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Lombardy’s economy: the 5 areas of excellence from which to relaunch enterprise

The local area focus emphasises Lombardy’s role in the national economy and identifies five regional excellences that can accelerate the post-Covid recovery

Lombardy boasts by far the largest economy in Italy, with a GDP of almost 401 billion euros in 2019, or 22.4% of the national total. Lombardy has always been an economic engine and a major point of intersection with continental Europe. Even in the last twenty years, its capacity for growth has easily outstripped both the national average (+13.3% vs. +4.0%) and the northern regions as a whole (+7.4%).

Although considered among the most dynamic economies in Europe, even before the Covid crisis, the ‘locomotive’ of Italy was already showing signs of decline, losing competitiveness to areas considered the ‘engines of Europe’, including regions such as Baden-Württemberg, Rhône-Alpes and Catalonia.

Lombardy’s importance in Italy’s economy is such that the region’s post-Covid recovery is crucial for leading the country out of the crisis and placing it permanently in a more dynamic European context. With this in mind, we have identified five areas of focus, representing excellences and ‘platforms’ on which to base the recovery of all economic sectors:

  • research, innovation and training;
  • financial services;
  • trade fair system;
  • airport network ;
  • sustainable mobility.

Lombardy’s future development path will be inextricably linked to its ability to reorient itself in the post-Covid world. In particular, the region will need to face three challenges: maintaining its attractiveness, closing the gap with the other major European regions, and preserving a harmonious development model between Milan and the rest of the region and between the region and the rest of Italy. To meet and overcome these challenges, the region will need to follow three paths:

  • digital transition. The development of a cutting-edge digital framework is a necessary step to improve the competitiveness of the production system and promote the efficiency of public administration;
  • transport and logistics infrastructure. Adequate infrastructure will be needed to support the international projection of the entrepreneurial system and to ensure an even development of local areas, also with a view to integration with other Italian regions and Europe;
  • ecological transition. In a Europe where people and companies will focus increasingly on the environment, only by consolidating past significant investments can the region continue to be an attractive location in the future.
Read the focus