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Italy’s economy, the sixth largest in the OECD, is highly dependent on imports of energy and raw materials. It is also diverse, with a more economically advanced, richer North and a less developed, poorer South. Regional differences and disparities have been reinforced by a major devolution of legislative and administrative responsibilities. Italy’s average annual growth between 2000 and 2007 was the lowest among OECD countries. From 2008, the economy was deeply affected by the global economic crisis. Economic policy has increasingly been driven by the need to promote growth while consolidating the public budget.
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