 Following the liberation of Italy the country abolished their monarchy, established a democratic Republic and enjoyed a prolonged economic boom, becoming a highly developed country.Today, Italy is considered to be one of the world's most culturally and economically advanced countries, with the world's eighth-largest economy by nominal GDP (third in the European Union), sixth-largest national wealth and third-largest central bank gold reserve.It ranks very highly in life expectancy, quality of life, healthcare, and education.