Support 110 years of independent journalism.

  1. World
  2. Europe
22 July 2022

How Italy has endured nearly two lost decades

Italian living standards are still below their 2006 level.

By Ben Walker

Mario Draghi has resigned as prime minister of Italy. His government, which consisted of a slew of political parties from the right and left, fell apart after the populist Five Star Movement and the far-right League withdrew their support.

Draghi, a technocrat and former president of the European Central Bank, was prime minister for only a year and five months; he was Italy’s sixth prime minister in the last ten years and the ninth in the last 20.

The economic stagnation that his country has endured is visible across any chosen metric. Living standards have yet to recover to their pre-2008 financial crash level and, as of 2020, GDP per capita was below where it was in 2006. Productivity has been stagnant and there have been stubbornly high rates of youth unemployment and student dropouts.

Draghi’s predecessor, Giuseppe Conte, lasted only two years and 57 days, and Paolo Gentiloni, Conte’s predecessor, lasted a year and 171 days.

[See also: Italy's economy needs a technocrat prime minister but voters are weary of rule by experts]

Select and enter your email address Your weekly guide to the best writing on ideas, politics, books and culture every Saturday. The best way to sign up for The Saturday Read is via The New Statesman's quick and essential guide to the news and politics of the day. The best way to sign up for Morning Call is via
  • Administration / Office
  • Arts and Culture
  • Board Member
  • Business / Corporate Services
  • Client / Customer Services
  • Communications
  • Construction, Works, Engineering
  • Education, Curriculum and Teaching
  • Environment, Conservation and NRM
  • Facility / Grounds Management and Maintenance
  • Finance Management
  • Health - Medical and Nursing Management
  • HR, Training and Organisational Development
  • Information and Communications Technology
  • Information Services, Statistics, Records, Archives
  • Infrastructure Management - Transport, Utilities
  • Legal Officers and Practitioners
  • Librarians and Library Management
  • Management
  • Marketing
  • OH&S, Risk Management
  • Operations Management
  • Planning, Policy, Strategy
  • Printing, Design, Publishing, Web
  • Projects, Programs and Advisors
  • Property, Assets and Fleet Management
  • Public Relations and Media
  • Purchasing and Procurement
  • Quality Management
  • Science and Technical Research and Development
  • Security and Law Enforcement
  • Service Delivery
  • Sport and Recreation
  • Travel, Accommodation, Tourism
  • Wellbeing, Community / Social Services
Visit our privacy Policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.

Content from our partners
What you need to know about private markets
Work isn't working: how to boost the nation's health and happiness
The dementia crisis: a call for action

Topics in this article : , ,