Italy has weathered recent crises well. A strong fiscal policy response, enhanced competitiveness and improved banking sector health have supported growth in recent years.
The Spanish economy entered a deep recession in 2020 due to the COVID-19 pandemic. A strong government response has protected jobs and firms. However, the crisis has exacerbated long-standing structural challenges, such as high unemployment, inequalities and regional disparities.
Estonia’s economy continues to perform well, and growing incomes support well-being. However, the expansion has peaked, and growth is set to soften due to weak international demand. Prudent fiscal policy has resulted in low debt, but spending pressures related to meeting infrastructure needs and ageing are mounting. Old age poverty is high and the proposal to allow early withdrawal of pension funds threatens macroeconomic stability and pension adequacy. The gender wage gap is among the highest in the OECD, and inequalities in income and health are considerable, reflecting gaps in the social safety net. The oil-shale sector is highly energy-intensive and is the main culprit behind Estonia’s high greenhouse gas emissions, but reducing dependence on the sector is challenging, as it is an important employer and meets 70% of Estonia’s energy needs.
Italy’s economy is recovering steadily from the COVID crisis, thanks to the vaccination campaign and generous fiscal support to households and firms. Risks to the outlook are large, including virus variants and the path of global interest rates.
OECD's periodic economic survey of the Italian economy. This 2011 edition features chapters covering strengthening the economic recovery and fiscal sustainability, the contribution of universities to economic growth, and environmental policy.
In recent years Italy achieved a modest recovery, supported by global economic conditions, expansionary monetary policy and structural reforms. However, the recovery has recently weakened and Italy continues to suffer from long-standing social and economic problems. Living standards are roughly the same as in 2000 and poverty rates for young people remain high. Large regional disparities have widened over recent decades.
OECD's periodic economic survey of the Italian economy. This 2011 edition features chapters covering strengthening the economic recovery and fiscal sustainability, the contribution of universities to economic growth, and environmental policy.