The economic contraction was severe
The government responded swiftly to the COVID-19 crisis
Faster growth is needed to improve the debt-to-GDP ratio
More physical and social capital is key to raise growth
Pension and debt costs leave little space for pro-growth and inclusive spending
Improving vaccination rollout has allowed a gradual easing of activity restrictions
The high share of severely restricted sectors amplified economic contraction
COVID impact has been broad – but the most vulnerable have suffered more
Italy has relied heavily on short-time work schemes and made provision for generous loan facilities
Exports by main destinations and main goods