Future Of Italy In The World Market

• What is the total value of U.S. imports from Italy? Also, America’s exports to Italy?

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Total exports to Italy by America are 16.75 Billion dollars, whereas imports are 45.21 Billion dollars. (www.ustradernumbers.com)

• Italy’s top three imports?

The three leading imports for Italy are cars, petroleum in crude form and packaged medicaments. (www.atlas.media.mit.edu)

• Italy’s top three exports?

The leading three exports for Italy are packaged medicaments, automobiles, and petroleum in refined form. (www.atlas.media.mit.edu)

• Rate of corporate tax

The rate of corporate tax in Italy stands at 24 per cent. ((www.atlas.media.mit.edu)

• GDP

Italy’s GDP is recorded at 1.93 Trillion dollars. (www.countryeconomy.com)

• Per capita income?

Italy’s per capita income is about 37,970 dollars. (www.knoema.com)

• Is Italy in a high context, or is it a low context?

Italy is considered a high context. (www.cascadebusnews.com)

• What are the average schooling years for adults in Italy?

The average number of years of schooling in Italy for adults is approximately 7 years. (www.nationmaster.com)

• Population percentages are below the line of poverty.

There is 29.9% of Italy’s total population, which is lower than the line of poverty. (www.cia.gov)

• The population growth rate.

0.19% is the rate of Italy’s population growth. (www.indexmundi.com)

• What is the life expectancy in Italy?

In Italy, the expectancy of life is 82.7. Male’s is 80.5 and females’ is 84.8. (www.worldlifeexpectancy.com)

• What is the retirement age in Italy?

In the private sector, males and females retire at the age of 65 and 60, respectively, whereas civil servants, both men and women, retire at 65. (www.professionalpensions.com)

• Individual tax rate

It depends on the pay. If the annual income of a person is up to 15,000 euros, then the tax rate would be 23%, similarly if 15,001 to 28,000 euros, then 27%; if 28,001 to 55,000, then 38%; if 55,001 to 75,000 euros, then 41% and if the income is above 75,001 euros, then the tax would be 43%. (www.europa.eu)

• What is the rate of inflation in Italy?

0.5% is the rate of inflation. (www.tradingeconomics.com)

• What is Italy’s rank in terms of ease of doing business?

Italy is placed 46th in the rankings. (www.tradingeconomics.com)

• What is the level of unemployment in Italy?

11.1% is the level of unemployment in Italy, according to recent statistics. (www.tradingeconomics.com)

• What is the mobile usage for every thousand persons?

1341.47 is used for every thousand persons in Italy. (www.nationmaster.com)

• What is the use of the internet for every thousand persons?

538.94 For every thousand persons, the internet used by the Italians is about 539. (www.nationmaster.com)

• What is the average number of vacations per year?

Twenty paid holidays are allowed by the government to the people of Italy. (www.vpcalendar.net)

• What is the average number of days per year?

The leave of maternity is about 150 days minimum, and paternal leave is 2 days fully paid. Maternity leaves can be converted to paternity leaves. . . (www.elexica.com) (www.businessinsider.com)

• What is the Hofstede score of uncertainty vs. America’s

Italy has a score of 75 in comparison with the 46 scores of the United States. It is the score that tells the extent to which society deals with the unknown aspect of life. The extent to which society feels helpless by the unknown future. This brings along in its wake anxieties and disturbances, and society needs to cope with them and develop methods to deal with these uncertainties. (www.hofstede-insights.com)

• What is the Hofstede score of PD vs. America’s

Italy’s score is 50 in comparison with the United States’ 40. It deals with the people who realize that there is an unequal distribution of power amongst the people of a country. The score shows the extent to which people think that there is no such thing as equality. (www.hofstede-insights.com)

• What is the Hofstede score of individualism vs. America’s

Italy’s score is 76 as compared to the 91 score of America. It deals with interdependence. The extent to which people are willing to help others in the society. It deals with whether a member of a society refers to ‘WE’ or ‘I’ in his or her statements. (www.hofstede-insights.com)

• What is the Hofstede score of M/F vs. America’s

Italy has a score of 70, and that of America is 62. This represents that society’s values are driven by success and competition, whereas the low score, which would be considered a Feminine society, represents the values of care and quality of life, helping each other. (www.hofstede-insights.com)

• What is the Hofstede score of LT vs. America’s

Italy’s score is 61, in comparison to the score of 26 in America. It represents how a society upholds its past and, at the same time, tackles the problems of the present and the future. The high score represents the more practical approach to society. The low score shows that society is wary of the changes in society. (www.hofstede-insights.com)

Current Status of Italy in World Market Place

Italy is one of the key countries in Europe. It has one of the world’s biggest economies. It ranks in the 8th position on the list of the world’s largest economies, with a Gross Domestic Product (GDP) of 1.93 Trillion dollars. Italy, in 2016, made an export of approximately 455 billion dollars, which cemented its place as one of the largest exporters in the world market. Italy’s main exports in the world market are packaged medicaments, with a total of 3.6% of Italy’s overall exports, and 3.3% constitutes cars, which are exported from the total number of exports (OEC n.p.).

Italy is also one of the biggest importers in the world. It imported approximately 400 billion dollars in 2016, making it the world’s 8^th biggest importer in the world market. Automobiles constitute the biggest portion of the overall imports of Italy, with 6.8 per cent, whereas crude petroleum comes in second as the most imported by Italy, with 4.7 per cent of the total imports by the country (www.export.gov). It is safe to say that Italy has cemented its strong place in the world market with strong exports, imports and trade balance.

Ease of Doing Business in Italy

The ease of doing business means the country is suitable for opening a business. It includes the protection and safety of the rights of property. Italy has improved its ranking in the world ranking of ease of doing business to 46^th place. This ranking shows that the business regulations in Italy, as compared to other countries, are considerably stricter and less amicable.

This ranking includes all 190 countries, and Italy reached its lowest ranking of 87 in 2011. The ranking of Italy in ease of doing business was averaging 63 from the year 2008 to 2017, with achieving its best ranking in the year of 2014 of 44. By looking at and analyzing the trends, the ranking of Italy will improve, considering it came from 87 to 44 in the span of just three years (www.tradingeconomics.com).

Investments in other countries in Italy

There have been some fluctuating times for Italy in terms of investments from the year 2008 to 2012, but Italy has steadily steadied its investment flow, going at a steady speed. The flow of investment in Italy reached approximately 29 Billion dollars two years ago, which has catapulted Italy into the 15th position of the receiver of foreign direct investments. Italy has surpassed many of the world’s strongest economies, which include Spain, France, and Japan. There are several countries that want to invest in Italy, and the main investing countries are Luxembourg, France, Holland, Germany, England, Belgium, Switzerland, Spain and the United States of America (www.santandertrade.com).

These aforementioned countries are Italy’s biggest investors mainly because Italy is one of the biggest markets and economies in the world. Italy is one of the important countries in international trade and manufacturing. Its workforce and labour are quite skilful and competitive. Legislation and reforms are being introduced that are in favour of the growth of businesses in Italy. It has a historical heritage, a great culture and an unmatched experience of life.

Future of Italy in the World Market

Italy’s Prime Minister, Matteo Renzi, believed that Italy would soon become the economic leader of Europe, and many people thought that the prime minister, as well as the people of Italy, were in a state of delusion. However, recent trends have shown that, although it faced a turbulent period in terms of business ventures in the past, it is slowly picking up pace and, in the near future, will become the economic leader in Europe. There is a realistic chance of Italy moving up the ladder in the world economy because, in recent history, Italy has brought about some plans that would increase other countries’ investments. They are trading with the major economic countries of the world, such as the United States of America, France, Britain, and many other countries (www.santandertrade.com).

Italy’s ranking in the world economy is increasing every year, and becoming the 8th largest economy in imports as well as exports sheds light on the fact that it will, along with Germany and France, become the most powerful economies in the world. Although there are numerous steps that Italy has to take in order to be considered in the upper echelons of the world economy, since they are facing a seemingly insurmountable public debt, which is only above Greece in terms of Growth Domestic Product, if the right reforms are taken, as the reforms of business ventures are indicating it, they will soon be among the biggest economies of the world (www.weforum.org).

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