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    Zafar Ibn Kader
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    The Italian economy contracted 17% in Q2 due to COVID-19 lockdowns, severely impacting the hospitality and tourism industries which make up 13.3% of Italy's economy. Studies show losses to tourism could reach 100 billion euros this year, far more than in 2019, with 65 million lost from June to August alone. Other hard hit industries include manufacturing, energy, and fashion.

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    The Italian economy contracted 17% in Q2 due to COVID-19 lockdowns, severely impacting the hospitality and tourism industries which make up 13.3% of Italy's economy. Studies show losses to tourism could reach 100 billion euros this year, far more than in 2019, with 65 million lost from June to August alone. Other hard hit industries include manufacturing, energy, and fashion.

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    10 views1 page

    Assignment 1

    Uploaded by

    Zafar Ibn Kader
    The Italian economy contracted 17% in Q2 due to COVID-19 lockdowns, severely impacting the hospitality and tourism industries which make up 13.3% of Italy's economy. Studies show losses to tourism could reach 100 billion euros this year, far more than in 2019, with 65 million lost from June to August alone. Other hard hit industries include manufacturing, energy, and fashion.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    Italian economy also amongst the hardest hit economies in Europe with a contraction of

    17% in the GDP in the second quarter with the most affected industry being hospitality and
    tourism resulting from the lockdown closing down the borders and starving the industry.
    Tourism accounts for 13.3 % of the economy and with prolonging COVID-19 pandemic on
    Italy's  industry could reach an astounding 100 billion euros, according to studies which is
    far higher than last year. As per the studies a loss of 65 million alone were seen between
    June and August of 2020.The amongst other industries affected were manufacturing
    (automobiles, airlines and domestic appliances), energy and fashion.

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