BANCA D’ITALIA  The Governor’s Concluding Remarks Annual Report 2021  11  Difficulties, trends and challenges for the Italian economy The restructuring that took place in the decade prior to the pandemic enabled Italian firms to face the crisis from a relatively sound financial position. A recovery in competitiveness has been underway for some time.
In this highly interconnected world, the economic growth of an individual nation is no longer a purely domestic issue. Rather, it is an international issue, that deserves attention from a generalequilibrium perspective. Indeed, the biggest challenge for the world economy at this juncture is that of avoiding local and unstable solutions, and of instead seeking a solution that is global and sustainable.