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To be fair, he was referring more to the fact that (A) China's economy is going to recover much faster than ours, (B) Europe has gotten it together to the point that Italy or Greece leaving the Eurozone is no longer even being talked about (C) the varying levels of success and failure when it comes to preserving economies is going to reshape international trade.
Perhaps, politically they may have gotten their shit tougher but tourism is 13 percent of Italian gdp and 11% of Spanish. Those have gone down to near 0 and that’s not accounting for other industries affected. Unemployment was near 20% prior to the pandemic it’s probably close to 50% now. So while they may have dealt with the crisis better it may not be better enough to matter.