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NAPLES, ITALY - 23 JULY 2019: Members of the "Movimento 7 Novembre" community organization rally against unemployment and undeclared work in Naples, Italy, on July 23rd 2019.

Italian companies are deferring expansions and limiting investment rather than risking cash in a time of uncertainty. The public debt remains monumental, running at more than 2 trillion euro ($2.24 trillion), or more than 130 percent of annual economic output. Banks are still stuffed with bad loans — albeit fewer than before — making them reluctant to lend. An economy that has not expanded over the past decade is this year widely expected to again produce no growth.

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20190722_NYT-Italy-Econ-Naples
NAPLES, ITALY - 23 JULY 2019: Members of the "Movimento 7 Novembre" community organization rally against unemployment and undeclared work in Naples, Italy, on July 23rd 2019.<br /> <br /> Italian companies are deferring expansions and limiting investment rather than risking cash in a time of uncertainty. The public debt remains monumental, running at more than 2 trillion euro ($2.24 trillion), or more than 130 percent of annual economic output. Banks are still stuffed with bad loans — albeit fewer than before — making them reluctant to lend. An economy that has not expanded over the past decade is this year widely expected to again produce no growth.