Italy
Since World War II, Italy’s economy has developed from one strongly based in agricultural production to one focused more in the industrial sector. According to both the World Bank and the International Monetary Fund, the country ranks seventh largest for exchange rates and tenth largest in terms of purchasing power. Overall, it is the world’s sixth largest market economy.
Like the other greatest economic powers, Italy supports free trade and free markets. It’s lack of natural resources cause a heavy reliance on imports, thus forcing it to export mainly machinery, automobiles, chemicals, pharmaceuticals, fashion, and electric products.
Since 1991, and in accordance with the European Unions shift toward globalized finance, Italy has focused on reducing its budget deficits and minimizing debt. Inherent in unions is the risk that, if one country suffers from a financial crisis, the others are impacted as well. Thus, it is necessary that all countries in the EU be held to strict financial standards.
Although Italy has recently encountered international competition leading to reduced economic growth, 2007 statistics provided hope that GDP growth was again on the rise. This can be attributed largely to an influx in tourism, which is one of Italy’s strongest industries and means of foreign exchange.
Franconomic Data (2008 est.):
Population: 58.1 million
GDP Purchasing Power Parity: $1.801 trillion
GDP Official Exchange Rate: $2.399 trillion
GDP Growth Rate: 0%
GDP per Capita: $31,000
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