Italy is among the most affected countries with coronavirus outbreak across the globe, as the incidences rising at a significant pace than any other country. In Italy, the death toll from COVID-19 surpassed 5,000, witnessing a sharp increase from the last few days. COVID-19 pandemic has a devastating impact on the Italian economy, as industrial output fell significantly. Italy had a considerable position in the value of industrial production in the EU member states. For instance, as per the Eurostat, more than 75% of the value of sold industrial production in EU 28 was generated by six member states, including Germany, Italy, France, UK, Spain, and Poland with 28%, 16%, 12%, 9%, 8%, and 5%, of total EU respectively (Eurostat). The country accounted for nearly 2.4% ($2.1 trillion) of the world’s GDP in 2018.
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As per the International Trade Administration (ITA), Italy’s third-largest destinations for exports is the US, which totaled $50.1 billion value of the country’s exports to the US in 2018. Italy’s small and medium enterprises (SMEs) sector has a considerable proportion of firms that contribute approximately one-third of value to the economy and half of total employment in the country. As Italy’s economic structure is heavily dependent on SMEs, the spread of coronavirus is significantly affecting the economy of Italy. SMEs relies on loans and finances to meet their business requirements. Due to the vulnerabilities facing by the Italian financial sector amid COVID-19, SMEs operations are negatively affected, which in turn, is leading to a significant decline of the Italian economy.
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In the healthcare sector, there is a surge in the demand for hospital supplies and equipment amid COVID-19 effect in the country. The Italian government has asked Siare Engineering International Group s.r.l., to augment its production of ventilators from 160 to 500 per month, as death toll surpassed 5,000. Further, General Electric Co., Honeywell, and 3M increased their efforts for the production of hospital equipment to fight against coronavirus. General Motors and Ford Motors have all declared the possibility of utilizing their facilities for the production of ventilators.
In addition, automakers are shifting their focus towards manufacturing of personal protective equipment to prevent the spread of Coronavirus. For instance, Fiat Chrysler Automobiles (FCA) declared that it would start production of face masks in the coming weeks. It will donate the critical medical equipment to healthcare workers and first responders. The company plans to produce 1 million face masks a month, which will be donated to emergency medical technicians (EMTs), police, firefighters and workers in healthcare clinics and hospitals.
Some major companies affected by COVID- 19 outbreak include Ferrari S.p.A., Fiat Automobile S.p.A., Alitalia – Società Aerea Italiana S.p.A., Siare Engineering International Group s.r.l., and Banca Sella S.p.A. Due to the COVID-19 epidemics, Italian banks have been focusing on Bitcoin trading platforms to buy and sell Bitcoin. For instance, Banca Sella S.p.A., Italian bank declared to introduce Bitcoin trading services for its existing mobile banking customers.
Verticals Affected Most
Food & Beverage
Travel and Tourism
Personal Protective Equipment
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