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Italy, with the deepest demographic crisis in Europe, shrinking population and low employment rate threaten the domestic economy

2024-10-10 11:20:42Kosova&Bota SHKRUAR NGA REDAKSIA VOX

Italy, with the deepest demographic crisis in Europe, shrinking population and

Italy's demographics are the worst in Europe in terms of economic growth potential between 2023 and 2040, Scope Ratings said, with a rapidly aging population posing a threat to the country's strained public finances.

Last year, births in Italy fell for the 15th straight year, hitting a new record low of 379,000, the lowest number since the country's unification in 1861, official data showed.

"Italy's working-age population is set to decline by almost 19% between 2023 and 2040, the largest decrease in Europe, outstripping expected reductions in Germany, Spain (both 14%) and France (2%) , according to the report.

The shrinking workforce in the eurozone's third-largest economy underscores the "increasing importance of labor market reforms for Italy's long-term economic prospects," Scope Ratings added.

The employment rate in the country is already the lowest in the 27 countries of the European Union. Last year 66.3% of Italians aged 20-64 had a job, compared to an EU average of 75.3%, according to Eurostat data.

The situation is particularly critical for women, who struggle to combine motherhood and work. The Bank of Italy has said that getting more women into the workforce is essential to support long-term economic growth and make the country's nearly 3 trillion euro debt more affordable.

The Italian economy has been among the slowest in the euro zone since the launch of the single currency in 1999.

A strong rebound in growth since the Covid-19 pandemic was fueled by costly state incentives for energy-saving home renovations, but that is now winding down.

Last month the national statistics institute ISTAT revised the growth rate for 2023 to 0.7% from 0.9%, and the Economy Minister told parliament that this year's target of 1% may be out of reach.


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