Italy's economy may shrink for at least two months due to the outbreak of the novel coronavirus and subsequent emergency measures, the country's Economy Minister, Roberto Gualtieri, said on Wednesday.
"A fall in GDP for at least a couple of months, no matter what measures are taken, is to be hypothesised," he told the budget committees of both chambers of the parliament, as quoted by the ANSA news agency.
"Those estimates, however, are preliminary, but such risks persist, as well as risks to go beyond the EU-set budget deficit limit of 3 per cent of the GDP," he added.
Earlier in the day, Italian Prime Minister Giuseppe Conte said the government was allocating an extra 25 billion euros (USD 28 billion) to fight the coronavirus.
Italy has confirmed over 10,000 COVID-19 cases to date, more than any other country outside Asia. Responding to the outbreak, Italy has toughened up anti-coronavirus measures.
Schools and universities are suspended until April 3, gyms have closed and sporting events -- including Serie A -- have stopped. The authorities have asked all Italians to stay at home and avoid travel, unless necessary for work or medical reasons.