Final answer:
A value of λ slightly less than 1.0 indicates that Italy's population is decreasing, facing the challenges of an aging population and economic implications.
Step-by-step explanation:
If the value of λ for Italy is slightly less than 1.0, it implies that the population of Italy is decreasing. This can be associated with Stage 5 of the demographic transition, where birth rates fall lower than death rates resulting in a negative population growth rate.
Italy, with a top-heavy population pyramid, faces the challenges of supporting an aging population with a diminishing younger workforce, impacting economic stability and growth-dependent industries.