“Italy, despite being the third-largest economy in the euro zone after Germany and France, finds itself in dire straits, having been in decline for years. Its GDP has dropped by 7 percent since 2007. But economic growth only tells part of the story. More than half a million industrial jobs have been lost since 2007, and 15 percent of the country’s industrial capacity is gone, says Luca Paolazzi, head of research for Confindustria, Italy’s leading industry association. Paolazzi, Italy is experiencing an ‘unprecedented process of deindustrialization.’ According to Confindustria, the Italian economy faces a tax burden that is 20 percent higher than in Germany.”
