Analysis on the Causes of Italian Economic Recession after the 1990s

Abstract

Italy is the world's tenth largest economies, one of the four big economies in Europe, but since there are many problems of its economic development, Italy had been mires in three recessions since 2008. In recent years, development situation is not optimistic because of the hit of COVID-19 pandemic; expect that, the influence of European debt crisis also made the Italian economy could not return to the past economic level. Being faced with the pressure of epidemicpreventionandcontrolas well as the recession risks, containing a recession seems extremely difficult for Italy. This article will start from the chronic illness of Italy's economic development, combined with the Italian economy development history after the Second World War and investigate the key causes of the Italian economic downturn. Italy used to be the birthplace of the Roman Empire, with a remarkable history and glorious culture;it also had its own moment of glory in the modern economic history. In the 1950 s until the end of the 1960 s, it witnessed a lasted 20 years of rapid economic growth, which is called "economic miracle" of Italy. Nowadays, this prosperity period is long gone, and Italy even be seen as Europe's "white elephant".Fierce outbreak of novel corona virus since 2020, Italian domestic epidemic is raging. And the increasingly rigorous anti-epidemic measures not only made the local people "flee at the news", but also act as a daunting prospect try for the investors, then cause a full-blown attack on the weak Italian economy. Since 2000, there is an almost zero growth in Italian economy, and falls into the predicament of the recession after 2008. Therefore, with the spread of the epidemic, now Italy's economic risk has been close to the edge of the cliff.