Dissatisfaction in Italy grows along with the economic stagnation

Italy’s political leaders have been on a collision course with the EU since 2018, when they took power after controversial elections. Their battle horse has always been that the EU-imposed austerity is to be blamed for the country’s recession after the financial crisis that hit the world in 2018.

The leaders of populist party Movimento 5 Stelle want to increase welfare spending and to roll back on some expensive reforms like the controversial Reddito di Cittadinanza (universal basic income) in order to boost economic growth and people's confidence in their future. The right-wing political party Lega Lombarda is instead battling for the right to close Italy’s borders to immigration, claiming that Italy has taken too much of this problem on its shoulders alone, without sufficient help form the EU.

This complicated political situation is increasing the stock market instability, reducing available liquidity for investments, creating a general dissatisfaction among the people. Unemployment rate, especially among the youngest generations, is skyrocketing. This discontent is reflected in the declining population growth rate.

Population growth rate in Italy

There are mainly two reasons that explain this phenomenon. Italian families, nowadays, tend to decide to not have children or have just one child, because they are afraid of the future and feel unsafe. In addition to that, after the university, many youngsters decide to leave Italy: unemployment rate for the population between 15 and 24 years old and 25 to 34 years old is among the highest in the world (32% and 16% respectively).

Italy: Median age of the population from 1950 to 2050

The Lega Lombarda leader and deputy prime minister, Matteo Salvini, has indicated the direction of the party's political activity and the reason for the controversial increase in public expenses:

“The goal is to get Italians working again and paying taxes as they work and therefore reduce the deficit and debt in the following years.”

The coalition promises that slashing taxes and boosting welfare spending will promote the economic growth. The EU, on the other hand, seems to be moving closer and closer to sanctioning Italy for its 2019 draft budget proposal, generating even more disagreement from both sides.

Dissatisfaction is tangible in the air among Italian people. When there is instability there can be no hope in the future. Without hope in the future, there can be no happiness for yourself or for your family. At Global InterGold, we are well aware that the path to happiness may be sometimes complicated, and we work to make it easier for our clients and partners.

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