Well, there is the geopolitical crisis, the wars around the world, China in deflation with the least strong economy in the past. And Europe remains divided on practically everything, awaiting the verdict at the polls next year. In an international context in which “there is great confusion under the sky”, Italy, persecuted and insulted in recent years, continues to maintain a fast pace. Despite everything, the Gross Domestic Product registered a positive sign with better performances than those of France and Germany, allies but also fierce competitors. Yesterday, then, employment data brought good humor to government chambers and the entire country. In the third quarter, explained Istat, employment in annual terms marked an increase in employment in absolute terms equal to over 481 thousand units and an increase in the rate equal to 2.1%. There are now 23 million 613 thousand units employed in Italy. Optimism is high because the new jobs also involve young people aged 15 to 34 (+81 thousand units or +1.5%). Furthermore, even those over fifty remain at work and are not subject to forced expulsion. There are 440 thousand more among those aged up to 64 years and +72 thousand among those aged between 65 and 89 years, respectively +5.3% and +10.4%. Employment is also good from a qualitative point of view because it is more stable.
In fact, permanent contracts are increasing both among young people, due to the transformation of fixed-term contractual formulas, and among older age groups due to the lack of retirement. And the good news doesn’t end. The unemployment rate is also falling to 7.3% (-0.4 points in one year), with a decline, especially in Central Italy, among women and young people. In short, the Italian economy is not running at a breakneck pace. But it is still capable of continuing to generate work and absorb both those who have lost their jobs and those who, until now, have remained on the “couch” in a position of inactivity. Positive signs that also add to a collage of other elements and data, which as a whole strengthen our country’s position in Europe. Especially now that negotiations for the new Stability Pact are in their final phase, the Italian government finds itself in a better negotiating position than in the past, which also allows it to threaten the veto power in Brussels. Here are the other positive elements to add to the image. The Italian stock market, for example, with the Ftse Mib, the most important index in Milan, which despite the retraction of recent days, reached 30 thousand points, a peak never reached since 2008. Despite the high rates and, therefore, the rediscovery the appeal of the bond market, investors continue to place their trust in the Italian stock market. Where, it should be noted, it is the banks that shine, thanks to the combination of higher revenues due to high rates and strong growth in capitalization compared to the past.
Disinflation caused by the decline in energy materials completes the puzzle. Oil and gas are at more acceptable price levels than after the Ukrainian crisis. If the trend continues, the benefits for the economy, in 2024, would be tangible both in the form of recovery in family purchasing power (and more consumption equals more GDP) and in the recovery of competitiveness in the international markets of our products. It should be added that more money is about to reach Italians’ pockets than in the past, especially in the last month. Between the contractual holiday values, recognized for some categories of public servants such as teachers, the early revaluation of pensions for inflation and the adjustment to the cost of living in 2022, Christmas promises to be richer than last year for retirees and workers . Without taking into account the effects of the tax reform and the cut of the wedge scheduled from next January. In short, there should be funds in portfolios and 2024, barring other unpredictable shocks, could turn out to be better than expected. Fingers crossed forecast, of course. For the government, the wind blows strong and constant in Italy, where the PD led by Schlein is the best insurance policy for the Meloni executive, given the scarcity and ineffectiveness of its opposition work. But the sails are also unfurling in Europe. The strong partners, France and Germany, amid internal problems, immigration and recession, do not seem to be in a position to impose binding conditions on Rome. In conclusion: through a strange but welcome astral combination, Italy once again played a central role in the world. In fact, she’s welcome back.
Source: IL Tempo
Emma Fitzgerald is an accomplished political journalist and author at The Nation View. With a background in political science and international relations, she has a deep understanding of the political landscape and the forces that shape it.
