While working (with Ambra Altimari) to an operational measure of macroeconomic vulnerability we have computed the rate
of growth in real per-capita GDP of about 160 countries, measured in dollars at 2000 prices, between 2006 – the year before the Great Recession – and 2010 – the last year for which data are available for all countries.
Focusing on Oecd countries, and comparing per-capita real GDP in 2006 with the change over our sample, we obtain the chart below.
The chart shows that, from 2006 to 2010, only Ireland, Iceland, Estonia and Greece had a worse performance than Italy. In 2011 Greece fared even worse, thanks (!) to austerity measures, while Istat data for Italy in 2011 show no change in real per-capita GDP. But since the end of 2011 Mr. Monti introduced austerity measures…
Those in Italy who like to repeat that “we are not Greece” have been warned.