Italy: No country for young men (and women)

Prof. Paola Subacchi of University of Bologna has a depressing piece on state of affairs in Italy. Despite having a really young Prime Minister, he can’t hold on to talented young people:

Problems of plenty for the long legged country:

Over the last 20 years, roughly a half-million Italians aged 18 to 39 have moved abroad, especially to more economically dynamic European Union countries such as Germany, France, and the United Kingdom. And those are just the official figures; the actual numbers are probably much higher, possibly more than double. Why are young Italians so eager to leave?

It is not for lack of political representation. Since 2013, the share of Italy’s parliament that is under 40 has increased from 7% to 13%. Moreover, Italy now has one of the youngest governments among advanced countries (only France does better). And Prime Minister Matteo Renzi, at age 41, is Italy’s youngest prime minister ever.

Nonetheless, young Italians remain deeply dissatisfied with the state of their country and the economic opportunities it can provide. Indeed, despite Renzi’s promise to implement reforms aimed at rejuvenating the country’s economy and institutions – the platform on which he won power in 2014 – some 90,000 Italians under the age of 40 have since left.

Renzi’s message, while skillfully crafted and optimistic, cannot mask the harsh economic reality in Italy today. Most jarring, youth unemployment stands at 39% – one of the highest rates in the EU and well above the bloc’s average of 20%. With 26% of people under the age of 30 not in school, employment, or training – the second-highest rate in the EU, behind only Greece – structural youth unemployment will prove difficult to correct.

Even those who have jobs have reasons to be unhappy. According to Eurostat, Italy’s young people are among the most dissatisfied with their jobs, with many convinced that the best jobs are reserved for the well connected. And, indeed, corruption still poses a major challenge for Italy; Rome’s last two mayors, for example, were forced out of office for malfeasance. In last year’s Transparency International’s Corruption Perceptions Index, Italy was ranked 61st, trailing all other advanced economies.

Making matters worse, Italy’s economy has been stagnant for years.

How countries decline..

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