Italy and Spain economies tipped to recover at speed of the 1970s

The brighter outlook is especially crucial for Italy, as it seeks to reduce a debt burden so high that some fear it could ultimately pose an existential threat to the eurozone. 

Italy and Spain are set to record the fastest pace of economic expansion this year in more than four decades, a strong rebound that will help the countries overcome last year’s deep recession.

Spain’s GDP will expand 6.2% in 2021, while Italy will record a rate of 5.6%, according to a Bloomberg survey of economists.