Essay on Italys Economic Growth - 1556 Words

Italy, positioned in southeastern Europe, is a beautiful country that is faced with high unemployment, corruption and massive debt. Although it appears to be one of the most developed countries in Europe, Italy is somewhat of a laggard in globalization. Ranking twenty-third in world population, Italy stands at 56,126,212 people as of July 2009. The north and south seem to be split in economic terms with the north being well developed industrially and the south facing high unemployment and poverty. Italy is a democratic republic that replaced a monarchy back in 1946. Although it ranks seventh in world GDP and public debt and attracts millions of tourists every year, its current debt to GDP ratio continues to skyrocket. World economists†¦show more content†¦It seems like the only sector of Italy that has thrived is its underground black market. These lucrative and subversive activities account for over 25 percent of the country’s GDP. This puts a burden on the I talian government since all this lost revenue is not subject to taxation. Italy’s chief of state, or president is Giorgio Napolitano, who has served since May 15, 2006. Napolitano’s main responsibilities are to approve the Council of Ministers and to provide the prime minister with advice. Berlusconi leads the Forza Italia, a Christian-democratic, liberal majority political party in Italy. Forza Italia was founded in December 1993 and was merged into The People of Freedom March 2009. The Italian government has practiced many policies intended to strengthen and functionally link the different multilateral organizations of which the country is a member, primarily the UN, the EU, and NATO. Italy’s globalization policy can be best described by constructivism. Constructivism is essentially the human way of learning from our experiences. In Italy’s case, worldwide actuality is collectively constructed by cognitive structures that give sense to the material world. The public debt of Italy is growing exponentially, hitting 5.8 percent in 2009. Its unemployment was over 9 percent last year and is expected to top 10.5 percent this year. Italy continues to struggle with budget deficits and a high public debt, which is at 2.6 percent and 105.9 percentShow MoreRelatedThe Economic Recession Of Italy1703 Words   |  7 Pagessluggish 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 shook economies allRead MoreJudicial Independence And Its Effect On Economic Growth1527 Words   |  7 PagesGDP growth after the 2008 recession? Political scientists and law scholars have long linked judicial independence with GDP growth. However, factors such as a global recession have been largely ignored to support this notion. I propose that GDP growth will be positively influenced by judicial independence. II Literature Review: Feld, Lars, and Voigot analyzed 57 countries, on whether judicial independence affects economic growth. They looked at the GDP per country as a primary sign of growth. TwoRead MoreThe Crisis Of Italy During World War II2049 Words   |  9 Pagesfalling behind in terms of globalization. After World War II, Italy had an economic miracle fueled by the Marshall Plan that allowed its economy to flourish. This huge growth was later stagnated and then in 2008, Italy was hit with a recession that it has had a hard time recovering from. This slow recovery is making Italy an outsider in the view of Europe, and Italy has seen this slow recovery from the recession because of low growth, low productivity, corruption, and a split between the north and theRead MoreItalys Economy Of Italy1733 Words   |  7 PagesItaly’s Economy Today Italy has the ninth largest economy in the world (â€Å"Economic Forecasts†). This beautiful place is located in the European zone, and its capital is Rome. I have never traveled outside of the United States, and I would love to travel to Europe and explore Italy. As a result, I researched about the economy of Italy. I gathered that it has a stable economy due to the manufacturing and industrial sectors, but it has had some complications in the past years. I also researched aboutRead MoreEnvironmental Analysis For Potential Markets1216 Words   |  5 Pages1. 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Over half of the Italy’s population lives in urbanized areas, which gives a good idea of the percentage of people who hold jobsRead MoreEssay On Italian Industry1087 Words   |  5 PagesIn 2016, Italy’s top ten major imports were vehicles, mineral fuels (including oil), machinery, electronic equipment, pharmaceuticals, pla stics, iron and steel, organic chemicals, and medical and technical equipment. Italy imports products such as oil because the country has few oil deposits. The country also lacks in minerals and metals and it is required to import these products in order to manufacture goods. Italy has an advantage of a highly skilled workforce, but without natural resources, importingRead MoreMussolini s Main Goals For Italy1177 Words   |  5 Pageswise words were spoken by Yehuda Bauer, 65 years after the start of the Holocaust. Italy, under the rule of fascist dictator Benito Mussolini, was one of the many countries who turned her back on the Jewish people. Because of political, social and economic reasons, Italy was a bystander to the heinous crimes inflicted on the Jewish population. Benito Mussolini took control of the Italian government in 1922, and ruled until 1943. Under Mussolini’s rule, democratic institutions were shut down. The shutdownRead MoreItaly : A Country Of Forward Fashion Industry And Exotic Cars1431 Words   |  6 Pagescompany you selected may expand. Pier 1 Imports is a retail establishment that currently has over a thousand stores in the United States, eighty in Canada, and fifty-six in Mexico (Pier 1 imports, 2004, p.3). Considering the financial health and growth of the company, it is likely that the expansion into Italy can be attainable and profitable. 1. Develop a brief profile of the country that you have chosen. Italy is a tiny country located in southern Europe. Italy is a country of forwardRead MoreThe Relationship Between The United States And Germany1586 Words   |  7 PagesWall in 1989. Economics, Politics and Business. Today, the relationship is an alliance, and â€Å"as two of the world s leading trading nations, the United States and Germany share a commitment to an open and expanding world economy.† (Bureau of European and Eurasian Affairs, 2015) Germany was the strongest supporter of the Transatlantic Economic Council (TEC), â€Å"a political body that seeks to deepen cooperation between the United States and the European Union by promoting economic growth through increased