Italy isn’t in great shape economically.
It’s politics may be worse. Italy had an election earlier this month, but they still don’t have a government.
Italy is a parliamentary system: the party with the most votes gets to rule. But if no one get a majority, the parties have to form a coalition.
Since the election, they’ve tried — more than once — to form a coalition government. And failed.
Currently, the presumably more serious government, that came in last place in the election, is still in charge as a caretaker.
Keep your eye on the ball. Macroeconomic crises do not surprise people who are paying attention. But, the excuse “no one saw this coming” is often used after that fact.
Not to worry though: Belgium went without a new government for over a year, and in many ways the country was all the better for it.