Italy can't blame its recession on the GFC

The Italian economy was sluggish even before the onset of the GFC. Now a persistent productivity crisis threatens to derail recovery further as the nation slides yet again into recession.

The eurozone’s third-largest economy has plunged into recession for the third time since the onset of the global financial crisis. Despite a modest recovery across the eurozone, the Italian economy remains vulnerable, with shocking productivity leaving it poorly placed to match the performance of countries such as Germany and France.

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