'Terror threat could harm Italy recovery': Padoan

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Italy's economy minister, Pier Carlo Padoan, has said the Italian economy could be negatively affected by the Paris terror attacks. Photo: Gabriel Bouys/AFP
12:08 CET+01:00
Italy's Economy Minister Pier Carlo Padoan said that Italy's predicted return to growth for 2015 could be harmed by the fallout of the recent Paris terror attacks.

Government estimates predict Italian GDP to grow by 0.9 percent in 2015, but following the November 13th attacks experts have suggested that the forecast may need to be lowered.

"The climate following the terrible Paris attacks is negative and could affect economic recovery," Padoan told Corriere Della Sera.

"The figure of 0.9 percent is a prediction, not a goal, and like all predictions it may need to be changed."

But the minister maintained that it was still too early to tell what effects the attacks would have on the Italian economy.

"At the moment there is not enough concrete evidence suggesting that we will need to lower our estimate."

In the wake of the attacks, many worried European tourists have chosen to stay at home and experts fear the important festive shopping season will be hit as shoppers steer clear of crowded Christmas markets amid a climate of fear.

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Padoan, who himself lived in Paris for seven years as the director of the OECD, said it was important for consumers not to let terror concerns change their habits.

"Even if I still lived in Paris, I wouldn't change my lifestyle one bit. That would be giving in to the terrorists."

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