Reports ITALY REPORT
and social services, Italy also aims to input a large chunk into addressing some “weakness area” such as green transition/climate change and digital transformation with measures due to be completed by 2026.
Te plan should foster economic growth and create new jobs and is expected to lift Italy’s GDP by 1.5 per cent to 2.5 per cent by 2026.
Italy was one of the hardest hit European countries during the pandemic. Its GDP shrank by 8.9 per cent compared to a European average of 6.2 per cent.
Te unemployment rate in Italy currently stands at around 8.4 per cent (May 2022) with around 2.1 million out of work. Although a high figure, it is slowly dropping after it reached a high of 10.2 per cent in early 2021. Youth unemployment remains high at around 24 per cent.
Te NRRP was presented by former European Central Bank President and current Prime Minister Mario Draghi who has the responsibility of overseeing the funding and responsibility of implementation – ironically an issue which triggered the governmental crisis in 2021 which brought Draghi into office and originated in differences over the government’s use of recovery loans and grants.
Draghi was drafted in last year to head the
Gambling has been legal in Italy since 1948 which provided operators with a licence to operate, and the Legislative Decree No. 496 basically became the first piece of gambling legislation. Gambling is monitored by the national gambling authority, Agenzia della Dogane e dei Monopoli (ADM), and land-based and online gambling are dealt with separately and divided into two categories.
‘national unity’ government after the resignation of Prime Minister Giuseppe Conte over the country’s response to the Covid crisis.
Conte lost credibility over the government’s haphazard approach to some restrictions during Covid and a weak financial response to businesses which were affected by the crisis. He resigned in February 2021.
Meanwhile, Sergio Mattarella was re-elected as President earlier this year after agreeing to serve a second term after coalition parties failed to agree on a candidate for the office.
Seven rounds of voting failed to produce an alternative candidate and the 80-year-old emerged as the most popular choice despite him
P82 WIRE / PULSE / INSIGHT / REPORTS voicing his desire to leave office.
Draghi was tipped as front runner for the Presidential role, but ruling parties decided his promotion would trigger early elections and believed the Italian market could not cope with more confusion and chaos.
Mattarella played a key role during this time, as although the President is largely a ceremonial role, he was seen as highly influential and important when he stepped in to avert a political crisis at the time of the resignation. Both Draghi and Mattarella are popular leaders in Italy and for once it seems as if Italy has some political stability.
Even the annual budget law unveiled for 2022
contained no major changes for the Italian gambling market this time around. Traditionally Italy is known for its regular tax hikes during the budgets, but this year contained no surprise increases.
Of course, now the government is facing tough ramifications over the Russian/Ukrainian war. Tere is an absence of Russian imports of Italian goods and of course lack of Russian and Ukrainian visitors which could threaten Italy’s fragile post pandemic position.
Although Russians didn’t come to Italy in their droves, they were however second behind Germany in the amount they spent in the country spending 65 per cent more per day than the average tourist. In addition, rising fuel costs
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