Economic Recovery

The Italian Job

matteo Renzi action press
Many Italians are seeing results from Matteo Renzi's broad reforms.
  • Why it matters

    Why it matters

    If Mr. Renzi continues to  reform the labor markets, the judiciary and public administration, foreign investors will again be interested in doing deals with Italian partners.

  • Facts


    • The Organization for Economic Co-operation and Development (OECD) estimates 0.4 percent growth for Italy in 2015.
    • There were 130,000 jobs created in 2014.
    • Mr. Renzi abolished a level of local administrative across 140 provinces.
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Brunello Cucinelli was in high spirits at the recent fashion week in Milan. The Italian designer, and founder of the eponymous, publicly traded fashion house, was not just thrilled with the amount of orders he’d taken, but also about the future of his country in general.

Mr. Cucinelli praised the cheap euro, the monetary policies of the European Central Bank (ECB), Italy’s reforms, the International Monetary Fund (IMF) and the European Union.

“It couldn’t be better,” Mr. Cucinelli said. “We are experiencing a rebirth in Italy at the moment and we have Renzi to thank for it.”

It’s been a year since Matteo Renzi took office as prime minister.

The European Union Commission recently gave the green light to his budget while the recession has officially ended in the eurozone’s third-largest economy.

Several institutions have raised their growth forecasts for Italy in 2015. The Organization for Economic Co-operation and Development’s (OECD) estimates growth of 0.4 percent. The European Union suggests0.6 percent to the economic research institute Prometeia is even more optimistic with forecasts of 0.7 percent.

Consumer and business confidence is at its highest level since 2002. Unemployment dipped slightly in the past two months and 130,000 jobs were created in 2014.

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