##cussions on the labour market. compared with other countries, the impact on employment in italy is mitigated by the freezing of layoffs and ample recourse to wage supplementation, which has affected around 7 million workers so far, almost half of all private sector payroll employees. labour market participation has decreased by almost 300, 000, discouraged by the worsening economic outlook and the restrictions on mobility and production that remain in some sectors. against this backdrop, the unemployment rate ( which declined to 8. 4 per cent in march, almost 1 percentage point lower than in february ) does not provide a full picture of the true impact of the epidemic. the fall in economic activity has reduced new employment opportunities, affecting above all young people entering the labour market for the first time, seasonal workers, fixed - term employees, and apprentices. it is having a greater impact on the jobs traditionally performed by self - employed workers and on undeclared labour, which is still too widespread in our country. in the short term, social safety nets are countering the impoverishment of large portions of the population and a widening of economic differences, the governor ’ s concluding remarks annual report 2019 banca d ’ italia increased by the greater presence of low - income workers in the most affected sectors. limits to the availability of liquid financial assets among lowerincome households can amplify the consequences of the shock, leading to a significant increase in the number of households unable to maintain an acceptable standard of living. the recession and the measures adopted to mitigate its consequences are having a strong impact on public finances. for 2020, the government ’ s macroeconomic outlook envisages a deficit of 10. 4 per cent of gdp and an increase of 21 percentage points in the debt - to - gdp ratio, to 156 per cent. such a burdensome debt legacy requires full awareness of the scale of the challenges ahead. italy ’ s economy must find the strength to break free from the inertia of the past and to restore a capacity for growth that has been stunted for too long. despite the deep wounds inflicted by this crisis and the lingering effects of the previous ones that have yet to be absorbed, there will be no shortage of opportunities in the future, and italy has the means to exploit them. returning to the path of development the pandemic and the recession have opened up extremely uncertain scenarios that make it very difficult to map out what form future equilibriums will take. uncertainty is another reason to

the task of maintaining an equitable representation of shareholders over time and will strengthen the ibrd legitimacy as a global player. the formula should reflect global economic weights and the contributions to the bank ’ s development mission. rewarding support to this mission is essential to building up adequate incentives for future contributions. any discussion of future resource needs to be preceded by a thorough conversation on the future positioning of the bretton woods institutions. a long - term vision of the role of multilateral financial institutions – and of the wbg in particular – needs to take into account the importance of engaging in the financing of global public goods and the benefits of cross - border integration. this requires the promotion of regional cooperation efforts. we should at the same time recognize that official development assistance represents only a small portion of global financial flows for development. the role of the wbg in enhancing the use of domestic resources – through technical assistance – should be intensified, and ifc and miga should bis central bankers ’ speeches strengthen their efforts to catalyze private sector capital into development projects. the time is ripe for updating the ida financing model. 3. a partner in climate change financing as we approach the cop21 meeting in paris, where decisions need to be taken to step up international action on climate change, we envision an important role of the wbg as a key partner in both promoting the transition to a “ greener ” economy and alleviating the impact of climate change on developing countries. this effort requires financial resources that largely exceed those available to development institutions and calls for combining limited public resources with larger private sources of capital. the wbg is strategically positioned to contribute to this effort. the problem of climate change falls in the domain of global public goods and posits complex intergenerational questions. as a global financial organization, the world bank is well - suited to address both these issues. furthermore, as a multi sector development agency, the bank should make use of its expertise in a broad array of policy areas to provide sound evidence that climate - smart projects are good development projects. 4. a sustainable development organization we welcome the substantial increase in wbg commitments. it is now time to deliver with an effective implementation of wbg projects. large, transformative development solutions require a focus on results and appropriate fiduciary and safeguards policies to manage risks. the ibrd should focus on financing long - term structural projects, even if the shift toward investment lending is likely to reduce the growth of the ibrd