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A Chief Culprit for Italy Woes: Services
Keywords:
The head of Italy's statistics agency Istat, Enrico Giovannini, says Italy's manufacturing sector has performed quite well, and the problem is with the services sector, in lagging sectors such as transport, communications, tourism, retail and social services. The manufacturing sector is only one sixth of the economy. He says productivity is poor and there is lack of investment in human capital and information technology for the services sector. IT's contribution to growth in Italy's labor productivity is the lowest in Europe, according to the European Investment Bank. Italy's total efficiency gains declined one half percentage point from 1995-2005. Retail and tourism sectors lack the needed productivity gains. This means actions taken by prime minister Monti to change labor laws and related changes will not be enough to generate confidence in the economy and economic growth. Giovannini says investment in human capital and productivity is badly needed, and shifting education and training to where there are new job opportunities.
Italy's lack of investment in human capital, information technology and the weak services sector leading to low productivity growth
06/24/2011
The head of Italy's statistics agency Istat, says Italy's manufacturing sector has performed quite well, but it is only one sixth of the economy. The larger services sector has suffered from a lack of investment in human capital and information technology, and is performing poorly, leading to larger expected declines in GDP than anticipated of 2.4% in 2012. There is a need to steer education in the direction of new job opportunities. This suggests that more than the changes to labor laws and related changes taken by Monti and Fornero will be needed to revive the Italian economy.
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