Il punto sul PNRR

The National Recovery and Resilience Plan (PNRR) has entered its final phase. This article discusses its current status, examining three critical topics: (1) its implementation across areas of policy intervention and regions, in terms of both resource allocation and actual spending; (2) major bottlenecks and delays in the execution of investment projects and structural reforms; and (3) the macroeconomic impact of the PNRR, evaluating the expected returns to such a large-scale plan in terms of growth and employment. The analysis explores territorial imbalances and weaknesses in the design of the plan, such as the oversized role of local governance and the prevalence of investments in physical capital over those in human capital. Macroeconomic projections suggest only a moderate impact of the PNRR, amid substantial uncertainty on its long-term effects, casting doubts on its ability to enhance competitiveness and boost productivity after decades of stagnation.