Italian deputy finance minister, Antonio Misiani, spoke to Bloomberg earlier today and said that "the impact of the coronavirus risks being significantly negative on the global economy and also on the Italian one".
Adding that "it becomes more complicated today to reach the government target of 0.6% growth in the budget law" as "China is Italy's third-largest supplier and that many Chinese tourists come to Italy and purchase significant quantities of luxury goods".
Misiani also says that he is not sure whether it would be possible for the economy to recover momentum or to even see growth flatline in Q1 2020. ForexLive
For some context, Italy has fallen into recession three times since 2008 and with Q4 GDP coming in at -0.3% q/q, there is a risk we will see a fourth recession come along.