UniCredit CEO says firms, families are adjusting, sees recovery at end-2023

MILAN (Reuters) – Italian households and businesses are adjusting to the current economic challenges and this will help the economy recover towards the end of next year after what UniCredit expects to be a mild recession, CEO Andrea Orcel said.

Speaking at the UILCA union national congress, Orcel said the extent of the pessimism of international investors towards Italy was unwarranted.

“We can see among our corporate clients that companies are adjusting, they’re reviewing their entire value chain,” Orcel said.

(Reporting by Valentina Za; Editing by Keith Weir)