Economic and Social Development

Economy

After WWII, Italy was rapidly transformed from an agricultural based economy to one of the worlds most industrialized nations. Italy has a market economy characterized by high per capita GDP and low unemployment rates. In 2012, Italy was ranked the 9th largest economy in the world and 5th largest in Europe in terms of nominal GDP. With an unemployment rate of 8.5%, it is one of the lowest in the European Union. It is a developed country, with the world's 8th highest quality of life in 2005. Italy is known for its influential and innovative business economic sector, an industrious and competitive agricultural sector, and for its creative and high quality automobile, industrial, appliance and fashion design. Today, Italy is the 8th largest exporter in the world.



Fiat

Italian Wine

 

 

Social Development

 

Since World War Two, Northern and Central Italy have become very prosperous. The poverty in Southern Italy has become much less than before. There has been a substantial progress in general social conditions. Income is much more evenly distributed, and Italy has a better education system now. There has also been increased availability of certain consumer goods and essential foods. However, in some sectors, such as public health, there has been a drop in facilities available.