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To improve Italy’s long-term growth prospects, comprehensive structural reforms are needed to boost competitiveness and support job creation. Drawing on the OECD Economic Survey of Italy 2015, this paper provides a snapshot of the government’s reform agenda and assesses the impact on productivity, employment and GDP of the reforms that have been introduced since 2012.
Reform of labour market and competition policy, better tax and public spending, supported by improved justice and public administration are vital to raise employment, increase growth and improve public finances.
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This country note from Going for Growth 2015 for Italy identifies and assesses progress made on key reforms to boost long-term growth, improve competitiveness and productivity and create jobs.
This report reviews the quality of health care in Italy, seeks to highlight best practices, and provides a series of targeted assessments and recommendations for further improvements to quality of care. Italy’s indicators of health system outcomes, quality and efficiency are uniformly impressive. Life expectancy is the fifth highest in the OECD. Avoidable admission rates are amongst the very best in the OECD, and case-fatality after stroke or heart attack are also well below OECD averages. These figures, however, mask profound regional differences. Five times as many children in Sicily are admitted to hospital with an asthma attack than in Tuscany, for example. Despite this, quality improvement and service redesign have taken a back-seat as the fiscal crisis has hit. Fiscal consolidation has become an over-riding priority, even as health needs rapidly evolve. Italy must urgently prioritise quality of its health care services alongside fiscal sustainability. Regional differences must be lessened, in part by giving central authorities a greater role in supporting regional monitoring of local performance. Proactive, coordinated care for people with complex needs must be delivered by a strengthened primary care sector. Fundamental to each of these steps will be ensuring that the knowledge and skills of the health care workforce are best matched to needs.
Institutional investors (investment funds, insurance companies and pension funds) are major collectors of savings and suppliers of funds to financial markets. Their role as financial intermediaries and their impact on investment strategies have grown significantly over recent years along with deregulation and globalisation of financial markets.
This publication provides a unique set of statistics that reflect the level and structure of the financial assets of institutional investors in the OECD countries, and in the Russian Federation. Concepts and definitions are predominantly based on the System of National Accounts. Data are derived from national sources.
Data include outstanding amounts of financial assets such as currency and deposits, securities, loans, and shares. When relevant, they are further broken down according to maturity and residency. The publication covers investment funds, of which open-end companies and closed-end companies, as well as insurance corporations and autonomous pension funds. Indicators are presented as percentages of GDP allowing for international comparisons, and at country level, both in national currency and as percentages of total financial assets of the investor. Time series display available data for the last eight years.
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The tax burden in Italy declined by 0.1 percentage points from 42.7% to 42.6% in 2013. The corresponding figure for the OECD average was an increase of 0.4 percentage points from 33.7% to 34.1%. The Italian standard VAT rate is 22%, which is above the OECD average. The average VAT/GST standard rate in the OECD was 19.1% on 1 January 2014.
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Italy's indicators of health status and quality of care remain among the best in the EU. Italy spent 9.2% of its GDP on health in 2012, slightly more than the EU average of 8.7%.
This review underlines some important points of strength with respect to Italian SMEs and entrepreneurship, notably for medium-sized firms that very often excel in their market niches, have a strong propensity to business collaboration, as well as favourable access to finance. The review also looks at the challenges that lie ahead for Italy, hard hit by the global economic crisis, notably among micro and small firms. Recovery will mean, among other things, removing barriers to business growth, streamlining the complexity of the Italian tax system, and opening the business environment to competition, foreign direct investment and equity financing, as well as improving training and workforce skills.
Country notes outlining regional variations in health, jobs, safety, environment, access to services, civic engagement, housing, education, income, and employment. These notes are from the OECD publication "How's Life in Your Region?".
Getting regions and cities 'right', adapting policies to the specificities of where people live and work, is vital to improving citizens’ well-being. View the country factsheets from the publication OECD Regional Outlook 2014.