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Is Italy truly in decline, or simply going through a difficult phase? Over the past decades, the Italian economy has gradually lost momentum. Wages have stagnated, productivity has stalled, and an increasing number of young people have chosen to seek opportunities abroad. What lies behind this long-term slowdown? "Portrait of a decline" tackles one of the most pressing questions about Italy’s future: why has the country stopped growing? Drawing on data-driven analysis and clear economic reasoning, the authors explore the structural causes of Italy’s stagnation, moving beyond simplistic narratives and common misconceptions. From demographic decline to weak productivity, from public debt to deeper institutional and economic constraints, the book provides a comprehensive and accessible account of the forces shaping Italy’s economic trajectory. What emerges is not a sudden crisis, but a gradual and persistent decline rooted in long-term dynamics. Without relying on slogans or oversimplifications, this work guides readers through the evidence, the mechanisms, and the policy choices that have defined the past forty years. It is an essential read for anyone seeking to understand Italy’s economy and gain a clearer perspective on its future.