Country Information
- Country name: Italy;
- Population size and age structure: 61,021,855, where 64.61% are people of 15-64 years, 12.08% – 0-14 years, and 23.31% – 65+;
- Government type: parliamentary republic;
- Legal system: civil law system;
- The size of the economy (GDP): $2.478 trillion (2021);
- GDP growth rate: 6.74% (2021);
- Major industries: tourism, fashion, food products, clothing, production of metal and chemicals, factory machines, automobile parts, ceramics;
- Unemployment rate: 9.83% (2021);
- The labor force by occupation: services 67.8%, industry 28.3%, and agriculture 3.9% (“Italy,” 2023).
Suitable International Business Idea and Its Rationale
Considering the factors above, creating an international business in Italy is feasible based on its tourism sector. The economic growth, the size of the labor force, and the volume of the industry suggest that either an investment or a new startup of a hotel business in Italy is likely to bring benefits (“Italy,” 2023). As services in Italy prosper, which is apparent in the percentage of this type of occupation, no shortage of workers and healthy competition supports it. Since the country shows no signs of ceasing to be an attractive location for tourists across the globe, purchasing real estate ensures that it remains highly profitable throughout the years.
Being one of the most significant cultural heritage centers, Italy ensures its value as a travel destination is well-preserved. While global events similar to the COVID-19 outbreak did show that this industry is susceptible to sudden halts, economic incentives that ward businesses against it are now in place. This industry is also feasible to invest in due to its expansion prospects following the bust after the global lockdowns. Even under duress, Italy has shown its capability to expand economically, as indicated in its GDP growth in 2021 (“Italy,” 2023). In conclusion, Italy’s booming tourism can be leveraged by a startup company or an investment in the hotel business or hospitality in general due to the size and direction of this market.
Reference
Italy. (2023). Central Intelligence Agency – CIA. Web.