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1.Market Observations, 8.Was Sticky

2 June 2018 (AFR) – Italy’s long hot summer to come

(2 June 2018, AFR, p46, by Carmen Reinhart)

‘The political upheaval and social unrest fuelling the current crisis in Italy should surprise no one. On the contrary, the only uncertainty was when exactly matters would come to a head. Now they have. Italy’s per capita GDP in 2018 is about 8 per cent below its level in 2007, the year before the global financial crisis triggered the great recession. And the International Monetary Fund’s projections for 2023 suggest Italy will still not have fully recovered from the cumulative output losses of the past decade. Among the 11 advanced economies that were hit by severe financial crises in 2007-2009, only Greece has suffered a deeper and more protracted economic depression. Greece and Italy were the two economies carrying…’

Read more at AFR.com (might need AFR login access, or try: AFR.com/trial)

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