The Italian Republic is advanced capitalistic mixed economy located in Southern Europe. It is also considered part of Western Europe. Total geographical area of Italy is about 301,340 km2 and share its land border with Switzerland, France, Austria, San Marino, Vatican City and Slovenia. Italy is 3rd most populous country member of European Union with 60 million inhabitants. Italy is home to myriad people due to its geographical location in the Mediterranean and Southern Europe.
Today Italy is considered one of the world’s most economically and culturally advanced countries. It is world 8th largest economy by nominal GDP and 3rd largest in Eurozone. Italy is world 3rd largest reservoir of gold and 6th largest by its national wealth. It ranks very high in quality of life, life expectancy, education and healthcare. Its plays significant role in domestic and global economic development. It is ranked 8th world most powerful military due to its great regional and international power.
Italy is leading and founding member of European Union. It is also member of various other international organizations including United Nation, North Atlantic Treaty Organization, World Trade Organization, the Council of Europe, and Union for the Mediterranean, the Schengen Area, and Uniting for Consensus, G7, G20, OSCE, OECD and many more. Italy is also a global center for music, arts, philosophy, literature, fashion, science and technology, sports, cuisine, cinema, banking and business. Italy is world 5th most visited countries due to cultural wealth. It is home to various world heritage sites.
Italy has free market economy with high per capita GDP. The Germany and France are major exports partners of Italy. Its major exports includes, automobiles, machinery, textile and clothing, foods, beverages, chemicals, minerals, tobacco and other nonferrous metals.