Economy and employment in Italy
Since reaching a decade low in 2007, unemployment in Italy has experienced considerable surges, most notably after 2011. This is mainly the cause of their late 2000s recession, originally triggered by the global crisis. Additionally, Italy experienced its highest spike in national debt from 2007 to 2011), indicating that it is becoming more dependent on other nations to fund and fuel its economy. A significant reason for the country’s national debt is inefficient budgeting as well as incompetent leadership. Over the same timeframe as the crisis, Italy reported extensive trade deficits year-over-year, implying that they imported more than they exported. Italy experienced its largest trade deficit in 2010, mainly from their trade balance of goods, which reached a decade low.
In 2013, Italy earned a place as one of the top 20 leading import countries worldwide, ahead of prominent exporters such as Canada and Saudi Arabia. This signifies that the country is in fact capable of producing and selling goods however require funding from other countries to complete the job, which subsequently leads to a higher national debt.