(Finance) – “Our economy is growing more or less like the Euro area average but the main brake on greater growth of the Italian economy it’s bureaucracy, how complicated the laws are, how complicated it is to interact with the public sector, how slow the public sector itself is in moving, which requires simplifying but also managing the PA staff in a different, more modern way: For now I don’t think there was the political will to do this”. Thus the economist Carlo Cottarelli intervening in Fee Only Summit 2024.
At an international level, how is this geopolitically unstable period influencing the markets?
“Besides the fact that these wars are a disaster, they are having a fairly modest impact on the economic world, the world’s economic growth is around 3.2% percent this year, those are pretty good growth rates despite these geopolitical issues. What is certain is that if they intensified further we would have to worry not only about the economic effect but about the survival of humanity.”
Meanwhile, the defense sector is becoming increasingly strategic
“Yes, and if we in Europe moved in a more unified way, we would have either savings or greater effectiveness compared to today: we are 27 countries, 27 armies, in the United States there is a single type of tank, with some variations, while we in Europe have 16 -17 different tanks in Europe”
In this context what is the influence of BRICS
“If we continue like this, we will be dominated by the BRICS, the Western world is losing ground because it has lost what it has had for two centuries: the ability to innovate more rapidly than other areas of the world”.