Riusciremo ad aumentare gli investimenti pubblici?
di Matilde Casamonti, Giulio Gottardo, Stefano Olivari
11 novembre 2020
Negli ultimi anni gli investimenti pubblici in Italia sono stati bassi. Dall’anno scorso il governo ha deciso di rilanciarli, confermando questo obiettivo con l’arrivo della crisi e, per accelerarne l’esecuzione, ha emanato un apposito decreto (il Decreto Semplificazione). Tuttavia, è probabile che le recenti chiusure peseranno sul raggiungimento dell’obiettivo di spesa per investimenti previsto per il 2020. Inoltre, a oggi, mancano ancora 37 decreti attuativi sui 38 previsti dal Decreto Semplificazione. Nel medio termine, le risorse europee consentirebbero di raggiungere obiettivi ambiziosi, ma restano vincolate ad un utilizzo puntuale delle risorse, che il governo dovrà garantire.
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Gli investimenti pubblici negli ultimi anni
In Italia, la spesa per investimenti pubblici si è significativamente ridotta nell’ultimo decennio: la spesa è stata inferiore a quanto necessario per compensare l’erosione del capitale accumulato in passato, con un declino quindi dello stock di capitale pubblico esistente.[1] In particolare, il rapporto tra investimenti della PA e Pil è sceso da un picco del 3,6 per cento nel 2009 al 2,1 per cento nel 2018, con un calo in valori assoluti di quasi 13 miliardi di euro. Questa discesa ci ha portato “in fondo” alla classifica degli investimenti pubblici tra i principali paesi, al disotto della Germania, un paese dove gli investimenti pubblici sono tradizionalmente bassi (Fig. 1).[2] Le istituzioni europee e il Fondo Monetario Internazionale (FMI) hanno più volte sottolineato la necessità di riallocare la pesa pubblica italiana verso gli investimenti.[3] Di fronte alla crisi attuale, entrambe le istituzioni hanno nuovamente sollecitato una ripresa degli investimenti pubblici, in Italia e altrove. Tra l’altro, l’ultimo Fiscal Monitor del FMI ha sottolineato che nei periodi di recessione ed elevata incertezza il moltiplicatore degli investimenti pubblici più elevato.
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xpY+pE3+zuJH3zxvKRAFiDnQ1dyIefHpcNpHvkp9mG7BDHRqf4qXbSsL/aNN3X3t9FH356HFEDB2GKqdfU1FB7ezsxDKNo6tznwpb77t2708rUib4Z6SqdmwpjB6mm0RegqrONlFfioUXrt/KtspIjZzJiYFa6GDrHKHODFq3fKjPZReu36p7+dva8j3L3VCS8/oZUP3l1I23c+TFVnqrNiLrjRAw39WAwSEePHuVb7E42dSKiqrONdN9zL4mMHetBA6MZZW5Qoy9AH356nHL3VFDWms2qC58oLYTy2vu7qPJUrePmTKeboQs5e94nu4YPvrCUCssPq/7mQqCLCssPK74UqJl07p4KavQFqPJULf2m4CNdLwD3PfcSZa3ZTHklHjrRcN5x9ceJGG7qXq+XHwDHKScnh+8/576TbPh9cnIyqcwbqeP1fxQZ+58v+CX9768ClucLSj/5O7rpeP0f6Xe7y2nF7wrpxdd+K6pbRug/vrya1hfsoUOf1dNQeNTyc05Uv9tdLjqvhW+8R2OC50w6aCg8SusL9siu0XPLN9D//ipA/o5u+tc/HKUlG35Pf77gl4ZeW++5C7SjvIqW5fwz/ceXV2uuP//u7/8b7SivsrzsIGUl441xR7+rtdSlA+UqKytFLXetshNnz/tEfWUPvrAU/VRAFWnIPN62n7GUtWYzZb/n5ltTjb5Awq25dCGdW+hKXAh0aeoHNzMKw0anqNEX4OtkvEgQVte0J8m8EOgydZZlqaKigjdyYYs+kUFydjN1IqJLPV+LjP2+517KuPWf2egU5ZV4Mq5fV4lkQuZSPfjCUspas5k27vyYCssPU6MvoHn8ht5+10Xrt1Jh+eGY3Ujd/UPU6AuIVFh+mPJKPLy4czZa0vNId0MXUlh+OGZk5sEXlqb0vgqFR+lEw3n+Wkrz5qSydwqmmrqWVnsysiOZauyjzA3K3VOhuoOVk/t1hUsLc9OHEg2Zf/+VNXwfZuWpWsOnH+kdIf3gC0sTakGmSk40le7+IVGURctLViqRzrvHlF57kTJTr6uro5GREcebOtE3b7fSzR2cuvZzKDxKvyn4SLeJff+VNbRx58d0ouF82j0QQuFRyt1TYWjI3KoHtnAuc6JRBKuU/Z7bcYaeLkin9GLmj31ImambITvjdGPv7h9SXN+ae3OvPFXruH7ds+d99Mqm7ZpNJ5mQuVV09w9RyZEz9Mqm7apRFy6aIFTungpR6J07X6EytRvGqZxoOC96mX/whaW2iSZkMjB1Exllbshac7Gmq6QDFwJdqsb2k1c3qi6iYUa/bipgo1NUcuSM4raaUpMzK2QOgF25EOjKyO5GOwNTNxk2OiUz9rwSj9XZ0k2jL0BZazarGrCeFnYi/bqpHnTX3T8Us1vhJ69udFTkBYBE6e4fcnRUMt2AqacANjolM8Ts99yWt0K1cKLhvGrf8SubthtyDnr7dc0cdFd1tlH15eW+516i197flRbXDYBUohSVTMfGixOAqaeImVu3FPuX7driqzxVqxpyfu39Xab2DWvp15WGv5MZdDfK3KDC8sOqLxTf/cWvqLD8cNoN6AMglbDRKdkzDnPZUw9MPYXM3Lql2h/9yE+zKXdPhaXTvWZu3aIPPz2uaOb3PfcSbdz5sSX5S2ZpzHjpqg3247oVjNhoA4BMYebWLdk95cRph3YGpm4B8UZRZ7/nTtko8Hih7wdfWEp5JR5bzS1PZtDdzK1bVHmqVrVL4cEXltJvCj6y/Sh1AOwM5rJbB0zdQrj5zrGmDpUcOWPJ4iOP/DSbPvz0uO1vRL2D7mKF8I0uawAyGcxltwaYug0wu/Wop2X73V/8Kq3NTe+gu1RGRQDINDCXPfXA1G2GEf28ZvVBpyNKg+7sMH4BgEwBc9lTC0zdpugZkZ3q0eIAAKAHzGVPHTD1NCDW3GktcvJmKgCA9ABz2VMDTD2NiLfKmbDfKtO3PQUA2A+luewbd35sdbYcBUw9DVFaj9wua6UDAEAslOayY5Ea44CpAwAylqlIEw00LqXJa/VWZyXjUDL2dJ11Yydg6gCAjGRuapA6jzxMV6oeoCtVD9AMe9nqLGUceSUe2eweGHtywNQBABnJQONS3tCvVD1AoYbFVmcpI1EydszKSRyYOgAg47g5UC0ydE7R4TNWZy0jka4+h2VlEwemDgDIKOZnItRz4gneyHtPP8X/++uzC+ju7Vmrs5iRVJ6qhbEbAEwdAJBRjFxcz5t4z4kn6PbcTZHJMz37rM5ixlJ5qlY0ZRfrxevHFFP3er3kcrnI5XKRx+ORfc4wDK1du5b/Tk5ODjEMA1MHAJjKVKRJMdx+o69cZvTAGs6e98HYk8BwU2cYhvbv38//2+12ywxb7e8wdQCAWdy9PUt93md58x5uXi36/OuzC/jPRttyLcolIJIbOzaC0Y6p4fdgMEi7d+9WNH6YOgAglUQC+bxpd1c/RvMzEdHnk9fq+c87jzws+xykFulGMDB2bZgafl+xYgWNjIzEDb8rhehh6gAAo5hhL4vmpN/oK1f83mDTcv47g03LU5pHIOdSz9cyY8cOb7ExtaXOMAy9/fbbisbOiWVZ2rFjB7W3t8PUAQCmEKxbyJt1sG6h6vdm2MuiPncsSGM9l3q+Fi2Jja1bY2OqqUejUaqpqYlr2Fq+I9Xk5GRSmYcgKDMU7tgrCqtfD7fF/P5gy2/571/1/hfL8w9F6crVr+mxRStFxl7yv05Zni87KhlvVDR1v9/Ph9NZlqWdO3fGbanH+46aAAAgFvMzEVHYfazDrfs3WJDGHoTCo9iTXQPJvBAomjrLslRQUMD3l9fV1fF/r6ioIIZhyO/3858LvwNTBwAYibCPvM/7rOaFZZiefaLFabAgjT1go1OyPdk//PS41dmyFYabupqEU92MEgAAqBEdPiPqH5+KNGn+7d3bs1iQxqYoGXteicfqbNmGlJl6XV1dQiF2mDoAQC/SVeLCvk260xCuD680BQ5YBxudokXrt4qM/SevbqS8Eg+VHDlDjb5Axu72ljJTN0MAAKBE2LfJkBXisCCNfZm5dUtm7FI9+MJSylqzmX5T8BEVlh+mRl8gbVana/QFqOpsI+WVeGjR+q2UtWYzlRyJP74Dpg4AcBTTTKso7H5zoNqQtDqPPEyzE70G5hQky8ytW5T9njumsavpJ69upOz33JRX4qETDefpQqAr5fkfZW5Qoy9AH356nHL3VFDWms30yE+zVfN833MvxU0Tpg4AcAx3b8+KWtcDjUuTThML0tif7v4havQFKK/EQ6+9v4uy1mwWLTOrR99/ZQ1lrdnM6zcFH1FeiUeks+d91OgL8Iq30l13/xCdPe9LOn+vbNoetyxg6gAAxzDW4TZ8qdfZiV7RFDc9A+6AtbDRKVlLWDotzix99xe/kg3o06OsNZtFkQStS+TC1AEAjkBqvkaOWB9tyxXtuQ7SH2Gf9SubtidlwImK6/PfuPNjw/r8YeoAAEcQalhsmvHOz0REo+mT6acH9oYL5QtVWH5YFH7nWv1CxXop4EL6eSUeqjxVa+rofJg6ACDtYYMHRWF3M9ZsFy5I03PiCSxIA2wJTB0AkNbMz0Sou/ox3nAjgXzNvx0/WEtXFqyjvpXbaaLBH/O7d2/PUu/pp/jjjHcWJZt1AAwHpg4ASGuGm1cntKTrWPlpar7nWZG+evRlGtpWSrP9YcXfCFepw57rwI7A1AEAacvktXrRnPTJa/Wafsd6m6nl3udlpi7U5WdW0+jeappnJ0W/FW7jigVpgN2AqQMA0hJpOHzk4npNv5MaeuDJ5RR8vZBa789SNPeWe5+nq8u20PVjjUSEPdeBvYGpA5CG3L09S1ORJpqKNBHTs4/GOtwU9m2iUMNimUbbcmmswy0S91tO6WhMwmlmPSee0BQKn2y+LDL0rx59WRRqHz9YSz1L3lFtvfseWkTB1wup3/sKFqQBtgSmDoDNmJ3opalIE0WHz/AmPNC4lEINi0UtU7PVe/op274gSFvLbPBg3N9MtfWKWuNSQxcyd42h0b3VFHhyuaK5X7j/R3TF8yD2XAe2A6YOgEXMz0SIDR6kkYvrRXOsnSijXxCES8GGGhbHLWupobfen6Vq6FKmu0IU2lBEvocWiYy9bcVff3uOe79L4wdr6c5MZu4MBuwDTB2AFHF77iZFh89Q2LeJ+rzPJmWSPSee4M2RM8SbA9UyU5SG6IWSmqzQKO0s4fS1ziMP09zUYMxyn+0P01ePviwy9Km2xDZmYb3N1LdyO7Xc+zxd+JNnqKPkO3xe/FlPUOv9WTRc8ElCaQNgBDB1AExk8lo9RQL5ohHT8RSsW0ihhsU0cnE9jXW4abyziDfnRLcQTZS5qUFbvyDEmytupKELmWcnaaz8NHX89yw+Lx0l36ELf/IMNd/zLPUseUc2ah6AVABTB8BApplWGu8sooHGpZoNPBLIz4hNQox+QRhoXBpzTvo8Oyky9JZ7nyfW22zoOd29PUt9p37M56ntH7/HH+/S48sMeYEAQA8wdQCSYHail270ldNg03JRWFhNfd5nabQtl6LDZ1Le6s4k5tlJ0SA3MwydQ7ggzZVDD9GF+38kOu74wVpTjguAEjB1ABJgKtIk2uBDTb2nn6KRi+uJDR7E6mMpQmrozfc8y88xNwthZKb/xCvke+DvRMcPbcCSsiA1wNQB0Mn8TES0xad0ENdg03K60VdOsxMIvaaaOzO3qGvhWyJDHSs/bfpxpVPsuqsfp8srfibKx5UF69DPDkzHFFP3er3kcrnI5XKRx+NR/I7f7+e/43a7YeogbRAuesL17Y53FqXlAi5OwipD5wj7Nsle8rr2/4AufvdJ0eI1k82oJ8A8DDd1hmFo//79/L/dbjcxDCP6TjAYpLy8PP7vZWVlVFdXB1MHtkfaSseiI/ZBuhLc0LbSlOchOnxGsVvm0prv8X3tLfc+T6N7sR87MAdTw+/BYJB2796t2EoXmrjf71dt0cPUgZ0Q7gj29dkFVmdHxmTzZepa+FbGzZXuW7ndckPnuHt7lsY63PIumoqHyL/4/+anvQVfL8RiNcBwTA2/r1ixgkZGRmSf19TUUHt7e1zzh6lnNrfnbvJTnG70lVudHVm/qd1a6XPXGNG65pkS5pUaul0Gpc3PREQvgZwu7/kLan3yP/E7wc1dY6zOKnAQprbUGYaht99+W2bsMHUQi7u3Z4np2ScLY1o9l3uwablofrndCG0oEplb4EnnbzQytK1UdM59K7dbnSUZ00yr4lz79nf/ilr+8m+o9f4smmjwW51N4BBMNXUlA+da8smG3ycnJ5PKPGRPXessp+7j/0F5etiZv6UJdtySfDHDF0R5YYYvWF5WQt24GlLcHzy061PL82aWvn63WHSuXf9tm+V5iqVwx17Fut224q/pwp/9iPr/R6XleYTSX8l4o6KpCw2aZVnauXOnrKUuHShXWVkpM34tAs4hOnxGcQeynhNPiBZ1ibcsqFkI5yHbcatNYStdaO6+hxY5st82vOuQ2NAXvpUW53l77iZFAvmy/vaOf/sO+bOeoKvLtqTFeQD7kswLgaKpsyxLBQUF/HQ1rkXOsixVVFTwRq5l2htM3flMXqtXDE12Vz9GYx1uPhTP/V3LBh5GI1oxrOoB201dk/aljx+sFS2Papc+ZqMYP1ibloYuZHaiV3Ep4YD7YQr84uc03RWyOosgTTHc1NUknOpmlED6MhVpUtxutPPIwxQJ5MuWUBUa/0Dj0pTmVXhsu7fSuX7068caRS13rduM2p3Z/rDoBebyM6vTztCFTF6rV9yxL/DuX9NY9RGrswfSkJSZel1dneJIeJh6ZjHDXhYNOBNqtC1XdSlVq0aeC1vpVkQJ4iFtpQuXQxUuxNKz5B0Lc2kcVxasE73AOGWFNqZnH3VV/XtxSP4Pf059e5ZZnTWQZqTM1M0QMIapSBONtuWK9ue+0VdOU5GmmLtg6WFualBxes+Vqgdo5OJ6TWYpXLGr58QThuUtFk0Gp/4AACAASURBVMJW+mhbrunH04tSK51jqq1XFKY2a0OTVDFc8Iko+uC0EPX8TIQG69bI7o+OD35AU1fs1eUD7AtMPUOJDp+hkYvrNW1K0l39GIUaFlPYt4nf21tri3V+JqK4fCYXytbTP3177qYov2ab7I2+clEr3W4bsmiZlx7L9NOJ6S7x6H4nL67z/0W+oq6PfiCe277j39Hgjn+1OmsgDYCpZwi3527SzYFqGm5erboZSSIK1i2k4ebVNNbhpujwGZpmWvnjjbblKh4r1LCY/55ebg5Ui4zWrEFrd2/PpvQFIhGuLtsSN7w+d42h1vuz+O+Fdx1KcS6N4fIzq0X96JlAv+cfxS32ku9Qx0v/4LgIBTAWmLqDmZ+J8Ht9xzLm3tNP0WhbLk1eq6epSBONdbhp5OJ6CjUsNvQF4OuzCwxZQEY4wM6sRWCEI+67qx+zXStdGlqfalPfEU44/cv30KK0W8FMuMCMkwb9aWH8qz105dPviPrZv/q7H6Z0oxqQXsDUHcbc1CAxPfsoWLcwpsH2eZ+lsQ63ppbu7bmbNBVpIqZnH0UC+RRqWKw4pzzWsYwc2DY70St62WCDBw1Lm0jeSmd69hmavhEINy+JNwjuzswt0f7i6TTFbaqtVxR2z8SNUKYiTdT56SOie+qrX36Puha+lXYvaMB8YOoOYIa9TGMdbsWpMdJQOdOzz9AR3FORJro5UE1jHW4abFouGljWe/opww2XIxLIFw2aM7IlPd5ZlPIBeXrQ00rnkE5x0/Ibq5G+jFxZsM7qLFnG7EQvXT3xQ9H93P7m/0W+B/4OrXYgAqaepnAj1uO1mAebltONvnLbhY+T5e7tWdG5j1xcb0i60q1V072VbsTvrEIYdm+9Pyujwu5K3J67KVvbIbD9Ebpw/4+oZ8k7jpneB5IDpp5GaBmx3nnkYRpuXk03B6plC7g4DelKb4kOvhMy2pbruFY6h3QEuXBOu92YbL4sOk+0Rr/h7u1Z2WySy3v+gi4++hT5HlqU9tMWQfLA1G2M1hHrPSeeoJGL6223FWgqEA4C/PrsgqRMWNpKvzlgv/7bZFvbwilulx5fZsvV2O7M3KJLjy8TLQMLxAgHcl6p+mbteN/T3+d3qkOrPXOBqdsMvSPWrd6O1GqMDJcLW+lfn11gYC6NIZlWOsc8O0m+hxbZeorb4OZiUdgdg8GUiQ6fEW12dKXqAfL/v/+Bn+WA7VwzE5i6DTBjxHomId3wJZHxAzPsZdHLgR2jHsJWejL7hgunuNnNNCca/KIXl/GDtVZnydbMsJdl42raXnuMLvzJM9R8z7M0uLnYdtGYOzO3aGhbKV1ZsI56lrxDQ9tKaaLBb7t8piswdYuwcsS607h7ezbpTVekYXy7ITS7lnufT9qIhaPKg68XGpTL5Lgzc0u0u9zVZVuszlJaMD8TkTUIAtseoQt/9iO+m0VptUErGCs/LYoUSXXp8WXUt3I7hXcdsk2e0w2YepLMTvTSVKRJpPHOIhrrcPPi5nZzytQR62YyzbSKynDyWr3m30o3i9Hz21Rh9DxzaYvYDlPcgq8XpvUiOVZy9/asbG+Fy7v+klr+8m9E0R2rrvNEg19Uh/Xo8jOrKbShiMbKT2M1PQ3A1GPADVTjVleL16pOVJk0Yt1MRi6uF4050DpoTthKt+PWqtI55kaZnTCcb/UccOlLhp1H5tuZsQ63+PlS/h26+MSTMpNM1WyC6a6QaLdA4Uvb6N5qGis/TcHXC0XLAMdTy73P05UF62hoWyldP9aYli9/010hmmjwizRc8AkNbSvlNbi5mK4sWCeSlu4omLq0sJlWigTyReFcM5TJI9bNYn4mIpruFwnkx/2NtIVvx/EKZq0GJ92b3CojlQ7eS2a8APhmfwTRbJlPv0P+rCcUjXVwc7Eppjh3jRFFXoSGPLStVLX/fKLBT+Fdh+jqsi2iGRDx5HtoEV1ZsI6uLtvCmyJnlmab/p2ZW/yxwrsO0dC2Ugq+XsgbsZ7z0PJCE4+MN/W5qUF+tLl0JGk89XmfFYXVQw2LKRLIF4XeuV3NhJqdsD7U6VSkO6vFK+tk++LNxqxWOodwpPlXj75syWClvpXbRQ9nTMdKnmmmVbaeRdeOH9HFR59SNIury7YYMlqeGwQn3ERIOHZDb/2dZydposFPQ9tKqWvhWzH74+Op9f4s3mgHNxfT0LZSGis/TRMNftVuCa5Fff1YI/+y0LXwLbqyYJ1o/EeqpGX8i6NNvbXvOq3a10I5njY63DxAIzem6e7tWYoOn6HRtlxN4fSvzy7gNzsB6YFw0FCoYbHq96SL12RSK53jzswt0YMy1Vuast5m0UMLi6cYx9zUoGLEsfvf/jO1/exvFE3j0uPLaHRvdUIvd2qD4LoWvmVoX/5sf5iuH2vkw9PCaJMR0tMVkIi+evRlWVg9tKFIFHoXRho4aR1P4GhT/+WuJvrBbz8TaeHWMtr8L2/Spx+/QG2H/kJe4asfo+Hm1cQGD2KgWpoinZ6mtoiM8IEX9m1KcS7jY3YrnWOs/HRKjiNl7hojMgG7jMJ3ErfnbqquedF16DHqeOtv6cL9P1Js1QZfL9S0NK/aILjAk8tT9pI21dZrWYuaC/1z/fxD20pp/GBtzAiAmTja1P/1WL3M1KX6p+1uKirdTP7zH9mypQYSQ7rcq3QAorCVnujcdrNJ5c5qwmOlqk9buB+8VaH/TGHyWn3MBa26i34sG1AnbGkrjbeINwjObsTr+1ZrtV9ZsI76Vm6noW2lNFzwCZ+GXbuJHG3qwbqFdPzfnqGCopX0D7//MK7Bv5hXT1uqAuRtC1N0ei4FxQ/MQrp96mhbrugz4bRC4Wd2QdhKT8UCMdK11s1uYYwfrBUdD6ufpYa5qUGKBPJVxw91/+EJuvQPT/OL10jDxsMFn9B0VyihQXAgNZhi6l6vl1wuF7lcLqqrq5N9zjAMrV27lv9OTk4OMQxjuKlz23N2HnmYBpuWUyhQQifPf0X5Rzto4QcNcU0+e/d5Kvqsh9oH2BRcCmA0an3mRqxAZybSLUdTtZSrsOUceNK8QYPSsHs67e/uFO7eniU2eFB1lk/XoX9PV7Y+Qy1//rSmEHQig+CAORhu6sFgkHbv3s2bt9vtlhm22t+NNvV4BCOTdOBcP71R2kpPv/t5TIP/8dZaKvqsh2bn7xhQ7CBVDDQuFQ16lLbgtUx7SzXCZVx9Dy1KWctn7hojGnRk1hKtwpCtXTeVySSmmVbRGg+y1nvx0+R/7j+rhubtsHAR+BZTw+8sy1JFRYVtTV1KU/cYFZ7spMU7zqma+8IPGqipe8zwYwNzmJsaFA2aE7ZM7Li1qnQ0eqo3XBHuYW7GC4VwUF7zPc9iKVAbMT8TofHOItWtnbsOPk7tK39IF/7sRykdBAf0YaqpC1vtscLvHo/HFqYuZDw6S8dbhyjH00Y/3lorM/ctVQEaj9rLEIAyslW2/o+S2dHNLKxqpXNIXyqGtpUalvbcNUY0f3lwc7FhaQNjuTlQTaGGxYr3TeeRhykSyMfqlzbFNFNnWZZ27txJIyMjcVvzO3bsoPb2dluZupTjrUMyc//x1lo63jqU0nwA/dy9PStbkwCtdHXMmkonHGEceHI5wu5pwOxEL4V9m8Qr1AnuIayIaT9MMXW9Rl1TU6Pb1CcnJ5PKfCIKj92gzX/wy1rtKz86T5eDoynPD6RdY/01ogfSSOBfLc+TVP3/o/LbEe/f+TndHEuueyoZXXr6V6bN622593mKNLVZXt6Qdt28MUzhjr3UffJJ+QJd9S8TG+myPI/QN0rGG1VNvbKyUrNJa23RK8kqmrrHZP3uT7/7OZV90YeBdDYm7NtEV6oeoIHGpWilx2Gqrdc0UzcypA9SDxs8KOt37zzyMI11uG13X2UiybwQKJq63+/n+8qF09qEg+ak31Ga9mZnUycimp2/Q0Wf9cha7Yt3nMMUOKAbq/vSlRgu+MTwJTiDrxfa4txActyeuyla4Em4HwaW1LYWw01dTQzD0P79+w0NM9iBYGSSsnefl5l7/tEOLGADNGG3VjoAWplmWkV7LXAabl5tu/UfMoWUmXpdXV1CIXa7mzrHgXP9soF0L+bVU33HqNVZAzZHuFOamYu+AGAWTM8+2Sp13dWP0XgnFhZKNSkzdTNkN8ajs/RGaaus1f5Gaattp79xU/e2VAVo1b4W2lDhp+KaXmrtu47xASlAOC+8+R7r9jQHIFnmZyKKi9h8fXYBTTOthh9vKtJETM8+Gm5eTaGGxTRycT327yCYuik0dY/Ri3n1sulvZV/0WZ01ik7PUX3HKOUf7Yi5yI5wjMCWqgAdONePsQIGIzX0roVvWZ2ljMPbFqZV+1pEKjzZScU1vSK19l0XqXtkwuqs25apSJPittZh36aE57bPsJeJDR6ksG+TYrhfqGDdQmKDBw0+q/QBpm4S0ek5KjzZqbiefKofCE3dY1T0WY9i338iyt59ngpPdtLx1iEKRuy5U5HdUTJ0DCBLLUr3ZzJa+EED/2KwpSpAxTW9VPZFH/8ikEljbO7enqXxziLZ/Pbu6sfiGu7c1CBFh89QJJBPoYbFinPktajnxBMUCeSnfd9+MDJJhSc7adW+Fk3rosDUTaZ9gFVsEZt547cPsFT2RZ9iV0CsjWta+67T8dYhyj/aoesF4Ol3P6dV+1qouKaX6jtGbdvVYBdg6NYSnZ6jDRXy9SZSpRfz6nnz5yIB3rawIyMA8zMR0f4Lwtb07EQv3Z67SVORJhrrcNNA41LVJWqV9PXZBTRycT3d6Cun6PCZmFvLDjevpqlIk9XFoZnx6Cwdbh5Q9I54wNRTRNkXfXE3jUn0xg9GJulw8wBtqPArLmmrFFIvPNlJ9R2jcV8iWvuu04Fz/ZTjadMUrhfmH/3zcmDo1jJyY5p+uatJVFc3VPhl4fUD5/plIXhpmF6ajtHK3n2etlQFqLXvutXFljST1+p1GbZUvaefosGm5TTeWURTkSbV+fDxtpbt8z5LN/rKbTmffnb+DnnbwjFfON8ojT82AaaeQoKRSc2tZ63SYuILP2igLVUBOt46lHQrOjo9R61916m4ppfeKG2VjR2I9zKRyf3zMHRraR9gZfW18GSnoccYuTFNrX3Xqal7jH8Z2FDhp1X7WnS9FCvdw8U1vTRyY9rQ/KaSu7dnKRLIjxtO765+jEINi2msw02T1+oTCp/H21q2u/oxCvs20dzUoAlnqo/2AZbyj3aoPsuffvdzyvG0aZ5JBVO3gGBkklr7rlN9xyh/479R2kqr9rVo2uddi9FvqPDT4eaBlPR5j9yYpvqOUSr6rIdW7WvRFZHIlP55GLq1eNvConr59Luf0+HmAcvyw0UEDjcPUHFNL99nquX+yd59ng43D6RtH/3sRK9os5hQw2IabculmwPVNDth/Dau8baWHWhcmvI17EduTFNxTW/M53327vN0vHVI93WGqduU2fk7slBg/tEO/sZXCsuUfdFnmz657pEJ9M//H2Do1lJc0yt76U2HkLbRLbhMJ97Wsr2nn6LxziLTdp+LTs/R8dYhxee3kREZmDpIGZnYPw9Dt47Z+TuU42mTdQGlY0QoXl/ri3n1lH+0Iy3PzQribS073Lyabg5UG9L33tQ9RjmeNtUIzI+31tKWqoBhXZIwdWAZTu+fh6Fbx3h0VhYhWrWvJW1D1hzcqOhYg/QW7zhHB871OyLKZTaxtpblNNi0nNjgQU0t+Na+6+RtC2t6pm2o8JO3LWx4I8XRps56m+nKgnVYSzuNcEr/PAzdOrpHJmR9lflHO9IqwqMFbv5yLON4o7TVFONwGrfnbtKNvnLqPf1UzEF8oYbF1BeopOaOLjpwrp9/TmltkKTihcvRpn7p8WX8Q3Ws/LRphQjMJd3652Ho1lHfMSrrgz5wrt/qbJlOU/cYbakKxAzxYlEcbcywl2m0LZe+PLKIPv34BXp/12pa736PluX9T/phzgnNzx9h10jhyc6UNTQcberB1wv5B2vLvc/TdFcoBUUKUkEy/fM5njY63jpkyvQgGLp1HDjXLzOyTBtEpmUwVqx7I1MWxREiDZkns/7Aq3u+oBxPG9+QsKLcHG3q8+wkffXoy/wD9tLjy/CAdSiJ9s8v/KCB8o92kLctnHRLHoZuDbPzdyj/aIfsujrZiLQwcmOayr7oM2SarLSbK8fTRoebB9Jm3vx4dJZvCOgNmUv17HvHaVne/6TN//ImFRStpCOlP6EvDzwuGkU/2pZr2Qp2jjZ1IqLJ5svUcu/z/IO2b+V2k4sU2IVE+ud/uauJX21PTz8kDN0aotNzslZp9u7zGCQmwcy1MbgVKpu6xyzvuw9GJvmFf7idJ/WMy5GeFxe1ON46JJp5c3vuJrHBgzTcvDrmILueE0/wO8iNdbj5FfGmIk3mTZ1zuqkTEYV3HRI9cNG/nrl0j0zQgXP9tKHCr+lmF66LrwYM3RqCkUlZ10uOp81yY0lX9K6NoaY3SlvpwLl+U/uQjQyZr9rXknTIPDp8hkYurk9oKVzO+LlV9MY63HRzoJqmIk0JbSWbEaZORNSz5B30rwMZ7QMsFdf0ahqA9/S7n8sW+YGhW0Nr33XZgLjiGuNXIwNyuA2jtNwzL+bV05aqAHnbwroH5BkZMucGChae7OQHCZrVdTAVaaLRtty4I+n1Kli3kG4OVMc9fsaYOvrXQTxm5+9QfccoFZ7s1PTm/2zOGXrrxW30+Z9lwdBTxMiNaSr6rEe25Ku3LWx11jKS6PQcedvClH+0Q1MYn4t8CdeWSFXI3ApmJ3ppKtJE0eEzfCt8oHEphRoWJ2T63dWPxT1mxpg6EfrXgT7Go7PkbQvTlqpAzAfW37x1krasLKab7JTVWXYsTd1jiiuqvZhXb9vFhzKRYGSSDpzrpzdKWxM25lSFzO3C3duzfD8707OPxjrcFPZt4kPy0i1k45FRpk6E/nWQGNePNdKXq3bQv/yXd2j5kl30t//9mGKIr7imF326BhGdnqPDzQOqL1S/3NWUNqOvM5Wm7jEqPNmZ0A51qQyZOwlTTN3r9ZLL5SKXy0V1dXWK3/H7/fx33G53ykydCP3rID7z7CSNlZ+mq8u2iKI7Qu397kr6f948qth6PHCuH+aeIMHIJOUf7VBt6XG7V4H0Yjw6S8dbhyjH0yYaD2G3kHm6Y7ipB4NB2r17N0WjUWIYhtxuNzEMI/tOXl4e//eysjJV8zfD1NG/DpSYu8bQ6N5q6lr4lqKJc/rq0ZcptKGIJhr8RER0vHVIcQDPwg8a0tZ8uCVIV+1rSdlmOt62sOoo66ff/Zy2VAXSOswKQCowNfzOsixVVFTITN3v94tM3O/3k8fjSZmpE6F/HXzDdFeIhgs+ocCTy2Ma+aXHl9HQtlKaalMeYT07f4cOnOtXNPfFO86lxcpm3GYh8UKlRm6mMx6dpbIv+lRHNS/8oIHKvujDUqYAaMRUUxe22oWqqamh9vb2uN8z09SJ0L+eqUw2X6bQhiLR3gBKCjy5nMK7DunqnolOz1FxTa/iHti/3NVku328Z+fvxN3WU4v0bqbTPsDSlqqAanpvlLamxYsQAHbDNFNnWZZ27txJIyMjtjV1IvSvZwJz1xgaKz9NfSu3k++hRTGN/MqCdTS6t5rmrjFJHTM6PUeFJzsV+4VX7WuxfMR2+wBL+Uc7FF8+uHB3jqeN6jtGDdtMZ3b+Dh1vHVKdLvjjrbWUf7QDg6EASAJTTJ1lWdqxY4fIuIXyer1Jh98nJyeTyjyf16Fr5PurJd/2l35vKd0cYwxJG7JG7NA1Gv70c+pZ9c/01feWxjTxlnufpyuLNtLg3iPEDl0zPC/9YYa2HmpTNLHflLaQvzecsnLpHRqnotMd9Pfb1RfwcBX9kQ798SqFx26optMYGKLS2m56u7KV/qv7y6Ra+D/47Wf0X91f0icNPTR+46bldQeC0l3JeKOqqVdWVqoaejQqHygX7/tqMgr0r6c/rLeZBjcX0+VnVsc08eZ7nqXW+7Po6rItNH6wNmUDJEduTFOOR9nct1QFTGudatm1a+EHDVRc05twHhLdTCfH02a77ggA0p1kXggUTV04VU04rU06aE447S2RQXJGmjoR+tfTjcnmyzRc8EnckeqcLj+zmgY3F/Mj1q2ie2RCtf+aW2Obm5vLbbzBiVuXm1OskeBN3WOU42mLub/2lqqAad0AapvpvJhXT0Wf9WDDFQBMwnBTVxPDMLR//35DwwxGg/51+zLdFaLRvdXUs+Qdar0/K66JX3p8GYU2FNH1Y400z5q3sUSitPZdT2jP63ha+EFDzJbyhgo/edvCmAcMgENJmanX1dUpDpqzk6lj/rr9GD9YG3dwGzd3vG/ldhorP530ILdU0tQ9ltQOU1q0eMc5OnCuH61jADKAlJm6GTID9K/bh9CGopj94j1L3qHRvdWOiKiM3JiWhde57S+FEoboV+1rUX0heDGvngpPdpq6/SUAwH7A1BVA/7q1zF1jFAe8dS18i4YLPlFdAAYAADIdmLoK6F+3hsnmy7Jwe/D1QnSDAACABmDqKqB/PfWM7q0WdX203Ps8je6ttjpbAACQNsDUYyDtX7+6bAuM3QTuzNyi4OuFsoFvk82Xrc4aAACkFTD1OEj71wNPLkco3kBm+8OyzVSuLFhny2loAABgd2DqGuhbuV22tOhwwScpO75TmWjwy+achzYUWZ0tAABIW2DqGhkrPy0zoMvPrEarPUGkEZCWe5+n8YO1VmcLAADSGpi6DpSmWmEwlz7m2Um6umyLbPU3vBwBAEDywNQTYLjgE9EAOm4OdTqtZGYF010h2R7mPUveQf85AAAYBEw9Qaa7QrJWe+v9WVioRoXrxxpl3RdD20qtzhYAADgKmHqSDBd8orjymdmtz4kGP4U2FInm0ierrx59ma4sWEdD20ppdG81TTT4DZnCN7StVPbyc/1YowGlAAAAQAhM3QAmmy/Lwsq+hxYR62029DjXjzVS38rtmjY4MVKt92fRlQXrKPh6IQ0XfEITDX6a7Q/Hze88OynbGjXw5HJNvwUAAKAfmLpB3Jm5RYObi2WG2Ldye8Kt9nl2ksYP1tLVZVtkffh20eVnVtPVZVtoaFspXT/WyC8YM9XWK4siYPEeAAAwF5i6wSTbap+7xvD7hscLlYc2FNFEg9+wvE93hWiiwU9D20qpb+V2urJgnWEvE+FdhwzLJwAAAGVg6iYwz07KFqxpvudZGtxcrNhSne0PU3jXIcWdyYS69PgyGtpWmvJdyubZSZpo8FN41yEa3FxMVxas09yX73tokaEvHgAAANSBqZsI622W9X9fenwZTTZfpqm2XhraVipr1SuFt8O7Dtm2H3qiwU/jB2tpaFsp9Sx5R7Tk65UF6zDNDwAAUghM3WTUWu2x1LPkHRrdWw1DBAAAoAuYeooYP1grm6fNqeXe5+nqsi00frAWC7EAAABIGJh6Cpm7xvBTvHwPLaK+ldsxXxsAAIBhmGbqZWVl5Ha7FT9jGIbWrl1LLpeLXC4X5eTkEMMwjjd1AAAAwEwMN3XOsL1eL+3fv1/V1N1ud0JGDlMHAAAAlDGtpc4wDEwdAAAASCGWmbow/O7xeGDqAAAAQJJYYupCsSxLO3bsoPb2dpg6AAAAkASWm3o0GqWamhrdph4Khainpyeuent7NX0vVekgLaSFtJAW0rJnnpyQVl9fn/Ut9Z07d9LIyEhSbxhq6unpsVU6SAtpIS2khbTsmScnpJXMMWOOfuf6y10uF9XV1RHLslRRUUEMw5Df75d9btSJm1Wo6X6hkRbSQlpIy05p2TFPTkjLcFNXk55wvJFKJhRhRjpIC2khLaSFtOyZJyekZVr4Xaq6ujrTQuxqx2FZlgoKCsjlctGKFSt0HV8YWYhGoxQMBmnVqlUJpWW0uEgHlw9h5ENv1ENYRslET9TSSXRhITV5PB5dZS8sG2leEk0rOzub2tvbqaysTPT/RtbdRH+HOp+6Oh8rLdR71PtkZWSd1yrLl4mNd6G9Xi8/XS4YDNLu3bs1pyOMLEj7/ROZZ+/1epOewietgAzDUHFxMZ8XaeXUkpZw5gHDMHT69GmKRr9ZEVBrPmPNYAgGg5SXl2fYA07PA0l63fx+v+gmTTQthmEoPz+fr09664NSF5VQeh8kqPOpr/Oo96j3ZtZ7I+u8Htne1KWVV29l5gpOqRD1vu1KK2Cib/PSbgzpzAE9+ZKmFe+ctaYjld48GXXjK+WLYRh6++23aWRkJKmySqbcuTogbekY0WJBnU9NnUe9R703s94bXe5a5WhT5y4It369MN1E3sKVKi4X5tFzwYWVLhgMUm5uLp+XRFotwrdS6Ruu1vIyusUS67h6b9YTJ07I/s494IqLixNOy4ibTBgyrKurs/zhhjqvv36h3qPem1HvjazzemRLUxeGPoRvt4kO1JOO1E+0n8XIMQXSPi5hH5Devhbhb4Vv0Ik8LJX6FhMpq2AwSEePHlX8TO/NqrYGgrDlkmxaesN9SiorK0u4/w513po6z/0G9R71Xiij6r2RdV6rbGnqEARBEATply1NPRUjW5GW9nQS6UNFWkgrXdKKJSP7PZEW0jIrT0LZztTNHNmKtLSnI5TePimkhbTSJa14sqMZIC1npJUxpm7myFakpT2dZCog0kJa6ZSWkSPWkRbSMiNPemQ7Uzd6ZCvSSv3od6SFtNIlrWjUuBHrSAtpmZknrbKdqUejxo5sRVrWjH5HWkgrXdIycsQ60kJaZuVJq2xp6hAEQRAE6ZctTd2OI8MzIS27jk5GWkgLaSGtdEwrVbM0hLKdqdtxZHgmpGXXPk+khbSQFtJKx7RSOUtDKNuZuh1HhmdCWnYenYy0kBbSQlrplpaRedIj25m6HUeGZ0JadnzTRVpIC2khrXRNCy11yQnbbWR4JqRl19HJSAtpIS2klY5pGZknDAFqXAAACL5JREFUrbKlqUMQBEEQpF9pZ+p2XO7PKWkJdziSjs7UmyekhbSQFtLK9LSMzJNWwdSRFkWj8r55v98vChEl08+PtJAW0kJamZaWkXnSI9uZOsPYbw3fTEhLaaQmw3y7b3Oyo0eRFtJCWkgrk9IyMk96ZDtTj0btuYav09NiWZZOnDgh+ztXCYuLi3W96SItpIW0kFYmp2VknvTIlqZuxzV8MyGtmpoaxekXwrdLrXlCWkgLaSGtTE/LyDxplS1NHYIgCIIg/YKpQxAEQZBDBFOHIAiCIIcIpg5BEARBDhFMHYIgCIIcIpg6BEEQBDlEMHUIgiAIcohg6hAEQRDkEMHUIQiCIMghgqlbKOleu8K90I2W0jrEkHzt/Lq6OkvqgXDjB+5vFRUVol2dcE0TL994Zan2m3A4jDKOIa/XK9prwuPxWJ6nTL8vYOoWSulhDqVWDMOQ2+0mhmFMXbpRbz3Qa0SoS7HLhitLreWUyItApsnr9ZLb7RaVGeqg9YKpWyi1m4BhGCouLqa1a9dSTk4OhcNhUWvS4/GIvqP0hix8g3a73aKWhzQtq8vBSglNPRoVr5Uv3AtZ+PCStk7q6upiXg/ptdBSD4SmopY2951IJCKK+HCfxztupihWOUkjNUplK7wOuHeU7xslSe8f6XONK9OSkhL+uuTk5FBXVxetWrUq7jWKd19k6jWDqVsoafid2yY1VotRaM5vvvkmtbe3y0whGAzS7t27FX8nvAnRGpG31Ll/S8uQ25hBGNqT/lvpekjTKSsrk4X4tZi6UtqxWqBajpsp0tpSl35Paupq37X6/KyQ3++PaZBK94/P55M91zjT5epmWVlZzOeg3vsiE68ZTD0apeP1f6THFq2kP/3hz03XY4tWUsn/OsVXMrWWurRPSNjqWrFiBYVCIdF3hLsB+f1+RePgKrQ0LTuEy8LVX5Dvr5ZQ8z3PmirfXy2hwb1HRGXNvckLy0LYyhC2yIUPK+kLgdL1kF4LpR31tJi6UtqxzErLcVOtseBp6j75JF2pesB0dZ98kq51lsvKUqmsle4HNVO3271T2zZAf7+9nn7w289M199vr6dDf7zK1y9hi1l6DyndP16vV3F/cWGLX1pvuciZUrlruS/seM3MFkw9Gk2ZoXO677mXKBrVburSB7LH40nY1Lu6umRp2aGSp8LQObXc+7yorLmHivBBpVSG3Pe5B5hwYKPRpq7lhSHdTD1Vhs6p88jDorqvFtFQuh+UTF3tu1aWaaoMndPT737Ol1teXp6s1cuVidL9o9RY0WLq7e3tiuWu5b6w4zUzWzD1aJTy9x1IqamvySuiaFS7qQvNJhgM0tq1a2Oaeqzwe3NzsywtO1Tyr3+/P2Wm3rPqn0VlzT1UpGFzpYeWmjmqPWCk16KyslJxhoPX65X1wwtbQlpaJMIHltbjplLDbe6UmvpA85uiuq82bkLpflAydbXvWlmmxd4rKTX1rYfa+GOXlZXJxmpwZat0/yRq6l9++aViuWu5L+x4zcwWTN1CaTV1Yd/7ihUrqLi4OKapR6PqA+WEg4W4tJxeyWNJ6aGiNNCMa5VLB97ECwVK04nVD1lWVsZ/jxtIpFQf4oUZlfKfCQOE1BSrnJTuLTVTV/uu1ednpaSDRtUGlGZnZ5PP50vI1AcHBxXLXWsEK9OuGUwdgnTI6/WKHjpqYXoIgiArBFOHIB2SttQzeaoYBEH2E0wdgiAIghwimDoEQRAEOUQwdQiCIAhyiGDqEARBEOQQwdQhCIIgyCGCqUMQBEGQQ6TZ1FmWpXfffZeysrIoKyuLfvazn5Hf7095htXywbIsffTRRzQ+Pq76W4ZhaNeuXSnJZzLHUvut9NwXLVpEQ0NDqp+fOXNG9rfc3Fz+u/HKK1F9/PHHonyl8nyj0Sh9+OGHlJWVRb/+9a9pfHzcNnUXgiDIbOky9d///ve6HtZmpKNmRnYzdaPFGRNnXNFolFpaWmTGxX3OlXMoFBKVy4cffsibvVWmrqUOJHq+Pp+P/vCHP1A0GiWfz6f5hQ+CIMgJMsTUjx07JmsJMgxDhYWFtGzZMsrKyqL9+/fLWkzcEn8tLS2y38fKRzxTZxiGP67wONI8CY8V7xx+/etf08jIiGK6wvyrRQ60lpHaOV69epUKCgpk5bF3717y+/109epV3sxilVdLSwt/LaTHEF4f7jyk6aoZNnd+ixYtosLCQhoaGlK8Dkp1wMjzVfodTB2CoExRwuF3LhQqfYhyLUGGYeif/umfeIPjXgikLwfS3586dYr/zdatW2VhUr3hZKnZv/rqq/yxhQahdg7C76ulq/Q34b8TKSNp2i0tLaJWK6djx47RmTNnVD+XpsWds5qRSo1Si6kLz0+tzKRlI6wDRp/vu+++KwrVq9UZCIIgpynplrr04cqZgDTULTRrYTrCVq60b1QtH1rC78KWMfeAl+aJy7vWc1BLl/uMM0xpfhIpI70mx/1XqbyUoiOxWupC09Ni6tK8Cb+jVF5GmLra+QrzvWTJEtO7GiAIguwkW5h6rIezUj7imbqaESVr6rEMjgtrK+XHCFOPF46WHl9PeUl/09LSIgq/C4+rx9TVykuLqSd6vkJxacDUIQjKFCVt6tKHL/fQVTOsaFRsDFevXqWNGzdqfuBqMSnhA//q1avkcrl4U9cSflc7h1jpSlv0scLv8cooVitaOnBM2P0g7K5QGygXrxyFaXNdBL/73e8Uuy+U6oDwO2rlJa0DRp7vgQMH+L/FGj8AQRDkRBk+UE44KE3N1Lnvc98V/l440ExLn7rSwDThd6QDtw4ePCgbmKb1HNTSlXYhKIV89ZSRmglJB55xI8HVPo8Velb6uzCPwrSVBsFJ6wA3jWzRokV08OBBvkWuVF7SOmDk+Qr/Fm9KW6wxExAEQekoLD4DQRAEQQ4RTB2CIAiCHCKYOgRBEAQ5RDB1CIIgCHKIYOoQBEEQ5BDB1CEIgiDIIbqHAAAAAOAI/n+kXZ09WSv2TgAAAABJRU5ErkJggg==)
La situazione nel 2019-20
Un’inversione del trend negativo potrebbe essere iniziata nel 2019. L’anno scorso, infatti, gli investimenti pubblici erano saliti al 2,3 per cento del Pil (+0,2 per cento, +3,3 miliardi) e, per il biennio successivo, era stato previsto un loro aumento costante. Lo scorso luglio, il ministro Gualtieri ha reiterato la necessità di raggiungere gli obiettivi di spesa per investimenti pubblici stabilito per il 2020.[4] Non solo: a settembre, la Nota di Aggiornamento al Documento di Economia e Finanza (Nadef 2020) ha indicato l’intenzione di aumentare l’obiettivo dai 42 miliardi originariamente previsti fino a 44,6 miliardi (Fig. 2). Sono stati rivisti anche gli obiettivi per il biennio successivo.
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qbliP1a8CJd+2gruq7qXPfXBrpKRO2X5g6AAAAEBBg6gAAAEBAgKkDAABIjWmJqO1Rougiot92uB0NIJi629cfAJDlzEyNupJ5TAhtjxJ9cMusmm5zOxpAMHW3rz8AIIu5MTOpmps+2rfP7ZDscXLBTVP/4Ba3owEEU3f7+gMAspiRnjLV1KaB4/luh6TP1VainueIYuuJrk/M/k1qmK2hf3AL0cUy7Xc6vzX7WcsXZpvqgePA1AEAwCXYDHKeXTd9WiI6+hc3a+Sx9ebfkRrUtfhzP3E6ShX1x1vprx57hj771ScoZ30hVRw4RJ3nzmc0BjeAqQMAgAv4aonV6xNqg2571Pw7V1vV3zm/lb+N1CA83JojLfQv//oRuvX+hzW686FcWrr2ZdpctocaW6LCj+02MHUAAHABdonVvsZlbodkTM9zs+Z8+FOzZmyFi2Wz/e49z/E/kw0/ukhYmEPxEbrzoVyuofN01yNP0dFocEbu+8LU4/E4rVq1inJycignJ4fWrVtH8XicEokERSKR5N9DoRBMHQDgeTy7xOrVVqL2x4m6v32z39wpHBpkd7Lr7D8b9v+wbOxL176suy+/Gb5dDwyHw0kPraurM/Xg3NxcOnXqVPqmHgqFkkYuKxaLUUFBQfLvpaWlukHB1AEAXoEdINdVfTfdmJl0Oyx1v3n3t509Vmz9zWO1fEH7udQw2w/PG4BnwtK1L9Ot9z9Mc+Y/St99pZg2vFZOC/PW65r6wjztGAF2+4V562nDa+VUc6SFpMSY7ZgyhR3/i8ViVFxcbOizkiTRli1bdI1cqKlHIhGViUciEaqsrISpAwA8jWeXWD38KUeaxHW5WDZr3OzI+Gnp5qh6vf54E/QGxR2NdtCrb+2n3BdDtDBvPS3MW0+9g0OqbW7W9vV1z9I8Wl243XOD7+zW1JXmXV5ezq08792719I+Um5+l427trZW9fagfOuAqQMAvMiNmUnvLrHaV3iz3/xKs3txTJyzNHK+pOog5b4YEj7gTUqM0Zz5j1lqup8z/zFPGXuqpq7nn8oubrb7O2VT12sKEGHq4+PjKV8ECIKgVKTsT+/98MmMHnvsUgtNR5fS1Olv0FXpvOvXgqvRSzR9cjHRB7fQjQ8/TWPxNtXng/1Runjw00Qf3ELPfPs/0633P0wfnzkrNIZIWyc9+txP6bNf/YapsZfvf0/z/U073qSvPPM85Re+RuX73xMeH0+p+pkkSVRUVEQDAwPa68C0iIfDYd1u7pRHv8tmzu4cze8AAD9w9WI99TYsoYHj+ZnvSz/+uZs14PbHM3tsARyNdtCbW/+jqiZ/54N/5+j0tN7BIdpd00hrinbSA0+u0UyRG4qPqLZ/9a39rk2nS8XQjfrMWV81ao5PuaYuv1GwA+UqKiosdebD1AEAWcuRPzMeoOZhSqoO0pz5j1FJ4Z8nz2Gi7ndpySpmUN/1idmBdhPnHIulsSVKjS1RTX88EdGG18otNd3f/uAy2l3TKDQuu55q5pvsmDajAemWTZ1t02ebAti+dpg6AADocH7rTVN3IPGLE0xcu0arC7ffNMMHvkrVr/0ZNZb+CW392TLtaHR5oZmm24g+CWc83s5z5+mepXmWjP3Oh3KFHtuO/7HeKvsrO2jOqs8i+QwAADjBxLnZvOvtj/s+57qUGNM0ecsqKKnUfoEdZNf5rYzHTDT7ItLYEqWCkkpanL+Rbn9wmedM3ah2/vrrr9v+HkwdAJA1TI3106W2EMW7djh/sN/8TWanpjnImqKd3Gbr6oYj/C8ImA7nFJ3nzlPFgUO0unB7cjqd6L51Eb5YV1fHHTQHUwcAAJqdxtb9zn2ZW7hFORju+OecPZbDyIlklPPDTaeQTZybnQbnIUPPFG76KUwdAJAVSLFdmV1i9WLZzUQyl9929lgOU91wJNl0nftiyNPZ3LwATB0AABwmVrdI/BKr1y7O9he3PTr77wAzFB+BmVsEpg4AAA7i2BKr0UU3m9h/8zfp789lao600OrC7bThtXIYeBrA1AEAwEGGWjeoDL2/abmYHSsHwzXdJmafLlFQUqnqN19duN3tkHwLTB0AABzC0SVWh3fd7Dcf3iVmnxlGSoxpBsLprZoGrAFTBwAAh+AtsWqLiV6iE3cTHZtL9IkH1lsXiFGClpojLW6H51tg6gAA4BDsEqu2B8g1f/ZmE/vhP3AmSBdQjmi3PP8cWAKmDgAADpH2ALnDf3DT1Bt/z5kgM4zeYieW5p8DU2DqAADgEMqEM4Mta+3voLdAke70afEBZpjOc+e565QvXfsyRrwLAqYOAAAOISw1bEDmoR+NdmgM/dW39rsdVqCAqQMAAMgY8mj3ux55ytE10LMVmDoAAICMMhQfcTuEwAJTBwAAL3B9gqj727P95y1fmP2/T5ESY7S5bA8tzFuP0ewZBqYuiMkr3TTYspYuNK+k8fgJYfsFAPiLqbF+6mtcRv1Ny2lmatT6F680q9cB7yt0LkgH4c0/7x0ccjusrAGmLoj+puXJUa7tVXfQ2HCTsH0DAPwBu8SqrZSwV1vVpu7DLHF688/Rd545YOqC6GtcppqP2rlvLk1e6Ra2fwCA92GXWO1tWGJvBxfLiE4u8GUtnc3fLuuBJ9e4HVpWAVMXdSEvHNQkmuh+5z4xqzEBAHyBI0usehwpMUaL8zdyDT33xRBNXLvmdohZBUxdIMPRTRpjP1uzgG7MTAo9DgDAezi2xKqH+aj1Y/qT//Z1rqFj/rk7wNQFc6F5paZgC1tqEQDgWVJaYvVKM9EnYaJpyfkABVNzpIX+4L/8T42Z3/lQLh2NdrgdXtYCUxfMjZlJ6m1YojH2odYNwo8FAPAGN2YmqXPfXHtLrF4suzkoru3RjMQpkrseeYp+n9N/jjno7gJTd4CZqVHqCX9JY+xpp4oEAHgSdoBc9zv3mX8pukg92t1ntfV5T+SrDP2r33kB/eceAKbuEFNj/dRVfbfG2E3f3gEAvoNdYvVy+zbzLw388qahn1zgfJCCaWyJ0rwn8mlh3nraXdPodjjgn4GpO8iEdJraq+5QFfb2qjuQnAaAgMGWccsD5KQGovNbPZ897mTXWbdDABaBqTt9gTlT3Tr3zaWpsX7Hjw0AyAzKcTQpLbHqUSoOHEomk7lnaZ6v+ssvJyZpXWUrPVceoc6BK26HkzFg6hkg3rVDY+w94S/ZSyEJAPAsN2Ym6XL7tsCMm5ESY/TMS1s1I9v9lMf9ufII3fv8u3Tv8+/Solca3A4nY8DUMwQ73UXONoU57ABkCVeaZwfHnfuJ25EYcjTaocndfuv9D9Oc+Y9R57nzboeXJDZ8lXKLj9BXCuqp9P0ezedf39qUNPUvbzzkQoTuAFPPIMr88LIuNK/MaAwAABe4PqEe6X5+q9sRcdlctofmzH+Ma+gVB9wxxssJfsVn86/bk6Z97/Pv0sDIuOrzEz2f0L3Pv0vzXniP9jT3ZSJUTwBTzyA3ZiY1aSQ/3v0ZGo5uymgcAIAM89sOtan3POd2RCqkxBgtzFvPzQx3z9I8V2rolxOTlFt8hO59/l1asuUwTU5fV33OmnpifCrjMXoRmHqGmZkaVa3iJGukpyzjsQAAUmdCOk29DUuor3GZtYGvnd+aNfSjfzFr8h6C139+6/0P0+rC7Y7OPZ+cvk4nej7hDmSrbxtSmXa4dVDz3efKI/T0jmO0/4R3ugXcBqbuApNXujXZpz7e/Rm6erHelXgAAPaYmRpVleG+xmXWvnh9wpNJZtg+9NsfXOb4oLjJ6eu0ZMvhZBP5qT71dekcuKIydfZzwAem7hJjw02aOeyd++bShHTatZgAANZgZ7TYXmLVYyiXTRWZ6jUxPkWl7/fQnuY+TfM5a9qbf92u+X64dZB+vDtKTZ2XhMSTDcDUXWS0bx93uVbMYQfA27AZ5IKwxOrJrrPC+86VI9C3vdul+mxy+joteqUh+Xl925DQY2crMHWXudy+jbtcK+awA+BNxuMnzJdY/W0H0fHPzfahx9a7EyiDlBijNUU7aWHeeiooqRTSVz4wMk7fKP6Ini05xm0eV9bEv/OGNpPmwMg47WnuQ9O6QGDqHmCwZa3mIdHXuAxz2AHwIAPH882XWI2tV492nziX8TiVHI120F2PPKXqN29siaa93y/9qDZp2gteqtN8vmlvW/JzDGbLDDB1j9DXuExj7APH890OCwCg4MbMpGYsDHeRpr5Ctam7mNt9c9ke7sj2dOeds33iX3zhPe52p/okig1fTetYwDowdY8wMzWq6aezvNoTACAjjPSUqcpnV/Xd/A2vT8zW1k8umM0k5wJD8RF64Mk1XENfmCemS+CBjXVJU9+0D4N8vQBM3UNMjfVz57CP9u1zOzQAAJEmeZRXB8hVNxxJLsTCasNr5cLmnifGp+jNw+fQJ+4hYOoeY0I6rZnD3l51B40NN7kdmqNcvVhPfY3LqL9pOebrA8/CvnRbXmI1g+yuaeSa+Z0P5VLNkRa3wwMOA1P3IFcv1nPnsE9e6XY7NOHIWbl44wkwAwB4DeWgVk0tfXiXa03tSniLsSzO35jW3PPLiUnatLeNfrw7iv5xj+M7Uy8tLaVQKESJRILi8TitWrWKcnJyKCcnh9atW0fxeNz3pk5EJMV2ceewe7FmkArTE8OaUcSsuqrvRq0deI6x4SYajzPTs04uuDko7mKZK3HJLF37smohls1le9Le57rK1mTfeW6xf5ZfzUbsemo4HE56aF1dnWX/FWLqkUiEwuEwvf7660lTD4VCto3cD6ZORDQc3cSdw+7nqW4zU6M0HN2kaYkwEmrtwNOwK7BFF7kajpQYo9WF22lN0U46GhWTY15eWOXe59+lrxTgRdvL2PG/WCxGxcXFlvyU9d+0TV0+4ODgYNaYOhHRheaVGpPjzov1AfGuHdyc97JidYu4q9ih1g48j7KmnqFlVU92naVX39qfkRXU9p84T1/eeIjmvfAe5pt7nFS9UJIkKi8v5/opz3/TNvXa2lo6deoUxeNxlakrm98rKysDZ+o3Zia5fc5DrRvcDs0yiQsHuaP6ld0KyhH+l9u36dbkUWsHnmRamu1T/yTs+KEmrl2jDa+Vq5rYRdXIjZicvo7lTX1AqqaurLVb8d+0TD0Wi9HevXuTRs7bqSRJtGXLFjp16pStExkfH0/5ImRKoyMXqPvgX2sNLvpz12Mz0qVztXSmZqGumXfs/UsaiP6crkiXNd/9ZLBV97ud+/+KLsXecf38oOzQpdg71F51B7VX3eH6fffxmbM0f/lzmoFwm3a86fp1gtxXqn4mSRIVFRXRwMCA5jMr/ivLsqkrO/KNBsXJbxN2TsYvTI31U1f13RqD42azcpmpsX7qb1qua+btVXfQcHSTpRo3au3ATWamRlX3X/c797kWi97c8znzHxPWBH85MZnsP//x7vTTyILMk4qhG1WIrfqvLVNXyqimrvemEQRTJ5qd/sUaXHvVHdqRuC4xPTFMQ60bDAe9XWheaXsVuskr3ehrB67ALrHaE/7S7Ad9hbMD4oZ3OR7DxLVrtLpwu+7ccxE53GXePHwOa5j7HLueWlFRYbkyLKymrrfTSCSienswG47vd1Mnmu2f1jRH75vr6nKtN2Ym6VJbyHAQXG/DkrTXiketHWQaNnXzcHTTrJHLg+IOf4roaqtjx68/3kr/5r/ncA196dqXSUqMiT1e25DK1AdGxoXuHziPHf9jPVT2Ub1Bc46Yumj5Ebb2INcg3DA1KbaL2y2gjEtkTRq1dpApJqTTmntsaqxfu1iLQwlnqhuO0B/+zRJuc3tJlXPdbqXv99DTO45RuHXQsWMA5xDhi2bmDVN3AF4zd2/DkozNYb96sZ67AI3SYEd6yhw7PmrtwGnYJZH7GpfNfnB9gqjlCzfnpDuwAturb+3/ZxNfrDL0eU/kZ2QKG/AvInyxrq7Odlc2TF0AvMFoF5pXOnpMvbSuyq6AS22hjLxcoNYOnMLyEqsOUHHgELe5/eH8HwtbiIVodsNK45YAACAASURBVIra/hPnkfY1YLjppzD1NLkxM8k1teHoJuHHspLWdbBlrStpbFFrB6KxvMSqA7DLpTrV3L5ky+Fk33l925Dw/QN3gKn7nJmpUW5iF1FN31bSuvY3LXd9sRnU2oFI3FxidU3RTtXodicSy3QOXFENiHuuPCL8GMAdYOoBYPJKN3fkebpGZiWtq9eWhEWtHYhA+aJ8vvpfEX34aaKm2zKSMY5otgm+pOpgWiurmYGaejCBqQeEseEm7nKtqUwjs5vW1Wug1g7SRblK4sxH//bmSPfjnxN6nN7BIeoddMdQE+NTtKe5D33qAQOmHiBG+/ZxDdjqHPax4SZdM5RfEuJdO3yzShxq7UAI8kh3gSuwSYkxWpy/MdlnXnHgkJD9AgBTDxiX27dpDOxszQJDAxOZ1tVroNYO0ua3HUSd3yJqf5zo2sW0d9c7OET3LM3TTFVzisuJSdq0t41+vDuKWnkWAFMPIOz8WnmOLVvDdiqtqxdBrR14gcaWKDd/+5qinY4d87nySLLv/OtbvTUGBogHph5Q+hqXcc2LKHNpXb0Gau3AjAnptGP3fUnVQZoz/zGNoc97It/RAXHyAi33Pv8ufaUA93jQgakHlJmpUW7Gt4Hj+RlN6+pFUGsHPOTBcV3/9Mc0fnL5bLO7IPQWZFm69mWhCWV4nOj5hL5SUE9f3niI9jT3OXos4D4w9QAzNdZvOIqdrak6mdbVa6DWDpTIGeS6q/6IZhp+5+ZiLRPn0t537oshrqEXlFSmH7hFJqevU2J8KmPHA+4BUw84E9Jpw2b2TKZ19SKotQOimxnkBqr/UL1Yy/mtae23d3CIuyBLdcMRMYFzuJzIzrIMZoGpZwFXL9ZzjcuttK5eA7V2IHdVdf3TH9+sqTfdlnYT/MS1a6qBcXc98hSd7DorKGo1lxOTyf7zdZXOLQcLvA1MPUsY7duX7Ev3QlpXL4Jae3bCLrHaU/VHNNNbJGT6GhHR0WgHLV37MhWUVApf/1zJm4fPqVK/NnVecuxYwLvA1AFQYFZrz9RKXSBz6C6x6jPq24ZUpo456dkJTB0ADka19r7GZWjpCAg3ZiY1Y05SeXEbio/Q0rUv0633P0yL8zc6OkXNiD3NffSdN05QuHXQleMD94GpA6CDUa1dzrKXrQMMg8In7f+HRsKfoivv/T6d3XtbSkusnuw6S3c+lKsaDOfEUqkAWAGmDoAJRrV2NMn7lwnpNF2p+VRypPtk/e/ZXmJ1d00jN6GM06YuL8Zyqk9y9DjAf8DUAbDA5JVubpY+NMn7EzmHw/ihf5E09en3f5emxs5b3kdBSSV3/vni/I0ORj6LctlUNLUDJTB1AGyQuHBQNyMfmuT9gTIpU2zfbTTT8Dt0o+F36JPGeZa+P3Htmm5CGSdzuMt0DlxRDYh7rjzi+DGBf4CpA2CTGzOTNBzdhCZ5HzIzNcrNsniheaWl709cu0YPPLmGm1Amk8unKmvq9W3urMcOvAlMHYAUQZO8v9BbD4G3gqEeJVUHNYZ+50O5dDQqLk+8FdCnDvSAqQOQJmiS9z4iDJ1odmBcJldYA8AuMHUABIAmee9yY2aSehuWaH6TWN0i2y9bE9eu0ZqinXTP0jza8Fq54yusvds6QI9sPkzfKP6IOgeuOHosEAxg6gAIBE3y3uLGzCT39zhbs8AzaX9P9HzCXUGNHRC3ONToQnTAb8DUAXAANMl7g1QNvfPcecp9MUTznsin3TXOmOnk9PXkAizzXnhPk9Z1/4nzKlP/8o9raXL6uiOxgOAAUwfAIdAk7y4Dx/M117z7nftoaqzf8HuNLVHVympz5j+WcjP7/hPnacmWw/SdN05oDJmtiW97t0v1+eT0dfrKS/V07/Pv0hd+GKbX3kMLDzAHpg6Aw6BJPvOkauivvrWfO11NbzDc5PR1evPwOQq3DmpMOzE+ZWjalxOT9JWC+uTn+0/wE990DlzBGunAMjB1ADIEmuQzw3B0k+b6du6ba2joE9eu0erC7fyEMj//v7rfe3rHsaQpl77fo/osNnzV0NSJiE71SfSL2m4skwqEAVMHIIOgSd5ZLrWFuIY+IZ3W/Y6UGKOFeeu5hv6tLVU074X3uOlYJ6evq0z7O2+c0Oy79P0eWvRKA33njRM0MDIu/HwBYIGpA+ACaJIXz+X2bbYN/f/VfkRzV2ylP//mz2jOghVJM7/9wWVU3XCEFr3SkDTtJVsOa76/rrLVtPkcgEwCUwfARdAkLwYptot7/a5erNf9Ts2RFvr3y7cmTflz332Lbr3/YbrrkafoZNdZIqLk6HS9mjjR7JQ0duQ6AG4BUwfAZdAknx6pGLqc7vWulW8kTfvz399PC/PWk5QYS24XG75Km3/dTpv2tmGwGvAFMHUAPAKa5O2TuHCQe62MDF05IO62v3uWPv/9/XTPml/Tf/1fr2YwcgCcAaYOgMdAk7w1rl6s57ZuSLFd3O2lxBgtzt/IHRBXUoWWEBAMYOoAeBA0yRtj19B7B4do3hP5GjO//cFlVHOkJcPRA+AcMHUAPAya5LVMSKepc99czbW43L6Nu/3RaIcqQ5ws5YA4AIICTF0QUmKMVhdup9wXQ3jzB8JBk/wseoZ+qS3E3X53TSPNmf+YxtAfeHKNakAcAEEBpi6I3BdDqofGMy9txUMDCMVKk7xe83MQmBrr5xr6cHQTd/uCkkpu/3nuiyHHl0wFwC1g6oJ44Mk1mofHnQ/lotYOhGPWJN9VfTfFu3YEquY+NdZP3e/cpznXgeP5mm0nrl3TvGTLKiipdCF6ADKH70y9tLSUQqFQ8v+RSIRycnIoJydH9fdMm/rRaAe3mU+utaNmAERj1CQvm/ultpBn1g1PFTuGLiXGuC/Yc+Y/5tgSqgB4CbseGA6Hkx5aV1eX8jYpmXokEqFwOEyvv/46JRIJisViVFBQQPF4PGn4Rgd00tSJZtdg5j1Qbr3/YbpnaR4djXYIPR4AcpO8nrHLqVKHo5toemLY7XBtMzM1SmdrFnAHCLKc7DpLdz3yFHeEO8oeyBbs+F8sFqPi4mJKJBIUj8cpFAol/dTONimZuryzwcHBpKlHIhGViUciEaqsrHTN1GX0+vJuvf9h2vBaOWrtQDjTE8M01LpBt79dHlA31LrBdPlRr2Bk6GzXQs2RFu4I93lP5FPv4JBLZwBA5kmlBTyRSJAkSVReXq5r2Fa2sWXqtbW1dOrUKYrH40lTl//Ge6Nw09SJZpvj71mah1q7RRpborQ4fyMtzFtPz7y0lTaX7aHGligGG9pkZmqULrWFuAPK2KZrL5v7jZlJy4Yup3xltTh/I+4fkHWkaupW/NNsG8umHovFaO/evckaux9MnWh2wM6G18pRazfgaLRDd9lL5YDDhXnrqaCkkioOHMILkQVmpkYp3rXDsM/9492fof6m5YarmLnBjZlJ7kDAszULNOMD9NZAX1243aXoAXCXVGvpRUVFNDAwkNY2lk1d2Ukva926dVRdXZ128/v4+HjKbzZW9f7RCH3+ayu5D5/Pf20lvX804ngMXtNHv4nSo8/91NDMzfTFx79Lj6/7R/pRcRmFDx+lnt5+18/La7oiXaaL7WXU+esvGJr72fqv0aVztZ6I92z91zTxnQn/LY2OXEhud35wiBZ950XuffHzX+11/TwgyA2l4meSJNGWLVtUFeRUtkkkUhz9rqypswPlKioqTA/KKlOg1j5L7+AQPfPS1rTM3Ei3P7iMFuatpzVFO6mk6iA1tkTdPmXPIMV2cZu0leptWOJq+tkLzSs1MXW/c5+qho6UrwDoY9dTrfimVW9N29QTCXUt3m4tPZOmLmPW19557nzGY8oEQ/ERWlO009CQF+atp5ojLbS5bA8989JW3ZkEqeiepXm0dO3LVFBSSTVHWrJ68FTiwkGK1S0yrrnXLMh4IpuB4/lcQ1f2/SPlKwDG2PE/5ZRw5ZQ15YA4vW2EmbpouYFRrX3O/Mdoc9keV+JyAikxRmuKdurO4ZfN3KhG3XnuPFU3HKGCkkpanL+RO20pVS3MW0+rC7fTq2/tp8aWaFa0lsiMDTcZJrGRTVWK7XI8kc1gy1pTQ0fKVwDMEeGLbOXZqrLW1GUaW6J050O5XLN54Mk1vq61S4kxKiip5NaqZM17Ip+qG46ktP+Ja9eosSVKr761n1YXbqeFeesNXxzs6K5HnqLF+RupoKSSqhuOBL4GOCGdpv6m5Ybm7mSWukttIe7ceuUAPqR8BcAaInyxrq7OcEAcTN0AKTGm28fsx1r7xLVr9Opb+3VfVmTTdCq7V+/gENUcaaGCkkpauvZl3a6OVPTAk2tU0+2G4iOOnINbTI31c5vAWbMVmaXOzNCR8hUAe7jppzB1BTVHWnxfa684cMjQzO98KJdKqtwZhNXYEqWSqoO04bVyWpi33rAFwY54A/P8XnO0ksimc99cGmrdkFaWupGeMm6CnPH4CSJCylcAUgGm7iH8Wmuvbjhi2M99+4PL6NW39nvO7IbiI9TYEqWCkkrKfTHEHVEtogl/d02jL5vwpyeGTRPZtFfdQYMta20nspFiu7j7unqxnoiQ8hWAVIGpexC/1NqrG44YGuHtDy6jgpJK3w1iOhrtoN01jVRQUkkL89Ybtj7Y1bwn8in3xZCvRuHPTI3S5fZtpolsBo7n0+SVbtP9mRk6Ur4CkDowdY9iVmuvOHDItdgaW6KGWeDmzH+M1hTt9J2ZGyElxqixJUqby/YkB+aJMvo58x/TjML34rW7MTNJIz1l3BXTrGapu3qxntusP9q3j4iQ8hWAdIGpexyjWvvi/I0ZHax1sussLc7faGhQqwu3B24AmRHKgXmim/Dl9LgbXiv3XHpcKbaLesJfMk1kMzbclPyOnqHL8+GR8hWA9IGp+4Ch+Iiumd7+4DLHa+29g0O0dO3LhgaU+2IITaMK2CZ8kXPrlYl0qhuOuNodk7hw0DRLXaxuEcW7dnANfaSnjKTEmO797dbASgD8CkzdR1QcOKQ7atuJWvtQfMQ0pevStS/7chCYG8hz60uqDtKaop1C59bfev/seAu5v353TWNGU+SODTdRb8MSQ3NndakthJSvAAgGpu4zMlFrl1O6ppMFDlhHOQpfdHpcZTP+6sLtVFBSSY0tUcdq91YS2ciGjpSvAIgHpu5TnKi1y1ngjMx83hP5MPMMwabHFZlIR9mULy9rK8+zF9HiM3mlWzeRzWDLWqR8BcAhYOo+RlStfeLaNdpctscwIcs9S/NSTukKxNLYEqWKA4eSiXRETrljW2PSbc6fGutPJrJpr7qDhqObkPIVAAeBqQcAo1r7My9tNaz5WEnp6ub0OWANecpdSdXBZM1e5Eh8XnP+mqKdtprzkfIVAOeBqQeEofiI7tzpOx/K1Qw6qjhwyHBE9p0P5XoyCxywT+e588k59vIAPadq9/OeyNc050uJMaR8BSBDwNQDxuayPbp94s+8tJV21zRaygIHM88OjkY7kv32z7y0VfiIfCMh5SsA4oGpB5DOc+dtj6CeM/8xX6Z0Bc4gN+dXHDjkSHM+Ur4C4Aww9QBjVGtXmvmaop1ZlQUOpEfv4JCmOd9Och2kfAXAOWDqAceo1v7MS1tRWwJCMWrOv/3BZbSmaKfbIQIQaGDqWYKy1r507cueWekNAACAOGDqWcTEtWto9gQAgAADUwcAAAACAkwdAAAACAgwdQAAACAgwNQBAACAgABTBwAAAAICTB0AAAAICDB1AAAAICDA1AEAAICAAFMHAAAAAgJMHQAAAAgIMHUAAAAgIMDUAQAAgIAAUwcAAAACAkwdAAAACAgwdQAAACAgwNQBAACAgABTBwAAAAICTB0AAAAICDB1AAAAICDA1AEAAICAAFMHAAAAAoJvTD0cDlNOTg7l5ORQZWUlJRIJisfjtGrVquTf161bR/F4HKYOAAAgK7FrxEpvraur424TiUSS24RCofRNPR6P0+uvv578dygUong8rvo3auoAAACyHTv+F4vFqLi4WOOt7DYFBQXJv5eWluqaf0rN71aCgKkDAADIRlL1QkmSqLy8XOOnkUhEZeKRSCTZWp6WqctNBCtWrKCBgYGkqSub3/UOBFMHAACQDaRq6soKs1K1tbV06tQp0+1SrqnH43H6wQ9+kDR25VvGli1bVAeHqQMAAMgmUq2lFxUVaXw1I6bOO4jZ343U29tLXV1dwtTd3S10f9kSG+ILbmyIL7ixIT5vxdbT05OSoRtViMPhsPjmd+VO9N4ojN40Mqmuri5Xj+/X2BBfcGNDfMGNDfF5K7ZU9ldRUWFYGWYHyhltb9nUJUmiwsJCzbB75TB7o+H4fv6RsiU2xBfc2BBfcGNDfN6Kze7+WA+VfZQdNMebUs6TJ5LPiFYqzR+IDfEFOTbEF9zYEJ+3YhO1P+U0cjsKpKlDEARBkJ9VV1eXUlc2TB2CIAiCAiKYOgRBEAQFRL4xdb3cuEb5cEtLSzV/szrYwK34rHzmRmwicvw7fe2UMebm5tqeWulkfLzBMCLuPyfKhaj7zqn43Cy3qZyP27HpXVOvxGcl77lX4hN57zklX5i6XlpavXy48sM9HA6rBhro5a/3SnzKm07vMzevnajr5UR8qSY+yvRvK4udd+pmbGwii1RyTTgZXyQSST58RU6btRuf3e29EJvV+9HNaycy5bgT188Jz3BSvjB1pZTD/M3y4RqNHjTKyONmfPKNMzg4KLQQphtbJm7odOKLxWK0d+9eX9x7evmd3fxt5QyR7EPPC/GxL0AiXojSiS+V7d2Kzcr96IX4jP7ulfic8gzR8p2pKy+sWeo83o3My1/vpfjk7zhRCNOJTUSOfyfjY5u3RXYPiPptlbGKNqV0Y5N/Xyeum4jfVnm/uX39Utnerdis3I9eiM+J6yYqPqc9Q7R8Zeps01s6D1a9/PVuxqesbYouhCKvnRNN3enGxz7oRdfmRF0/J7Iuphub8vuxWIxWrVrlufiUia9E973ajc/u9m7GZnY/eiU+p7KRiopPvoaiPcMJ+cbUeUZilg/X7EYW1XcoKj7lgAyRNc5suHbs5yKb40VeP9HdBKKunXJ7r147L9x7qZyPm7FZvaZuxufUeBiR18+Je88p+cbUebluzfLhGj34Rb8ZiohPKZGFUHRsXrx2bJ+/iMFKTlw/sxzPbsTGmpDIVg7R957oPn+78aVyPm7GZuWauh2f6DIhMj4nPcMp+cLU9XLjJhL86QZs/68yly4vf71X4lPuU1QhFBWbUzn+RV47J6aeiIxPdJ+hU+VC1NQnUfHFYjF6+umnhfdr2o3P7vZeiM3Ks8bN+Iz244X4nPIMJ+ULU4cgCIIgyFwwdQiCIAgKiGDqEARBEBQQwdQhCIIgKCCCqUMQBEFQQARThyAIgqCACKYOQRAEQQERTB2CIAiCAiKYOgRBEAQFRL43dTnjjzKLk90l/CorK02zVMkZh3i52JUZiti8wrwsXXa3V8ruEqjKzHTydRGxrKt8zZxc/SmV3zLT+4MyIz+W80RiNl0x+zcr2edQzr21Pz8pEKZeVFRExcXFyby9ThR2vUT+ytSfyoLI5hiWc5Hb3Z49XjrLToq80a1cM1G/r+jC6cR63JDz94GfyrmcnjUcDmvy7Msmb5RLHOU8fWVrOQ+MqZ86dSpZ6JQ3iN464Mo1cn/xi1+oblz2zVv5Zm2UF1t5XLZQ8lZusrt9IqF+cy4pKUnmJV63bh11dHQkc2QrFyGQjyH/e3h42PD6xONx+sUvfqFZX5t3zcwKozJ3cm5ubvKByV5Tvd9JWeswW8+dPVZxcXHymiqvp9O1DgjlXP4/byVGK0sEo5yjnKcqS6be09tPK360mW69/2HX9fi6f6SPfhPVFPaBgYHkKjt6N6D8946ODtVbt3KNXHbRDfnN3cqSe8rvWllj2e72vIeYfDOXlpYmF7tQnpNZYeftf3BwULNuMFtT4e1f75qwy3iaLWzCi1m5f71jsseS743+/n7V9tncNKenc4NxWv+rCK1+4xhFugd1P/9BxQlXPvdrOTdbEY9XI0c5RzlPR5ZM/dHnfuq6mSv1xce/yy3scrMYezMr3xZXrFhBH3zwgaogKZuY9FbrMSvsbFOaWWG3uz37gGD73NiHg3xOVgo7e316e3s1b7hW9q93XQoLC1U1H72mRTYOdv+8z82OFYvFKC8vT/PbZapZ0S9a/cYxuvf5d+ne59+lfyg6rPl8/a8irn7u13LOmjq76hdv5S+Uc5TzdGTJ1L/4+HddN3KlPvvVb+gWsnA4TLW1tckbhH2rq6ysNC3svBvRqLBLkkRbtmxRfc42q7Hr8trZ3snCzrs+Igu78vtysxzvGvPiUO6/o6OD+7mVY/EenNlY2I30D0WHk6b64Et1dHlkVPX5yh3Nrn7ux3KeSJg3AfOOh3KOcp6OLJl6+PBRmrv4W66b+a33P0x/uuDr9PNfaZte5B8uHo/TK6+8QiUlJck+L7mQxWIxWrVqlapfjtcspxz4YlT4ZMnNgezNq9yPchu72yvPVdksJ6Kw864Pr7Cn2izHFkJ2sKDyMzYO5f6bm5u5nxsdKxwOc2t02dosZ6TG6Hn66sv1NP/HtfTGoU7Pfe7Hci4fV8/U9WJAOUc5T0eBGSjHDoCRB34om7uUAz9KS0uTf3v77bdV31c2/8hvgnqFXa8Zj92PfKPa3Z6VcgCNiMLOuz68wp5IJLjXzKz/TnlOvME48gAavd9JuX/e50bHKikpSf5m7MPEqK8P8p78Vs7ZAWHy9rFYLDnIjde0LAvlHOU8Vfne1LNN6Ux1cVJ+GmmarVNdIP8I5Tx9ZWs5h6n7TOybu1dUV1fni74rr14/CFLKq/cpyrn3BVOHIAiCoIAIpg5BEARBARFMHYIgCIICIpg6BEEQBAVEMHUIgiAICohg6hAEQRAUEPne1P24znIm11P3utLJ+mT2uxkt+KHMvy1fa3kOrtOZqJw65yBn0PJjOU8kMreeuteFci7unM32GwhT99M6y26up+7k9U917qpbhV35d/Za+7WwJxLBTbjht3IuZ5RzYz11J68/yrk3ztmonAfG1P22znIq2yt/7Hg8Tm+//Xby3Ni4eLWHeFy7fjLv3My+K19H9k24srJSd8EGvd+BvQZm11nvd+N912phl6+1WSpMdh/s+tF21442uj/NzllZqLNhDWm/lnP290hlPXWUc5RzO+XckqlLl89S70ffpo93f8Z19X74JMUvHNUUdr+ts5zK9uxNooxbuZCE3jmYnavZd7/3ve8lr698zdk3eL3CrncevN+Edz3Y2JTnohez1cLO3jdWCjt7numuHa33cDJaYEPkGtJXPzlDU6e/QdMnF9PYUJP+59Glrnzu13LOPnxTWU8d5Rzl3E45t2TqsQ+ecN3MlToT/ltuYZebxfywzrLd7dkHBO9hoXyj452D0XeUf7PyXWWBslrYjdZRbm5u1l0wQy9eed96MVvta2PfrO28wStrPamsHa23jdk5y9da1BrS0ycXE31wC9EHt9D14/dqPp86/Q1XP/drOWfLDXvv8e5zlHOU83TKuSVTPxP+W9eNXKnO/X+lW8j8sM6y3e1TKey8c7Ba2K1816iwKx9q8rU1W0e5ubnZtA/RqLDzvmvnTdluYVfGlJubS1VVVbbXjta7P60WdpFrSF8/fm/SVG989K8pMXpJ9fn0b/7O1c/9WM555cbK8VDOUc7TKeeWTP3SuVrq/PUXXDfzj3d/hjr2/iUNtv1St7DH495fZ1nUeupGzXK8c2ALrF6znJXvKq+H8uZSDiJSxmi2jnJHRwf3uGxses1yZutSO1XY5UK3a9cu22tH692fyoKqd856tdVUm99/O3CQrh/5d3Tjw0/TZM//9tznfiznvHJjpayhnKOcp1POAzNQzi/rLItcT50d0KLcjncOvAcMbwCNle8qr4e8vdHgJL3fQXlz8o7Lnr/e78b7rojCrrctb/1ou2tHG92fZuesfLhnwxrSfivn8bi49dRRzlHO7ZRz35t6tklupjFr1oPEyG/XOahT2rJNKOeZld+uc6CntGWb5OaYwcFBX92EfpVf1o9OJIKXsCSbhXKeWQWpnMPUIQiCICgggqlDEARBUEAEU4cgCIKggAimDkEQBEEBEUwdgiAIggIimDoEQRAEBUQwdQiCIAgKiGDqEARBEBQQwdQhCIIgKCCCqUMQBEFQQARThyAIgqCAyLKpS5JEL7zwAi1cuJAWLlxIf//3f0+RSCTjAevFIUkSbd++nS5fvqz73Xg8Tlu3bs1InOkcS++77LkvXryYzp8/r/v5wYMHNX/bsGFDcluz65Wqdu7cqYorlfNl43v11Vdp4cKF9Oyzz9LQ0JDqnGQ9++yzye3PnDlDOTk5yTjY68D7jt71VubeTuW6Wbkex44d48bz9ttvq35Pdnvlb5rK9lblx2sh3zfs35T7QV51KGiyZeo//elPbT2sndiP3oPEa6YuWvJDlX2YyQ8+9nP5Ovf29mrMUTZ7t0zdyj2gjO/MmTP0q1/9ihKJBLW0tKheJo8dO8Z9MB84cIBeeeUV1fUy+45enK+88krymE4Z2YEDBzQvyWfOnKHCwsLkvfujH/0oeT3WrFmj+U3tbm/3/vPTtYjH4/T444/T/v37VWX+2LFjqhdbEc80CPKShJi68s1XLjDxeJw2b95Mjz/+ePKNmK0tyQ9WO7UIK6YuF2j2OGxMejUc3jk8++yzNDAwwN2vMn69lgOr10jvHJUPNaV++ctfUiQSURmf0fWSDY13DOXvI58Hu1+9h7J8fosXL6bNmzfT+fPnub8D7x7Qi0Vp6rxzV54P75wHBga4L3F2Tb2lpSV5fCv3md710LvXefeG0e947Ngxzcud3jWwur1ZGfTrtWBf5N9++23V9uz/IcjvSrn5XW76ZR+4yjflb37zm0mDk18I2JcD9vvyW7ok+nCyGAAAAtZJREFUSbRx40bNG7vd5mT2wfPkk08mj600RL1zUG6vt1/e34xMyco1YvfNPrxkyQ8lvc/ZfcnnrPfiwL4YWDF1thbFu2bstVHeA1au5QsvvKDpbpCvC2tQypjl8zX7jt49L8dpdN3YePWuh969zv6bJ+V32W15Lz12tjeKy+/XgjV19rfXKzcQ5FelXVNnC4X8QGULk9KslftRvq3z+st4cVhpfle+8ctmwCvgPEPUOwe9/cqfKQ3EqDZh5RrZNXW9Gode64hRTV1ZQ7Ji6mxsym1418uuqStjefTRR01rncrfQa9WatfU5SbfoaEh0/tM73oY3etGRsZeLzMjs7u9lTLo12vBljHe2AqYOhQkecLU7RQqq7UDnhGla+pGBscahWhTN2t+1zOqVMYgHDt2TNX8rjyuHVPXu16pmjrvOvCaW5XNwLwBV6mYeiIxa1oHDhwwvc+MjEzvXtczMl6LFfsCpzwfu9tbLYN+vBby/WA0jsasVQCC/Ka0TZ19yMomo2dYiYTaGNiBLlbiMDMpZcFWjoK22vyudw5G+zUavW33GhnVotkHmLL7QfnA0xsoZ3YdlfuWuwjkQUl6Tet6Tax614u9B8xMXXnv8AzJ6P+JhPmD3+o9H4/Haf369fSzn/3M8D4zanLWu9f1zIXXfcDuR7mN3e2tlkE/Xgv5mHqmbvfZA0F+kPCBcspBaXqmLm8vb6v8vnKgmZU+dd7ANOU27MCtXbt2aQamWT0Hvf2yTYm80eV2rpGe4bK1ULYGyn5uNMqd93dljMp96w10UkqecrZ48WLatWtXskbOu17sPWBm6srzMqt16z34jWr3RteIved5Mw5458e7Hnr3Ols+lMfSa6Lm3U92t9crw7zpqn67FrwWG3mGwKOPPqrpPjMaPwNBfhKSz0BZLz9PdYQgCFIKpg5lvQ4ePIgaGgRBgRBMHYIgCIIColsIAAAAAIHg/wNq0PZeTlSRoQAAAABJRU5ErkJggg==)
Tuttavia, i dati ad ora disponibili sul primo semestre del 2020 segnalano un rallentamento degli investimenti pubblici. A causa del lockdown, gli investimenti della PA nel primo semestre sono stati inferiori di 1,3 miliardi rispetto allo stesso periodo del 2019 (19,3 miliardi contro 20,6). Le riaperture estive e la progressiva attivazione delle misure contenute nei decreti che si sono susseguiti da marzo, ad esempio le maggiori dotazioni per la sanità e la pubblica istruzione, potrebbero aver incrementato il livello degli investimenti nel secondo semestre.[5] Sono stati fatti anche stanziamenti aggiuntivi per le infrastrutture, anche se la quota di essi che incrementerà gli investimenti non è ancora chiara.[6] In ogni caso, in assenza di un’accelerazione marcata degli investimenti pubblici nel secondo semestre (+6 miliardi, cioè +31 per cento rispetto al primo e +23 per cento rispetto alla seconda metà del 2019), l’obiettivo per il 2020 non sarebbe raggiungibile (Fig. 3). A questo proposito, potrebbero rivelarsi problematiche anche le chiusure recenti, visto l’effetto negativo delle misure restrittive di aprile sugli investimenti pubblici.
![](data:image/png;base64,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)
DL Semplificazione, un decreto inattuato
Il basso livello degli investimenti pubblici in Italia non è stato dovuto solo a una mancanza di stanziamenti. Negli ultimi anni, anzi, hanno pesato molto la lentezza con cui si muove tradizionalmente la macchina pubblica italiana. Uno degli elementi centrali della strategia del governo per ridurre i tempi di realizzazione degli investimenti pubblici è il DL Semplificazione (emanato a luglio 2020 e convertito in legge a settembre). In particolare, le norme contenute nel DL Semplificazione consentirebbero procedure semplificate per gli appalti più piccoli, ridurrebbero alcuni procedimenti burocratici (ad esempio il lungo iter della Valutazione d’Impatto Ambientale) e limiterebbero la responsabilità penale ed erariale dei dirigenti che si occupano di questi investimenti. Tuttavia, il decreto richiedeva, per diventare efficace, l’approvazione di 38 decreti attuativi. Al 3 novembre, solo 1 era stato adottato.[7]
Gli investimenti pubblici nel prossimo triennio
Per quanto riguarda il triennio 2021-2023, il governo intende aumentare ancora gli investimenti pubblici, portandoli a circa 50 miliardi all’anno, cioè tra il 2,6 e il 2,7 per cento del Pil (Fig. 2 e 3). Questo obiettivo sembra abbastanza realistico: significherebbe riportare gli investimenti al livello del 2010 in termini assoluti, e poco al di sopra del livello raggiunto nel 2012 rispetto al Pil (Fig. 1). A questo fine contribuirebbero le risorse del Next Generation EU. Il governo intende utilizzare 52 miliardi di sovvenzioni europee (contributi a fondo perduto) tra 2021 e 2023. Di conseguenza, sarebbe possibile raggiungere gli obiettivi per gli investimenti pubblici, destinando solo una piccola parte di queste risorse all’aumento degli investimenti ogni anno (fra l’altro senza incidere sul deficit). La realizzazione di questo scenario dipende in primis dal governo italiano, che deve redigere e presentare alla Commissione Europea il Piano Nazionale di Ripresa e Resilienza (PNRR), contenente le misure da finanziare con le risorse europee, e poi realizzarlo senza ritardi.
[2] Una dinamica simile a quella italiana si è verificata in Spagna e Grecia, sempre in base ai dati OCSE della Fig. 1.
[6] Per quanto riguarda i vari stanziamenti di quest’anno, per ora è disponibile soltanto la categorizzazione della spesa tra corrente e in conto capitale. Tuttavia, solo una parte della spesa in conto capitale si traduce in investimenti pubblici, quindi l’effetto netto dei decreti sugli investimenti non è di facile quantificazione.