The economy of Italy.
This is Italy, once the seat of the Roman Empire, which now has a surprisingly robust yet volatile economy. Italy’s economy followed a path very similar to that of Germany, albeit with a little more flamboyance, and has led them to where they are today. Are you interested in learning more about the Italian economy? Following World War II, the Italian economy was one of the weakest in Europe, but it has since grown to be one of the most powerful. Its strengths include the metallurgical and engineering industries, while its weaknesses include a lack of raw materials and energy sources. More than four-fifths of Italy’s energy needs are met by imports. Nonetheless, the chemical industry thrived, and textiles are one of Italy’s largest industries. A strong entrepreneurial bias, combined with liberal trade policies following the war, enabled manufacturing exports to grow at a phenomenal rate, but a cumbersome bureaucracy and insufficient planning hampered an even economic development across the country. Services, particularly tourism, play an important role as well. In order to achieve balance with the EU nations, Italy brought its high inflation under control and implemented more conservative fiscal policies, including sweeping privatization, at the end of the second century. Before we continue, I’d like to welcome you all and ask that you please like, share, subscribe, and turn on your notifications for more upcoming videos. Although Italy is not self-sufficient in agriculture, certain commodities play a significant role in the export market. Notably, the country is a world leader in the production of olive oil, as well as a major exporter of rice, tomatoes, and wine. Cattle rearing, on the other hand, is less developed; meat and dairy products are imported.
