“The Superbonus and the other building bonuses are very important to restart the construction sector, so in the budget law we are evaluating how they can and should be extended, but we must remember that these are expensive instruments, not sustainable in the long run” Construction “is a sector that must be supported, bearing in mind that it cannot grow out of all proportion and that these interventions are a burden on public finance”. Then a point on cashback: «It was an important tool for electronic payments that facilitate the containment of evasion, payments are more efficient and tracked. There is a cost and benefit analysis to be carried out, in extending it one must evaluate both. It was certainly important but I would not see it as structural: the moment we pushed people towards the digital world, we stay there, we hardly go back. We have to see if another period of use could be useful ».
The scrapping of folders
Minister Franco explains the ministry’s line on the dilution of accumulated debts: “We are evaluating whether some further spreading of the burdens can be considered, but we must gradually move towards a situation of normality, families and businesses must return to pay the bills of the Agenzia delle Come in, we can move and dilute again for this phase, but we must gradually return to a normal situation ».
A passage on pensions, which according to the minister are “an open question that we will address in the Budget Law,” he said, explaining that the Update to the Def does not contain an exhaustive list of planned interventions.
The bills
What worries the owner of the Economy are the costs of energy: “An issue that must be monitored and we must evaluate whether to do something at national and European level to mitigate this dynamic”. This is a “significant” issue, but the feeling is that “in the first half of next year it will diminish”. Franco also spoke about the bills issue: «To mitigate the impact of the price increases essentially for gas, the government intervened twice. Obviously the problem will arise again on January 1st next ».
As for exports “they are doing very well, there has been a very positive dynamic and this has led us to strengthen the surplus compared to other countries, which remains above 3%,” said the minister.
Unlimited access to all site content
€ 1 / month for 3 months, then € 3.99 / month for 3 months
Unlock unlimited access to all content on the site