The Economic Recession Of Italy - 1703 Words

Italy is a country governed by a Constitutional Republic and has a diversified industrial economy with developed infrastructure. The economy consists of a vast majority of small and medium sized businesses, with few large corporations; and according to the United Nations, citizens of Italy enjoy the 26th highest HDI (human development index), indicating that the country overall is healthy. And while Italy is the 8th largest economy in the world by GDP, at $2.129 Trillion, its economy has been sluggish since 2000 with real GDP growth rate of less than 1.5% every year, and shrunk almost 7% between 2007-2011. The country has seen its debt increase from 113 to 132 (% of GDP), as a result of an increase in doubt over the government’s ability to manage the economy. The Italian Government needs to enact fiscal reform to erase the need for deficit spending, increase the country’s growth rate, and advance their economy in the long run. The global economic recession of 2008 sho ok economies all around the world. Some of the largest countries saw a massive reduction in their GDP, and Italy saw its economy shrink 3%. Italy still hasn’t recovered from the hit it took in 2008, and it is still causing problems for the country. Italy’s debt actually isn’t their problem, but it is the root problem. Italy has carried debt to GDP ratios well above 100% for over 20 years, but only now are they having serious economic issues. The real problem has been GDP growth. Back in the booming 1990’sShow MoreRelatedA Brief Note On The United States, Italy, France, And Italy1158 Words   |  5 PagesFrance, and Italy. Especially Italy is well-known as a shelter for stateless refugees. Conversely, Syria is a well-known region where more than four million people are displaced from. 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