This Daily Beast article is grim reading. Italy’s youth unemployment rate has hit the level of almost 50%. In the south, it is almost 60%. The longest Italian post-war recession continues to bite.
In the same week, it was announced that, in the first quarter of 2014, Italy returned to negative growth and lost more than 12,000 commerce and service firms. This comes on top of almost a decade of zero growth.
Italy remains a rich country by any measure. But with high youth unemployment, Government debt, zero growth, rampant bureaucracy and lethargic politicans, Italy has been called the modern sick man of Europe as shown in the chart above. It has been estimated that it will take 11 years to recover back to the levels of 2007 before the financial
Matteo Renzi really does have a mountain to climb.