Italy is a major supporter of the G20 summit, believing in the capacity of international collaboration to address some of the world's most serious issues. The government is particularly interested in G20 agenda items like sustainable development, poverty alleviation, and climate change. Furthermore, Italy regards the G20 as an essential venue for encouraging economic growth and stability, as well as developing conversation and understanding among many cultures and communities. Overall, Italy is dedicated to collaborating with other G20 members to develop solutions that will benefit people all across the world, not just its own residents.
Following World War II, the Italian economy was among the weakest in all of Europe. Today, it is among the strongest. Its metallurgy and technology sectors are its strong suits, while an absence of energy sources and raw materials are its weaknesses. Most of the energy needed in Italy is imported. However, the chemical industry also does well, and one of Italy's biggest industries is textiles. Manufacturing exports expanded phenomenally because of an entrepreneurial characteristics bias and liberal trade policies that were implemented after the war, but a burdensome bureaucracy and inadequate planning prevented uniform economic growth across the nation. The importance of services, especially tourism, cannot be overstated. At the turn of the 20th century, Italy managed to bring its elevated inflation levels under regulation and adopted more cautious fiscal policies, including extensive privatization, to achieve parity with other EU countries.