August 25, 2015 – Il Sole 24 Ore published an editorial by SEP Scientific Council member Stefano Manzocchi, in which he discusses the effects of the recent economic turndown in Asia on the Italian economy. Pointing out that Asia makes up 8.5% of Italy’s exports, a number which has grown significantly since 2010, he argues that the emerging economies have a definite impact on Italian production. The crisis in China has effected both Russia and Brazil, and the devaluation of Asian currencies has also led to the same trend in South America and Africa, especially with respect to the euro.
However, it would be wrong to assume that Italian exports are automatically in peril. While real prices, which are impacted by the relative value of the euro, do play a factor, much depends on the contractual power of industrial producers, marketing, and commercial distribution. He argues that exporters can adapt their strategies to confront new challenges, and perhaps focus more on “mature” markets in the medium term as opposed to “emerging” markets. He also argues that the EU on its own make up 55% of Italian exports, and if Brussels decides to relaunch its investment plans, the benefits for Italy would be immediate.
- The full article (in Italian) is available from Il Sole 24 Ore.