Part 4/9:
Many Southern European countries had to endure brutal austerity measures that led to years of stagnation. According to Eurostat data from 2016, disparities in productivity between Northern and Southern Europe remained stark, with Italy's productivity plummeting from 9% above the European average in 2005 to significantly lower metrics over the next decade. Spain, too, saw a decline, dropping to 6% below the average, while Greece and Portugal lagged far behind.