Editing Economy of San Marino (section)

== Overview ==
San Marino's per-capita GDP stands at almost $53,000 in 2023, placing the country 17th in the world.<ref name="IMFWEOSM"/> Overall, the per capita level of output and [[standard of living]] is comparable to the richest regions of [[Italy]]. Most of the food, water, and other raw resources are imported from Italy, including also the totality of electricity and natural gas. Taxes, especially on labor and capital income, are generally much lower than in Italy, therefore, there are extremely strict requirements to obtain citizenship.<ref name=":0" />

Following the [[Great Recession|global recession]] of 2007–2008, San Marino's economy contracted considerably, especially in the finance and banking sector.<ref name=":0" /> As a result, [[Gross domestic product|GDP]] decreased by 40% between 2008 and 2019, and [[unemployment]], which was practically nonexistent until 2007, arose to around 5–8 % in the years following the great recession. During the same period, [[Bank deposits|banks' deposits]] plummeted, going from almost 14 billion euros in 2008 to 5.2 billion. An important liquidity crisis followed suit, also made worse by the absence of a [[lender of last resort]], as San Marino is not part of the [[European Union]]. As a consequence of these events, several banks  have been bailed-out by the government, including [[Cassa di Risparmio della Repubblica di San Marino|Cassa di Risparmio]], the main bank of the country. Still, the banking system remains weak, with balance sheets that are impaired by [[Non-performing loan|Non-Performing Loans]], which amount to 114% of the country's GDP.<ref name=":1">{{Cite web|title=IMF 2020 Article IV consultation|url=https://www.imf.org/en/Publications/CR/Issues/2020/04/01/Republic-of-San-Marino-2020-Article-IV-Consultation-Press-Release-and-Staff-Report-49297}}</ref><ref>{{Cite web|title=BCSM financial-system-and-banking-statistics|url=https://www.bcsm.sm/site/en/home/publications-and-statistics/financial-system-and-banking-statistics/articolo124.html}}</ref>

The country is shifting away from an economic model typical of tax havens, reliant on banks and tax secrecy.<ref name=":0" /> Major steps in this direction were taken in 2010 with the abolition of [[S.A. (corporation)|anonymous companies]] and in 2017 with the abolition of [[Bank secrecy|banking secrecy]]. Currently, San Marino actively cooperates with international organizations, especially the [[Council of Europe]] and the [[European Union]], for what regards fighting against money laundering and terrorism financing. As a result, San Marino was removed from the Italian blacklist of tax havens in 2014, and from that of [[Economic and Financial Affairs Council|Ecofin]] in 2017.<ref>{{Cite web|last=Anonymous|date=2016-09-15|title=Common EU list of third country jurisdictions for tax purposes|url=https://ec.europa.eu/taxation_customs/tax-common-eu-list_en|access-date=2020-08-25|website=Taxation and Customs Union - European Commission|language=en}}</ref><ref>{{Cite web|title=Italy Takes San Marino Off Blacklist|url=https://www.tax-news.com/news/Italy_Takes_San_Marino_Off_Blacklist____63723.html|access-date=2020-08-25|website=www.tax-news.com|archive-date=2021-12-01|archive-url=https://web.archive.org/web/20211201122459/https://www.tax-news.com/news/Italy_Takes_San_Marino_Off_Blacklist____63723.html|url-status=usurped}}</ref>