Italy: Gov't unveils new forecast amid 420 new deaths

ROME

Italy on Friday reported 420 new deaths related to the novel coronavirus within 24 hours, bringing the total number of fatalities to 25,969 as infections in the country continue to slow.

According to the latest data released by the Italian Civil Protection Department, new infections fell for the fifth day in a row with 321, making the total 106,527.

Recoveries climbed sharply to 60,498, while patients have continued to be taken off of intensive care, further easing the pressure on Italy's struggling healthcare system.

The epicenter of the Italian outbreak remains to be the northern region of Lombardy, where fatalities continue to rise, reaching 13,106 -- more than half of the total.

The government is expected to roll out its nationwide plan for the recovery phase of the pandemic by the end of the month, though inter-regional disputes have persisted.

Prime Minister Giuseppe Conte has clarified that the government intends to start lifting the nationwide lockdown "gradually" in compliance with all necessary social distancing precautions to keep the contagion curve under control.

On Friday, the government approved new economic forecasts for 2020 and the following two years, with plans for a budget deficit of 10.4% of gross domestic product (GDP) this year.

The new forecast reflects the massive damage caused by the pandemic, which has hit Italy's already-fragile economy hard and pushed it into a new painful recession.

It also forecasted a drop in domestic output of up to 8% this year, not including the effects of a massive aid package the government plans to approve next month to shield the economy.

The document also set a target for public debt of up to 155.7% of gross domestic product, the highest level since World War II.