Why is Italy’s economy doing so much worse than it should be doing?

Italy is #4 in Europe by GDP, it’s #11 in the world, it is literally the richest country in the world per capita, despite this it is consistently dropping in every single metric. It’s government budget is running a deficit of 15% of gdp and has the highest debt to gdp ratio outside of Japan. It’s population is declining at a rate of 0.3% per year and, despite this, it is #41 in the world in terms of high net worth individuals per 100,000 people. I understand that Italy has had no government for 11 out of the past 15 years, and all of this badly affects the Italian economy both in terms of government spending and lack of government investment, but what other reasons are there that make Italy’s economy doing so poorly?