It would be enough to translate Fitch’s report without further comments for certain great satisfaction regarding the excellent work done so far by the Secretariat of Industry, Crafts and Commerce, in a difficult context. The well-known international agency in fact rewards the economy of the Republic of San Marino, confirms the rating at “BB +” and positively revises the outlook, bringing it to “stable” from the previous “negative”. But what is this encouraging judgment based on? The full-bodied document states that the recovery is driven by the strong rebound of the tourism and manufacturing sector (one third of GDP) supported by faster growth of the main trading partner of San Marino, Italy (latest growth forecast at 5, 7 % for 2021). These factors – again according to Fitch – will drive growth also in 2022 and 2023, when we expect the economy to expand by 3.5% and 2.5% respectively. It therefore appears evident that if today we can speak of internationally recognized success, much is due to the commitment and innovative measures in the economy initiated by TOMORROW – Motus Liberi, which encourages the Secretary of State Fabio Righi to continue along the path traced.
The simplification and innovative regulations put in place, in addition to those being defined, as well as the stability of the existing economic system and the important interest shown by entrepreneurial realities operating at a global level are a particularly important postcard to strengthen the image. of San Marino. Fitch’s judgment therefore makes us very attractive, with important implications also for our companies, guaranteeing a fundamental reliability license for those who may be willing to invest in the Republic. For this reason we are sure of governance – in the renewed awareness of the potential of the industrial sector, indispensable to our operators all the tools to be able to work in the best possible conditions.
He always notes: “The start of the VAT reform remains uncertain”. And again, the “impossibility of placing the debt on a downward path in the medium term, due to a prolonged period of low growth or inability to consolidate tax accounts, for example due to the failure to implement tax reforms, is noted.” There are therefore no more excuses: we must proceed with courage on the path of reforms in the shortest possible time. All starting from a certainty: the business sector is alive and represents a driving force for the entire country and for our economy.
TOMORROW – Motus Liberi The President Lorenzo Forcellini Reffi