Italy’s economic woes may be far worse than the financial crisis in Greece and Spain, but the country has plenty of other problems, too.
Here are five that might make you think twice before investing in Italy.
A large and expensive welfare state — or, more accurately, welfare fraud.
The Italian government, as of late March, had more than €20 billion ($22 billion) in welfare fraud allegations in its national treasury.
That’s almost double the amount of the same period in 2016.
While many Italians would argue that the government has been diligent in tracking down these kinds of fraudulent claims, a recent investigation into fraudsters who are alleged to have used social security funds in Italy’s cities to buy drugs has revealed some shocking levels of fraud, as well.
The investigation by the Senate’s finance committee, which is chaired by Senate President Pietro Parolin, showed that some of Italy’s largest cities — Rome, Milan, and Florence — have more than 100 people in prison, while in Florence, the number of people in jail is only about 20.
In fact, the senate report noted that “it is difficult to imagine how the country could sustain the existence of such a massive system that is completely dependent on the generosity of the public,” and that many of the claims were “widespread, in many cases, for multiple people.”
The health care system is crumbling.
Despite the government’s promises of improvements in the Italian health care and the national healthcare system, the country is not seeing much progress in its healthcare system.
In 2018, the Italian government had an average of 7,000 deaths in the country, the highest rate of any country in the world.
That figure has remained relatively constant since the beginning of the year, however.
According to a recent study by the European Commission, the national government spent more than the entire GDP of the EU on health care, or $7.5 billion, for a total of $16.6 billion.
That makes it the most expensive system in Europe, and the biggest spenders in the EU. 3.
Crime and corruption are rampant.
According of a report by the Italian Senate, corruption has increased significantly in the past five years.
The report found that a third of the cases were linked to organized crime.
The biggest culprits, the report found, were those involved in corruption and the drug trade.
In the past 10 years, the criminal group that has become the Italian Mafia has gained a global foothold.
This is because it’s easier to bribe people in Italy and elsewhere in Europe than it is to fight crime in the U.S., the report said.
The unemployment rate is over 10%.
The unemployment number in Italy is 10.6%, which is actually lower than the EU average of 11.2%.
The report also noted that the country’s youth unemployment rate remains at a historic low, which was over 25% at the beginning and was over 26% in 2018.
Italy has the highest rates of corruption in the eurozone.
According the report, the EU Commission estimates that Italy’s gross domestic product per capita is just over $15,000, while the average per capita income in Italy has increased by just $11,000 since 2014.
That means the average Italian is receiving more than double the income that their counterparts in Greece, Spain, or Portugal are receiving.