Optimistic about the Italian Economy? Well, having a positive outlook about the world’s eight largest economy (by nominal GDP) might not be such a strange feeling to have, given some of the recent economic news out of Italy. And while Italy — still dealing with a ton of debt — isn’t out of the financial woods yet, people working with Italian translation services and Italian industrial manufacturing firms, or people who are simply enamored with Italy’s landscape, culture of fashion, industrial design and Italian translation in general, just might have some reason to cheer.
Italy’s Economic Good News
Recent data shows economic confidence is on the rise in Italy, reaching new highs since the lows of the financial crisis, while the pile of bad debt held by Italian banks is on the decline. This is good news for organizations investing in the Italian market, and any Italian translation services agency helping them on the linguistic side of things.
Italy, the eurozone’s third-largest economy, has seen some significant growth in manufacturing recently. The IHS Markit Manufacturing Purchasing Managers’ Index (PMI) rose to it’s highest levels in more than six years (more output and new orders for manufacturers), which has some forecasters cautiously optimistic about Italy’s economic prospects down the road.
This is why hiring an Italian translator, or establishing an ongoing relationship with an experienced Italian translation service — to take advantage of promising changes in the Italian economy — could help your company get ahead in Italian markets and the Italian industrial manufacturing sector in the months and years to come.
The Good comes with the Bad in Italy
Like the title of Sergio Leone’s Spaghetti Western, The Good, the Bad and the Ugly, the Italian economy offers investors, Italian translation services, and anyone looking for an Italian translator, something of mixed financial bag. While annual Italian economic growth lags behind the Eurozone as a whole, and debt and unemployment are still big drags on the economy overall, credit for entrepreneurs is freeing up, which is a respectable sign of more recovery to come.
Italy, famed for its family-owned, small to midsize enterprises (SMEs), is looking to change how it does business in the future. According to MIT Technology Review, Italy’s push to become a “world leader” in “advanced manufacturing, machinery, robotics, and related areas …” is being given a massive boost by the Italian Ministry of Economic Development’s Industrial National Plan 4.0, which will focus on long-term goals like education, innovation, high-tech industries and future growth.
Italy, already Europe’s second-largest manufacturing economy, exports a huge amount of industrial machinery, and industrial robotics as well. And I just got back from a visit to Venice and the city along many others are thriving! While dark clouds still linger over Italy’s economic situation, there’s reason to be optimistic about the future, and to think about investing in Italian translation, Italian translation services and the growing potential of Italy’s longstanding tradition of industrial design and manufacturing knowhow.
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