In an international context marked by geopolitical tensions and global economic uncertainties, Italy emerges as a beacon of stability and growth. Despite global challenges, the country achieves new successes in the job market and economic performance, with the Italian Stock Exchange reaching historic highs, hitting the 30,000-point mark for the first time since 2008.
Rising Employment: Optimism in the Government and Among Citizens
Data from Istat for the third quarter reveals a significant increase in employment. The number of jobs increases by 481,000 units, bringing the total employed to 23 million and 613 thousand. Optimism spreads even among the youth, with a 1.5% increase in employment in the 15-34 age group.
The quality of employment is improving, with an increase in indefinite contracts both among the youth, thanks to the transformation of temporary contract formulas, and among older workers who remain employed without facing forced expulsions. The unemployment rate drops to 7.3%, highlighting a positive situation, especially in Central Italy, with a decrease among women and young people.
Positive Scenario in the Financial Market
Parallel to the successes in the job market, the Italian Stock Exchange achieves a historic milestone with the Ftse Mib reaching 30,000 points. Despite the recent correction, investors maintain confidence in the Italian stock market, highlighting the solidity of the financial system.
Banks emerge as protagonists, benefiting from significant revenues due to high-interest rates and a robust capitalization growing compared to the past.
Positive Outlook for 2024: Economic Growth and Purchasing Power Recovery
Disinflation resulting from the decline in energy prices, such as oil and gas, further contributes to Italian economic stability. If this trend continues, tangible benefits could be realized in 2024, including the recovery of family purchasing power and increased competitiveness in international markets.
Furthermore, Italians are gearing up for a richer Christmas thanks to various initiatives, including holiday contractual sums, early pension revaluation, and the adjustment for the cost of living in 2022. This adds to the positive effects expected from the tax reform and the wedge cut planned for next January.
Conclusions: Italy, a Hub of Stability and Growth
In a period of global uncertainty, Italy stands out as a beacon of economic stability and employment growth. The Italian government enjoys a strengthened negotiating position in the discussions for the new Stability Pact, while the Italian Stock Exchange reaches its peak.
Outlooks for 2024 appear promising, with positive signals embracing various sectors. While the favorable wind blows over the country, geopolitical challenges and international uncertainties seem to have solidified Italy as a key player in the race for global economic stability.