The Government’s emphasis on the resumption of a major investment programme is therefore something that can be shared. The programme’s effectiveness will depend on elements that cannot be taken for granted in Italy: fast implementation, efficient action, and careful selection of projects to identify those likely to produce a real qualitative and quantitative increase in capital.
In view of the recent contraction, there is probably ample scope to make profitable investments; but only if they are properly selected and efficiently realised will they be able to achieve positive externalities for the growth of the economy.3 Given the time needed to select projects and complete the planning and commissioning phases, the increase in spending might not become apparent for some time, diminishing the investment’s contribution to growth in the short term.