Italy didn't unify as a country until 1871 and the Italian economy is one of the largest in Europe, if also a complete basket case. Either way, they certainly aren't considered to be a poor country.

500 years ago, Italy was being trampled in a protracted series of wars between France and Spain, far from a 'world economic power'. I wonder if you might have confused Italy with Spain, as your description would actually make sense if made about Spain, although I would be pretty surprised if they were among the poorest countries on Europe now.

As the other chap pointed out, they're not exactly poor. They're the fifth largest economy in the world, third in the Eurozone, have a Very High HDI etc

I'm reminded of Bill Bryson's uncharitable comment in Neither Here nor There along the lines that if the Italians had the work ethic of the Japanese, they would rule the world.