Giorgia Meloni, leader of the brothers of Italy party, delivers a speech during the party’s general election night ceremony. After the Sunday election, exit polls indicated that Giorgia Meloni’s coalition would win effortlessly. In the Italian election held on Sunday, Giorgia Meloni easily defeated her rivals, establishing herself as the country’s first female prime minister and leading the most right-wing government since World War II.
According to predictions made by RAI, the state broadcaster, her alliance, which included Matteo Salvini’s League and Silvio Berlusconi’s Forza Italia, received roughly 43% of the vote. That would give the group 114 seats in the Senate, where a majority of 104 votes is needed.
The energy shortages brought on by Russia’s invasion of Ukraine will fuel runaway inflation and threaten GDP. It will put the next Italian government in several overlapping problems. The yield on Italy’s 10-year bonds has increased from less than 1% in December to more than 4.3% due to the blow to Italy’s budget and the possibility of future interest rate increases from the European Central Bank.
President Sergio Mattarella will speak with party leaders after announcing the final results before virtually appointing Meloni to form the new cabinet. Still, the process can take many weeks. On October 13, the newly constituted 200 senatorial and 400 lower house legislators will summon for the first time.
Meloni is likely to have a significant influence in politics as she attempts to roll back some of the policies Draghi had implemented to spur growth. A spending plan for 200 billion euros ($198 billion) in pandemic recovery funding from the European Union could be endangered if considerable adjustments were pursued.
Before the end of the year, the new government must quickly develop a budget plan that can be shared with the European Union and the parliament. Contrary to a 2.4% forecast in April, Italy’s GDP is anticipated to expand by only 0.4% or less in the upcoming year.