Browsing the financial weeklies, it is evident that while Europe is still struggling – the International Monetary Fund’s recent forecasts are not exactly encouraging – in America the long awaited recovery almost appears to have begun. In some manufacturing sectors companies have even reintroduced the third shift (or are about to), with other sectors consequently standing to benefit in the mid-term.
Two considerations: on the one hand, America is returning to growth. Historically the American economy has always driven the world economic cycle, including that of Europe. Now the geography has changed, but the American economy is still the biggest in the world, so does this mean we can look to the future with a little more optimism? On the other hand, it is striking that the manufacturing sector is at the centre of the recovery. Perhaps the crisis has taught us that services are important but they’re not everything.
Fortunately, it has also shown us that industry still exists and who knows, maybe in the mid-term we’ll see a similar recovery in Italian industry. This will certainly require the contribution of everybody, entrepreneurs and institutions above all.