Report edited by L. Ghezzi and N. Sciclone
The current economic environment is heavily influenced by protectionist policies and persistent geopolitical tensions, which are fuelling uncertainty and prompting economic operators to adopt a cautious approach. Economic activity is showing signs of slowing down: for example, although foreign exports are growing, their rate of expansion appears to be moderating, while employment growth in the labour market is losing momentum. The intensity of the potential downturn in growth prospects is difficult to predict, as it is influenced by the evolution of new tariff measures and their impact on international trade. The uncertainty of the economic scenario is reflected in the subjective perception of the economic situation, which, while improving compared to previous years, does not appear as positive when looking ahead to the coming year.
The benefits of globalisation – in particular access to advanced technologies and low-cost goods – remain evident. However, the sustainability of economic development in the medium to long term poses a challenge for the country, as well as for our region, on two fronts.
The first is to diversify the international projection of our exports in favour of markets less exposed to commercial or geopolitical risks, while at the same time aiming to reduce external dependence on the supply of raw materials and intermediate products in order to limit the bottlenecks that hinder growth potential.
The second strategic front concerns the revival of domestic demand as a factor of stabilisation and compensation for any negative fluctuations in foreign demand, especially in the current context marked by increased protectionism. This implies, as a matter of priority, decisive action on the wage issue, an indispensable prerequisite for strengthening the purchasing power of households and structurally supporting consumption dynamics.
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Report editors: L. Ghezzi and N. Sciclone
Working group: E. Conti, M. Donati, T. Ferraresi, M. L. Maitino, D. Marinari, L. Piccini, L. Ravagli
Editorial layout: E. Zangheri
