Visco: “The Italian GDP is back to the levels of 30 years ago, we need to remove obstacles to innovation” – La Stampa

The Italian per capita GDP jumped back 30 years and the reason, explained the Governor of the Bank of Italy Ignazio Visco in a speech at ESOF in Trieste, is not only the collapse of the economy due to the pandemic, but the fact that the country’s growth has been weak since the 1990s. No other major advanced economy has experienced such a large backward leap as Italy. Visco indicates the recipe for returning to sustainable growth: the main asset on which to invest is knowledge and measures must then be implemented to remove the obstacles that hinder the country’s innovation.

Reforms must be implemented to relaunch the Italian economy after the Covid emergency but these will be “insufficient” for an advanced country like Italy if it does not also focus on research and development and education. – Visco again in the course of his speech – according to which “we cannot rely only on cost and price competitiveness” but on the ability to innovate. “Italy is among the countries with the lowest ranking in the OECD” for expenditure on research and development and this “is accompanied by insufficient investment in education”. Furthermore, “the data show that Italians do not attend school long enough”.