Over 100K of Italian businesses are about to close down| MENAFN.COM

Tuesday, 06 December 2022 04:05 GMT

Over 100K of Italian businesses are about to close down


(MENAFN) According to Carlo Sangalli, chairman of the Italian business group Confcommercio, over 100,000 enterprises in Italy face going out of business as a result of rising energy costs, as reported on Saturday by the news site Corriere della Sera.

Sangalli declared to the media source that “already today many companies are reorganizing or reducing services… Between now and the first half of 2023, at least 120,000 small businesses in the service sector are at risk… This is a cautious estimate that does not take into account the largest companies.”

The official stated that the circumstance might result in the loss of more than 370,000 jobs. Sangalli pointed out that Italy's energy costs are far higher than those in other nations, which is difficult for small and medium-sized firms.

Sangalli also mentioned, “in terms of energy costs, our hotels, bars, restaurants and stores will pay 40-60% more on their bills this year than in Germany, and three times that than in France.”

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