{
  "title": "After the Crisis: Assessing the Damage in Italy",
  "publication": "IMF Working Papers, November 1, 2010",
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  "summary": "Italy’s deep-rooted structural problems resulted in an unsatisfactory productivity performance and a dismal growth over the last 15 years. The global financial crisis has exacerbated these long-standing weaknesses, taking a heavy toll on Italy’s economy.",
  "sections": [
    {
      "heading": "Summary findings",
      "content": "- Italy experienced an unsatisfactory productivity performance and dismal growth over the last 15 years.\n- The global financial crisis exacerbated long-standing structural weaknesses, taking a heavy toll on Italy’s economy.\n- With output back to its end-2001 level, Italy’s output losses associated with the crisis have been, thus far, about 132 billion of 2000 euro (around 10 percent of precrisis 1998 - 2004 real GDP).\n- About three quarters of these losses are estimated to be due to a shortfall in potential output."
    },
    {
      "heading": "Mechanisms and timing of the damage",
      "content": "- Short-run: the decline in output is mainly accounted for by a collapse in productivity.\n- Medium-term: employment and capital are also likely to be affected.\n- Longer-term implications: adverse effects on potential growth and the fiscal outlook due to persistent losses in potential output and capital accumulation."
    },
    {
      "heading": "Projections and outlook",
      "content": "- Potential output is not expected to rebound to its precrisis trend over the medium term.\n- Growth is projected to rebound to its precrisis trend within the next two years."
    },
    {
      "heading": "Key themes and topics covered",
      "content": "- Capital productivity\n- Labor\n- Output gap\n- Potential output\n- Total factor productivity\n\nAfter the Crisis: Assessing the Damage in Italy, IMF Working Paper No. 2010/244\n\n---\n\n Content in this bundle\n\n- Wp10244\n  - Wp10244 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Wp10244 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/after-the-crisis-assessing-the-damage-in-italy-24331"
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    "Authors: Silvia Sgherri, Hanan Morsy",
    "Published: November 1, 2010",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781455209446.001",
    "Italy experienced an unsatisfactory productivity performance and dismal growth over the last 15 years.",
    "The global financial crisis exacerbated long-standing structural weaknesses, taking a heavy toll on Italy’s economy.",
    "With output back to its end-2001 level, Italy’s output losses associated with the crisis have been, thus far, about 132 billion of 2000 euro (around 10 percent of precrisis 1998 - 2004 real GDP).",
    "About three quarters of these losses are estimated to be due to a shortfall in potential output.",
    "Short-run: the decline in output is mainly accounted for by a collapse in productivity.",
    "Medium-term: employment and capital are also likely to be affected.",
    "Longer-term implications: adverse effects on potential growth and the fiscal outlook due to persistent losses in potential output and capital accumulation.",
    "Potential output is not expected to rebound to its precrisis trend over the medium term.",
    "Growth is projected to rebound to its precrisis trend within the next two years.",
    "Capital productivity",
    "Labor",
    "Output gap",
    "Potential output",
    "Total factor productivity",
    "**Wp10244**"
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