Learn about the Economy of Italy in this Learning Video by Economic Raven
Italy is the 4rd largest economy in Europe. Italian economy is also the 8th largest economy in the world by GDP. Talking about the country’s romanticised image with pasta, pizza and operas remains acceptable, but talk about the country’s image with fast trains, and everyone pulls back and considers it not much “Italian”.
The truth is that Italy was painted in the corner as a basket case and a backward European member while that’s not the case. Italy is the tenth biggest exporting nation and a leading economy in many sectors including machinery, vehicles, pharmaceuticals, precious metals, clothing, and accessories, etc.
With nearly 60 percent of its trade with the European Union, Italy is the second-biggest manufacturing country in Europe fueled by small to medium-sized enterprises. The video also discusses Marshall plan by United States, European Common Market, “Hot Autumn”, a series of strikes from 1969 to 1970, and “Years of Lead”.
It also discusses Euro Convergence Criteria of 90s, Red Tape and Recession, and 2008 financial crisis’s impact on the Italian economy followed by Euro-Zone Debt Crisis and another recession.
The video also highlights Political instability, large coalitions and corruption in the government sector. We have also mentioned the debt to GDP ratio, government spending, pension system of the country, baby pensioners, impact of Euro replacing Lira compared to Netherlands and Germany, and Italy’s idea of parallel currency.
The video also depicts labour laws and employers protection as well as youth unemployment in the country along with cultural inclinations like living long with parents impacting economic decisions. Other factors include highest older population with low fertility rates.
Italian economy also suffers from the inequality between the southern and northern regions. The video also discusses Italy’s prestigious automotive industry with car brands like Ferrari, Maserati, Lamborghini, Alfa Romeo, and Ducati bikes.
Last, we discussed the travel and tourism industry of Italy including mentions of From Rome’s Colosseum to Florence’s Duomo Santa Maria del Fiore, From Milan’s Duomo to the Grand Canal of Venice, From Leaning Tower of Pisa to Lake Como.Economic Raven