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Economic growth and productivity: Italy and the role of knowledge

Author

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  • Ignazio Visco

    (Banca dÕItalia)

Abstract

The COVID-19 crisis has hit Italy severely: by mid-2020, GDP had returned to the level observed in 1993. This is the result not only of its sharp collapse in the first half of 2020, but also of its weak growth since the 1990s. Addressing the problems that have restrained the economy for 30 years is, therefore, as important as tackling those created by the pandemic. In Italy, to return to a path of sustainable growth, implementing reforms aimed at creating a business-friendly environment is necessary but not sufficient. When a country approaches the technological frontier, growth depends on the capacity to incorporate and foster innovation and on the quantity and quality of investment in education. and knowledge. After documenting ItalyÕs delays in innovation and education, we discuss their interrelation with the structure of the productive system and argue that achieving higher growth rates require a technological and cultural transformation.

Suggested Citation

  • Ignazio Visco, 2020. "Economic growth and productivity: Italy and the role of knowledge," PSL Quarterly Review, Economia civile, vol. 73(294), pages 205-224.
    • Handle: RePEc:psl:pslqrr:2020:31
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    File URL: https://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/17119/16368
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    References listed on IDEAS

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    Cited by:

    1. De Bonis, Riccardo & Ferri, Giovanni & Forte, Antonio & Silipo, Damiano Bruno, 2021. "How banks allocate loans in Italy: a long run perspective," MPRA Paper 106123, University Library of Munich, Germany.
    2. Vincenzo Mariani & Roberto Torrini, 2022. "The geographic divides of the Italian higher education system," Questioni di Economia e Finanza (Occasional Papers) 675, Bank of Italy, Economic Research and International Relations Area.
    3. Weam Tunsi & Hisham Alidrisi, 2023. "The Innovation-Based Human Development Index Using PROMETHEE II: The Context of G8 Countries," Sustainability, MDPI, vol. 15(14), pages 1-13, July.

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    More about this item

    Keywords

    Italy; stagnation; innovation; human capital;
    All these keywords.

    JEL classification:

    • E00 - Macroeconomics and Monetary Economics - - General - - - General
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • I20 - Health, Education, and Welfare - - Education - - - General

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