Rome

Spending power 'to take over 20 yrs to recover from crisis'

Each Italian household lost 3,400 euros

Spending power 'to take over 20 yrs to recover from crisis'

Rome, June 12 - It will take over 20 years for Italian spending power to return to the growth levels seen prior to the start of the global economic crisis in 2008, a study by retailers' association Confcommercio and the Centre for European Reform (CER) think tank said on Wednesday. Each family has lost an average of over 3,400 euros in spending power in Italy, which is enduring its longest recession in 20 years, the study said. The financial crisis is such that a return to pre-crisis growth levels cannot be expected until 2036, Confcommercio and CER said.

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