Figure of the day: Economic challenges - CxO survey - Italy
Most of the companies that participated in the latest edition of PAC’s CxO survey are concerned about the difficult economic environment. In the majority of cases (55%) this is due to the impact of the COVID-19 pandemic. In a slightly smaller number of organizations (53%), concerns relate to the general, difficult economic situation in Italy.
This finding is not surprising: in Italy, as in other countries, the spread of infections led to a set of restrictions being imposed that have significantly affected Italian companies of all sizes, above all in the manufacturing and services sectors. The subsequent slowdown in activities deemed non-essential led to revenue loss for many companies in an environment that had been stagnant even before the outbreak, especially for smaller companies. This is confirmed by the trend in national GDP. After closing 2019 with basically flat growth on an annual basis (+0.3%), Italian GDP recorded massive slumps in the first three quarters of 2020, amounting to -5.6%, -18%, and -5%, respectively.
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