Italy’s Poverty Rate Fell Before the Pandemic Recession Hit

Italy’s Poverty Rate Fell Before the Pandemic Recession Hit

(Bloomberg) -- Poverty in Italy declined for the first time in five years before the coronavirus froze economies around the world, with the number of people unable to afford basic goods and services falling to 7.7% in 2019. The reduction coincided with the introduction of a controversial “citizens’ income,” which currently pays an average 519 euros ($590) a month to 2.8 million people. The decline is set to be a one off as the virus-related downturn pushes Italy into a severe recession, eliminating jobs.

©2020 Bloomberg L.P.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.