The alarm

War and energy shock, consumption sting: up to 963 euro less per household and risk of stagnation

At the Confcommercio forum the economic account of the conflict, growth estimates stand at 0.3% (2026) and +0.4% (2027). Demanded start of confrontation with the government against contractual dumping

4' min read

Translated by AI
Versione italiana

4' min read

Translated by AI
Versione italiana

The war-related energy tensions risk reducing disposable income with a negative impact on consumption: in the two-year period 2026-2027, the estimated loss is up to EUR 963 per household in the worst-case scenario, with effects on growth and employment. Growth estimates, again in the worst-case scenario, are only +0.3% for 2026 and +0.4% for 2027.

The risk of a new decade of stagnation

The overall picture that emerges from the Confcommercio forum is one of substantial uncertainty, with one major concern: "without structural interventions on tax, labour, skills and the quality of bargaining, the risk is that of a new decade of stagnation, with permanent effects on growth, employment and social cohesion. A prospect that Italia certainly cannot afford'.

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The Confcommercio research office has outlined three scenarios for the 2026-2027 macroeconomic framework: in the base scenario, a loss of 434 real euro per family is expected compared to the 'normal' situation, which in the case of prolonged conflict may lead to a further loss of 529 euro compared to the base scenario. In total, therefore, it is a hefty bill that households will have to pay in the event of prolonged conflict, amounting to a total loss of EUR 963 compared to the situation we would have had in the absence of conflict.

The war in Iran, with the blockade of the Strait of Hormuz, brings with it the risk of new serious energy shocks and heavy economic repercussions. "The scenario weighs directly on our sectors, particularly trade, tourism, transport and services, which are the most exposed to rising costs, reduced demand flows and slowing consumption," recalled Confcommercio chairman Carlo Sangalli. "International tensions fuel uncertainty," Sangalli added, "they curb demand and hit above all the companies most tied to the territory and household consumption. And when consumption stops, the very heart of our economy stops".

The market tertiary sector between 1995 and 2025 created almost 4 million jobs

At the outbreak of the conflict, Italia was aligning itself to conditions favourable to growth close to or above 1% according to Confcommercio, with inflation contained to 1.5% (the best performance compared to the trend of the 21 eurozone countries), consumption growing by 1% between January and February (compared to the first two months of 2025), a labour market on the highs (albeit slowing down in recent months) that has always travelled above 24 million employed since July 2024. Also on the upswing was disposable income, which rose from €1,359 to €1401 (+3.1%) from 2019 to 2025.

The tertiary market sector has established itself as the engine of the Italian economy: between 1995 and 2025 it created almost 4 million jobs, compared to a decline in industry and public administration, and contributes almost 53% of the national added value.

Decade-old knots, overtaxation and low growth

Beyond the shock of the war, there remain a few decades-long nodes that have led to a gradual collapse in growth: from +4.7% in the 1966-1980 period to +1.8% between 1981 and 2007, to zero in the last two decades, while the tax burden has risen from 25.3% to 42.2%, squeezing investment and development.

Confcommercio points the finger at the 'fiscocracy', the excess of taxes and bureaucracy that 'reduces the growth horizon, penalises innovation and limits the appetite for entrepreneurial risk'.

The demographic winter is weighing on everything, for our country has lost about 9 million young people under 30 compared to the 1980s (they were almost 25 million today they are about 16 mili0ni), with direct effects on production capacity. There is the issue of inadequate skills compared to the demands of the labour market: 'Businesses are struggling to find people, but above all to find the right skills,' Sangalli added, 'and this is a risk that is destined to grow in the coming years.

Next to young people, the othermain lever to counter the decline is "the increase in female labour participation: an alignment to European levels would, in fact, allow about 290,000 more employed women per year for the next decade".

From pirated contracts losses of up to 8 thousand euro for workers

Confcommercio's contractual system altogether covers about 5 million workers. The tertiary contract alone signed by Confcommercio covers almost 2.5 million workers and is the most applied contract in Italia. The system is weakened by internal distortions such as contractual dumping: in the tertiary sector about 154 thousand workers are involved in less protective contracts, with losses of up to 8 thousand euro per year, absence of welfare and negative effects on competition and productivity.

 The phenomenon also generates an impact on public finance, with lower tax and social security revenues of approximately EUR 560 million in 2025. The phenomenon also generates an impact on public finance, with lower tax and social security revenues of approximately EUR 560 million in 2025

In view of the government's announced intervention on 1 May in support of poor labour, Confcommercio proposes to introduce some principles to counter contractual dumping, to be applied to measure all the organisations representing companies:the historicity of the organisation; the presence of a welfare system; the number of labour relations regulated by contracts; membership in international organisations.

'It has finally been realised that the dumping phenomenon is a social scourge that must be resolved,' Sangalli added, 'it is a social battle that requires everyone's contribution. Certainly not unilateral interventions, dropped from above. It is unacceptable to tolerate that in a civilised country there is room for contracts that pay workers less, distort competition and create disparities between companies and between workers. A confrontation with the government is urgently needed'.

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