Courtesy of Mish.
The Euro was supposed to lift all boats. Italy was left behind, and will stay there for two more decades according to the IMF.
Please consider Italy ‘Facing 20 Years of Economic Woe’
The IMF has warned that Italy faces two decades of stagnant economic growth.
Its latest report on the country puts growth this year at under 1%, down from its previous 1.1% estimate, and forecasts growth in 2017 of about 1% – down from a 1.25% estimate.
The IMF says Italy will not reach pre-crisis levels until 2025, by which time its neighbours will have economies 20-25% above 2008 levels.
Italy is the third largest eurozone country.
It has 11% unemployment and a banking sector in crisis, with government debt second only to that of Greece.
Italy GDP 1961 to Present
Italy GDP Since Joining Eurozone
Charts from World Bank.
Italy has been in decline for a long time. The eurozone was supposed to help. It didn’t.
Decline and Fall of Italy
