In the worldwide economic scene, Italy stalled in the third quarter of 2024, with zero GDP growth, according to OECD figures released today. This result marks a decline from the previous quarter, when Italian GDP grew by 0.2%. According to the OECD, the slowdown is mostly due to a fall in the net contribution of international commerce (exports minus imports) and a decline in value added in agriculture, forestry, and fisheries, as well as industry. These traditionally important sectors of the Italian economy have been hit by a combination of global and domestic challenges, including declining exports, industry weakness that has shown signs of contraction in some strategic sectors, and climatic and agricultural factors, with unfavorable weather events having a negative impact on agriculture. Globally, economic growth in the G7 countries remained steady at 0.5%. However, the landscape is mixed: whereas the United States maintained a 0.7% growth rate, Italy experienced zero growth. In contrast, France and Germany showed signs of revival, with increases of 0.4% and 0.2%, respectively. According to the OECD, the stagnation of Italian GDP poses a threat to the near future, particularly in the context of economic policies (where it will be essential to implement measures that stimulate domestic demand and encourage investment), international competitiveness (where export support and production diversification could serve as strategic levers), and structural reforms (where improvements in bureaucracy, the tax system, and technological innovation can be leveraged to advance growth potential).
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