At just below 1 per cent of GDP, the share of resources devoted to the university system is roughly one third below the OECD average. In recent years, incentives have been introduced to support investment, research and development, and innovative start-ups. These measures have proved effective overall.
Some of these incentives were confirmed in the latest budget law or in last April’s ‘Growth Decree’, recalibrated mostly in favour of small and medium-sized firms. To be effective, industrial policy requires a stable legislative framework that facilitates change in the economy as a whole.