Economic Overview:
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Italy’s economy is divided into a developed industrial north, dominated by private companies, and a less-developed, agricultural south and this is where the unemployment is much higher. Italy is mainly run by family owned small and medium-sized enterprises that are the manufacture of high-quality consumer goods. Italy is the third largest economy in the euro-zone. Italy although is in a very large amount of public debt which has increased steadily since 2007. During 2007 Italy had a major crisis in economy this led to many problems. Italy is under much pressure still from investors and European partners because of Italy failing to be able to sustain its efforts to address Italy’s long standing structural impediments to grow- labor market inefficiencies and widespread tax evasion. Italy’s unemployment rate rose to 12.4% and the youth unemployment rate is 40%. Now Italy’s GDP is 8% less than is was before this crisis in 2007.