The resulting Italian diaspora concerned up to 26 million Italians, the most part in the years between 1880 and 1914; by many scholars it is considered the biggest mass migration of contemporary times. Massive government spending from the 1980s onwards has produced a severe rise in public debt. [53] Italian rates of growth were second only, but very close, to the German rates, in Europe, and among the OEEC countries only Japan had been doing better. The quality of economic data across Asia-Pacific region varies considerably across countries, mainly as a result of lack of statistical capacity. [48] Trying to handle the crisis, the Fascist government nationalized the holdings of large banks which had accrued significant industrial securities, establishing the Istituto per la Ricostruzione Industriale. The Florence–Rome high-speed railway was the first high-speed line opened in Europe when more than half of it opened in 1977. [122] In the south of Italy the numbers are even higher, with 10% living in absolute poverty, up from 9 percent in 2014. [118] With these agreements, Italy has managed to access nuclear power and direct involvement in design, construction, and operation of the plants without placing reactors on Italian territory. Italy emerged from World War I in a poor and weakened condition. [33][34], Despite these important achievements, the country's economy today suffers from structural and non-structural problems. The most unreliable economic data is produced in Argentina which has manipulated inflation and GDP statistics since 2007. In 2019 GDP increased by 0.3% over 2018 and the deficit/GDP ratio reached -1.6%. By the end of the 1930s, over 400 kilometers of multi- and dual-single-lane motorways were constructed throughout Italy, linking cities and rural towns. [109] This has produced a manufacturing sector often focused on the export of niche market and luxury products, that on one side is less capable of competing on quantity, but on the other side is more capable of facing the competition from emerging economies based on lower labor costs, with higher quality products. Italy is the largest producer of wine in the world, and one of the leading producers of olive oil, fruits (apples, olives, grapes, oranges, lemons, pears, apricots, hazelnuts, peaches, cherries, plums, strawberries, and kiwifruits), and vegetables (especially artichokes and tomatoes). The gross domestic product (GDP) measures of national income and output for a given country's economy. [64] In November 2011 the Italian bond yield was 6.74 percent for 10-year bonds, nearing a 7 percent level where Italy is thought to lose access to financial markets.
[94] While indeed the former dominated the allocation of military clothing contracts, the latter monopolized both coal mining permits and public contracts. This gap was mainly induced by the region-specific policies selected by the Piedmontese elite, who dominated the first post-unitary governments,[92] and that more heavily penalized the regions farther away from the rulers’ fiercer enemies, as recently confirmed by Guilherme de Oliveira and Carmine Guerriero. Problems in Southern Italy still include widespread political corruption, pervasive organized crime, and very high unemployment rates. [28], Italy is a large manufacturer (overall the second in EU behind Germany)[29] and exporter[30] of a significant variety of products including machinery, vehicles, pharmaceuticals, furniture, food, clothing, and robots. [54], The 1970s were a period of economic, political turmoil and social unrest in Italy, known as Years of lead. According to the Human Development Index, the country enjoys a very high standard of living, and has the world's 8th highest quality of life according to The Economist. The poverty line per capita changed by region from €552.39/month to €819.13/month.The numbers of those in absolute poverty rose nearly an entire percent in 2015, from 6.8% in 2014, to 7.6% in 2015. There are approximately 130 airports in Italy, of which 99 have paved runways (including the two hubs of Leonardo Da Vinci International in Rome and Malpensa International in Milan), and 43 major seaports including the Port of Genoa, the country's largest and the third busiest by cargo tonnage in the Mediterranean Sea. Unemployment rose sharply, especially among the young, and by 1977 there were one million unemployed people under age 24. All rights reserved. Sommario di statistiche storiche 1861–2010", "Italian Stock Exchange: Main Indicators (1975–2012)", "Italy: General government gross debt (Percent of GDP)", "Quarterly Growth Rates of real GDP, change over previous quarter", "Berlusconi to resign after parliamentary setback", "Could Italy Be Better Off than its Peers? The most famous Italian wines are probably the Tuscan Chianti and the Piedmontese Barolo. The Italian government has issued special BTP Futura[74] to compensate for the rising costs of health care costs to deal with the COVID-19 pandemic in Italy, waiting for Europe to proceed with a unitary support through the European Recovery Fund. Moderate natural gas reserves, mainly in the Po Valley and offshore Adriatic Sea, have been discovered in recent years and constitute the country's most important mineral resource. Of the world's 500 largest stock-market-listed companies measured by revenue in 2016, the Fortune Global 500, nine are headquartered in Italy. The level of absolute poverty for a two-person family was €1050.95/month. [67][68] As a shock therapy to avoid the debt crisis and kick-start growth, the national unity government led by the economist Mario Monti launched a program of massive austerity measures, that brought down the deficit but precipitated the country in a double-dip recession in 2012 and 2013, receiving criticism from numerous economists.[69][70]. At the same time, it was self-sufficient in aluminum (from Gargano), sulphur (from Sicily), lead, and zinc (from Sardinia). In the early 1970s Italy was a major producer of pyrites (from the Tuscan Maremma), asbestos (from the Balangero mines), fluorite (found in Sicily), and salt. According to the last national agricultural census, there were 1.6 million farms in 2010 (−32.4% since 2000) covering 12.7 million hectares (63% of which are located in Southern Italy). Prior to unification, the economy of the many Italian statelets was overwhelmingly agrarian; however, the agricultural surplus produced what historians call a "pre-industrial" transformation in North-western Italy starting from the 1820s,[39] that led to a diffuse, if mostly artisanal, concentration of manufacturing activities, especially in Piedmont-Sardinia under the liberal rule of the Count of Cavour. The national economy shrunk by 6.76% during the whole period, totaling seven-quarters of recession. [55], The economic recession went on into the mid-1980s until a set of reforms led to the independence of the Bank of Italy[56] and a big reduction of the indexation of wages[57] that strongly reduced inflation rates, from 20.6% in 1980 to 4.7% in 1987. World … Italy is a founding member of the European Union, the Eurozone, the OECD, the G7 and the G20;[23] it is the eighth-largest exporter in the world, with $514 billion exported in 2016. [26] Italy owns the world's third-largest gold reserve,[27] and is the third-largest net contributor to the budget of the European Union. The country lacked large coal and iron deposits[41] and the population was largely illiterate. By the end of the war, Italian per capita income was at its lowest point since the beginning of the 20th century.[50]. World Economics Limited. [88], The following top 10 list of Italian billionaires is based on an annual assessment of wealth and assets compiled and published by Forbes in 2017. [123] Those who have at least one family member employed still suffer from 6.1% to 11.7% poverty, the higher number being for those who have factory jobs. After a brief recover at the end of the 1990s, high tax rates and red tape caused the country to stagnate between 2000 and 2008. [72][73] The economy suffers a very severe shock as a result of the lockdown of most of the country's economic activity. [59] The Milan stock exchange increased its market capitalization more than fivefold in the space of a few years. All rights reserved.Terms & Conditions.
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