Italy must focus on boosting economic growth to help offset the effects of an aging population, Bank of Italy Governor Ignazio Visco said.
Italy, which has one of the world’s lowest birth rates, is above all “a country of old people,” Visco said at a conference in Rome about women in the economy. “This makes the challenge of economic growth not only difficult, but decisive.”
The country also needs to overhaul its labor laws to encourage hiring, he said. In southern Italy only about one quarter of young people have jobs and there are more than 2 million young people in Italy, mostly women, who don’t work or study, Visco said.