Howl all over Italy: The Italian economy is dying without Russian tourists and real-estate buyers.
The Italian economy has been steadily recovering after the 2008-2009 financial crisis and a decline in 2014. Since 2015, the Italian GDP has increased from 1.80 to 2.07 trillion USD.
The improvement in the Italian economy was recently confirmed by a 2018 report from the IMF: “The Italian economy has been recovering modestly from the global financial and Euro area sovereign debt crisis.” The report highlighted, among other things, progress in raising employment and labour force participation, the decline of unemployment, and banks’ nonperforming loans. Continuing issues with the Italian economy are due to “longstanding structural weaknesses” such as sluggish income growth, elevated unemployment, and high public debt.
Tourism in Italy has risen in recent years. The Italian Government Tourist Board (ENIT) informs that, in 2018, Italy was visited by a record 94 million tourists. In 2017, the number of tourists to Italy grew by 2.8 percent. As a result, tourism is becoming more important to the Italian economy. In 2018, international visitors added 41.3 billion Euros to the economy, equivalent to 1,5% of the GDP.