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There were some economic problems in Europe like inflation in the aftermath of the war. The consumer price index in Italy continued to increase after 1920 but Italy did not experience hyper-inflation on the level of Austria, Poland, Hungary, Russia and Germany. The costs of the war and postwar reconstruction contributed to inflationary pressure.
In the recent decades, however, Italy's economic growth has been particularly stagnant, with an average of 1.23% compared to an EU average of 2.28%. Previously, Italy's economy had accelerated from 0.7% growth in 1996 to 1.4% in 1999 and continued to rise to about 2.90% in 2000, which was closer to the EU projected growth rate of 3.10%.
Poverty in Italy is generally caused by low income and precarious employment situations, rather than lack of a support network. [16] Certain aspects of Italy's poverty patterns trace their origins to the period of Italian unification in the latter half of the 19th century, significantly influencing pre-existing regional economic disparities, notably the north–south divide. [17]
The Italian economic battles were a series of economic policies undertaken by the National Fascist Party in Italy during the 1920s and 1930s. They were designed to increase the potential of Italy becoming a great power by reclaiming land, placing emphasis on home-grown produce and having a strong currency.
By 1939, Italy had the highest percentage of state-owned enterprises after the Soviet Union. [20] Finally, Italy's involvement in World War II as a member of the Axis powers required the establishment of a war economy. This put severe strain on the corporatist model since the war quickly started going badly for Italy and it became difficult for ...
Downtown Milan in the 1960s. The Italian economic miracle or Italian economic boom (Italian: il miracolo economico italiano or il boom economico italiano) is the term used by historians, economists, and the mass media [1] to designate the prolonged period of strong economic growth in Italy after World War II to the late 1960s, and in particular the years from 1958 to 1963. [2]
The economy of Italy is a highly developed social market economy. [31] It is the third-largest national economy in the European Union, the second-largest manufacturing industry in Europe (7th-largest in the world), [32] the 8th-largest economy in the world by nominal GDP, and the 11th-largest by PPP-adjusted GDP. Italy is a developed country ...
During Spanish rule, Sicily was in a very similar condition to the rest of the south of Italy: great economic potential ("in the first half of the 18th century, the island, in a good year, could produce twice as much grain as it consumed.") [38] and had the same problems as the rest of the south, namely baronage and clerical power. Political ...