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Italy: Industry minister sees 'way out of recession'

last update: August 20, 16:56

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Rimini, 20 Aug. (AKI) - Italy can easily overcome its economic crisis with no problem at the country's industry minister said Monday during a speech at conference in the northeast city of Rimini.

"Yes, I do see a way out of this recession," said Corrado Passera. Italy should be able to regain all it has lost and stay among the most developed countries if the ''collective effort'' started thanks to Monti's government will go on.

Italy’s economy is in recession as prime minister Mario Monti’s passed measures like tax increases that pushed the the eurozone's third-richest country deeper into the recession, its fourth since 2001. The country has shown a recession for three quarters and is expected to last into next year.

Italy's government in recent days has been trying to put a positive spin on comments about the crisis that has cast the country into crisis, causing businesses to close or fire workers.

"We should all share the responsibility of building our future, politics shouldn't bear it alone. Subsidiarity is key in the development of society," said Passera, eager to amplify the third sector, main contributor in Italy's economy.

Indeed, "the third sector is a particularly strong part of the 'made in Italy', a competitive advantage for our country today, let alone if we used it to the best of its ability," said Passera.

"Italy's biggest problem is the productivity crisis, and the delay we have accumulated might have worst consequences than the spread increase," said Passera.


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