Italy as a nation has shown amazing growth from being the weakest post World War II to being the most stable strongest. But despite the fantastic advancement, the average growth isn’t high. This is the result of imbalance advancement within the country which had led to a promotion of growth in north Italy being an industrial region that outshine many of its European contenders while the popularity of agriculture as a profession remained high in southern Italy. To bring about a balance and rise the ladder on the global economy market, Italy has decided to embrace a fiscal policy approach as it recovers from the economic impacts of Covid-19.
Speaking of the pandemic, the economy of Italy has been severely impacted as renewed cases of Covid-19 have gripped the nation post relaxation of lockdown. Since the country majorly relies on small businesses and independent workers, the renewed wave of pandemic and its countermeasures has left this sector with finances that are struggling to meet the cost of living. This has led to a severe unrest but the government is taking severe measures to bring back normality by 2021 and the draft budget showed the growth to bounce back to 5.7% which only 0.1% below the estimate had the pandemic never occurred.
The ICT sector has great value among large and medium businesses contributing 25% and 23% respectively. Information and Communication Technology was set to expand on 2020 with 16% companies looking to invest in ICT. The pandemic has hampered that growth. The investments which were looking to explore various interfaces were redirected in small amounts to other parts of ICT like cloud infrastructures, cybersecurity, broadband and more. The concentration of ICT companies is greater in Rome and Milan.
In 2015, 97,000 active companies constituted of many large, well-known organizations and multiple small and medium enterprises employed 390,000 people. National Agency of Foreign Investment said that this stat was only second to the UK, which is more than France and Germany in the European continent.
According to Innovative International Consulting, the major focus in this market has been on e-health, e-government and cloud computing way before the arrival of the pandemic in the country which has helped the public survive through the crises to some extend. The damage to the economy is still undeniable but the recovery with the help of cloud infrastructure in place is estimated to be swift.