Various facets of Italy’s economy were significantly affected by COVID-19, and consumption, investment, foreign demand, and unemployment rate are clear indicators. In 2019, before COVID-19, Italy’s GDP stood at 1,794,934.9 million euros after more than five years of continuous growth (Varrella, 2021). However, with declining foreign demand, as well as domestic consumption and investment, the GDP sharply fell to 1,653,577.2 million euros in 2020, which was after COVID-19 had ravaged the country, a figure witnessed more than a decade ago (Varrella, 2021; Visco, 2020). Similarly, in Q2 2019, before COVID-19 in Italy, the number of employed people was 23,414,000, while the unemployment rate in that year averaged 5.37% (International Labour Organization [ILO], 2021; Moody’s Analytics, 2021). In Q2 2020, after COVID-19 had hit the country, the number of employed people reduced by 669,000 to 22,745,000, while the average unemployment rate in that year soared to 6.47% (ILO, 2021; Moody’s Analytics, 2021). In other words, with domestic consumption, investment, foreign demand, and unemployment rate being proven as key drivers of a country’s GDP, they are evidence that the COVID-19 pandemic affected Italy’s economy to a notable extent.

(Rokiatou Bah)