The Cernobbio Forum presents a contrasting picture of the Italian economy. The 2026 Global Attractiveness Index, which includes 146 economies, ranks Italy 17th with a score of 62.1, its best result since 2022, thanks to a five-place increase. The country has record exports of €643 billion, ranking fourth globally in geographical diversification, and an all-time high employment rate of almost 24.3 million. Nevertheless, the situation is reversed when it comes to foreign direct investment: inflows to Italy decreased by 27% in 2025, a decline that is also observed in France (-36%) and Spain (-29%), while Germany experienced a 24% increase. Structural concerns such as energy prices, deteriorating total factor productivity (Italy has dropped to 62nd in efficiency), and a growing mismatch between skills necessary and accessible in the labor market are all weighing heavily. Analysts' message is clear: Italy's commercial excellence has not yet translated into the capacity to attract foreign investments.