Economic Problems of Italy
Italy, is a boot shaped country in south-south eastern Europe. Italy, also known as the Italian Republic, is one of the seven most industrialized countries in the world. This lineup includes: United States, Russia, Germany, England, Japan, China and Italy. Main Industries/Resources Italy is a highly productive and industrialized country. Some main industries are as follows: food, mining, and manufacturing. Starting with food is Italy's most recognizable industry. Italians are known for producing a fine, fresh meal, with much care taken to top quality ingredients. Italians grow the world's best olive trees. That is why much of the world's olive oil is exported from Italy. Half of Italy's farmland is occupied by grapes. Much of the world's finest vine comes from the vineyards of Italy. Since Italy is on the coast of the Mediterranean Sea, very good fishing results. Tomatoes, soybean, and other vegetables are also grown in Italy. Italy is also a successful mining nation. Mining includes: stone, marble, sulfur, mercury, natural gas, and limestone. Italy has a large abundance of limestone and marble, as most structures remain from Rome's glory years. Italy was hit hard by the economic crisis of 2007–2011. The national economy shrunk by 6.76% during the whole period, totalizing seven-quarters of recession. According to the EU's statistics body Eurostat, Italian public debt stood at 116% of GDP in 2010, ranking as the second biggest debt ratio after Greece (with 126.8%). However, the biggest chunk of Italian public debt is owned by national subjects, and relatively high levels of private savings and low levels of private indebtedness are seen as making it the safest among Europe's struggling economies.
Reasons for Italian Crisis
Austerity packages (spending cuts) and fears about the prospects of the Eurozone have precipitated a fall in consumer spending and economic growth in Italy. It is forecast Italy will...
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