Italy and Spain, which had difficulty recovering from the financial crisis of 2008,
the turmoil of the euro in 2011 and then the pandemic, suffered a new major shock with the war in Ukraine.
While the two countries are very differently exposed to Russia, they are seeing their structural difficulties deepen, contributing to weakening Southern Europe.
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After being on the front line in the face of Covid and recording a historic recession of 8.9% in 2020, the Italian economy experienced a clear rebound in 2021. Growth, driven by the surge in exports which reached 516 billion euros, amounted to 6.7%.
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The invasion of Ukraine shattered this dynamic.
Growth could only progress by 1.2%, while inflation has settled beyond 6%, with the key to a loss of purchasing power of around 1,000 euros per household.
The bet to reduce the public debt, which peaked at 150.8% of GDP at the end of 2021, is lost in advance.
Italy is Russia's 4th partner and...
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