Italy is one of the most famous countries in the world. It is the 10th largest nation in Europe and, with nearly 60 million people, the fifth most populous. Each year, 65 million people visit Italy on holiday to eat amazing food, see some of the most beautiful art in the world and explore the country’s stunning scenery. However, many people who visit Italy also see pockets of poverty. This begs the question, is Italy actually a poor country? Definitely not, and let us explain why…
1. Italy Is The 9th Richest Country In The World
A first reason why Italy is not a poor nation is because it is actually one of the richest countries in the world.
Italy has a GDP of 1.88 trillion USD. This makes it the 9th richest country, out of 195 independent nation states. Italy is the fourth richest country in Europe. A further example that it is definitely not a poor country.
A nation’s GDP is the marker of its overall economic performance. GDP is calculated by adding the total value of the goods and services produced by a country’s economy. As Italy has one of the highest GDPs in the world, it shows that the country produces huge amounts of valuable products and has many profitable businesses. The wealth created by the Italian economy means that Italy is a wealthy nation.
Having a large economy not only makes a country wealthy, but also helps it to function well. The Italian government raises significant sums through taxation that it can spend on public services and infrastructure. This further improves the lives of Italian people and helps businesses in the country to continue to thrive. This is a further reason why Italy is not a poor country.
2. Italian People Are Wealthy By Global Standards
A second reason why Italy is not a poor country is because Italian people are wealthy by global standards.
Italy has a GDP per capita of 31,676 USD. This means the average Italian person earns a significant amount of money each year. Italy has the one of the highest per capita incomes in the world and the 18th highest in Europe. These are clear indications that the country is not poor.
People in Italy have a good quality of life. The average Italian has a good job and earns a high salary, compared to most people in the world. Italian people are generally able to support their families and buy the products and services they need to live.
Although 4.6% of people in Italy are designated as living in poverty, their standard of living is still above people in low- and middle-income countries who live in extreme poverty. Italy is also wealthy enough as a country to provide some support and public services, such as healthcare and education, to people living in poverty.
The high GDP per capita, combined with the standard of living of most Italians, shows that the country is not poor.
3. Italy Has A Developed Economy
A third reason why Italy is not a poor country is because it has a developed economy.
A developed economy is defined as utilising advanced industrial processes and technology and by the high degree of wealth it creates for the country’s citizens. Being an advanced economy is key to making a country rich. It generates the income needed for businesses to succeed and for governments to run effective public services. It also ensures a country’s population is not marred by destitution.
Italy has been a developed economy for over a century. Italy went through industrialization from the mid-19th century and continued to develop throughout the 20th. The Italian economy has long adopted advanced processes, research and development, and mechanization. The economy of Italy is able to produce highly refined goods and continue to adopt new technologies.
There are only 81 developed economies in the world, and Italy is one. The fact that Italy is seen as one of the most developed economies in the world is a key reason why the country is not poor.
4. The Country Has Good Infrastructure
Another reason why Italy is not a poor country is because it has good infrastructure.
Infrastructure – roads, railways, airports, tele-communications, and utilities, are key to making a nation wealthy. Good infrastructure is needed to move people, items, and information around a country, as well as internationally. Poor countries often have outdated or dilapidated infrastructure and this is a major factor that holds back their prosperity. Wealthy countries have the funds to invest in improving their infrastructure, which further helps their economies.
Italy has some of the best infrastructure in the world. It’s road network connects cities, towns, and villages. The country also has an extensive rail network, including high-speed trains connecting major cities. Italy has 77 international airports. Across the country people can access the utilities they need and there is widespread phone connection and high-speed internet.
The quality of infrastructure across Italy is a major reason why the country is not poor.
5. Italy Has A World-Class Education System
A further reason why Italy is not a poor nation is because the country has a high-quality education system.
Countries that struggle with poverty often fail to educate their children. Governments in poorer nations lack the funds needed to provide high-quality schooling to children across their country. Young people who do go to school often receive sub-standard teaching. In rural and remote areas, often schooling is not provided, and many children do not have access to education.
Children in Italy have access to good quality schooling. All children in the country go to school from ages six to sixteen. Even in rural and remote areas Italian children receive a good education.
The Italian education system is ranked as one of the best in the world. This is a clear indication that the country is not poor.
As well as high-quality elementary and secondary education, Italy has a world-class higher education sector. 28% of Italians are university educated. The country has some of the top-rated universities globally, including the University of Bologna, University of Padua, and Sapienza University of Rome. Universities in Italy receive substantial public funding and students also receive financial assistance to study at the institutions of their choice.
The standard, and accessibility, of Italy’s higher education sector is another key reason why the country is not poor.
6. Italian’s Can Access Quality Healthcare
Having a good healthcare system is a key sign that a country is not poor. Italy has one of the best medical systems in the world.
Like with education, poor countries struggle to provide healthcare to their citizens. Governments in low- and middle-income countries lack the finances and resources needed to run a high-quality healthcare system across the country. People in poorer nations must often pay themselves for medical treatment. Those in remote and rural areas often go without the medical care they need.
Italy’s healthcare system is ranked 31st in the world. Everyone in the country can access quality medical care when they need it. The Italian healthcare system is funded through a social security system and people rarely have to pay out-of-pocket for their medical care. People in rural and remote areas of Italy also still have access to good quality healthcare.
The quality, and accessibility, of healthcare in Italy is another major factor in why the country is not poor.
7. Italian Companies Compete Globally
A final reason why Italy is not a poor country is because of the many global businesses the country has.
Poor countries often do nots develop competitive enterprises. This means their companies struggle to produce high quality goods and services that can be sold on the global market. Much of the economies of poorer countries rely on resource extraction and agriculture. Having companies that can refine goods and create innovative products and solutions is key to nation becoming wealthy.
Some of the most successful companies in the world are Italian, and Italian businesses are known the world over. Brands such as Gucci, Ferrari, Prada, Armani, Nutella and Kinder are all Italian. Businesses such as these bring in enormous wealth to the country. They also provide high-skilled and well-paid jobs for Italian people. Italian products are sold all over the world and businesses from Italy are able to compete within the global market.
The Italian businesses sector, including the number of world-renowned brands and companies the nation produces, is a major reason why the country is not poor.