Simplify the following text for a Grade 14 native English-speaking person.
Original: But Fascist Italy promoted a huge development of Trieste in the 1930s , with new manufacturing activities related even to naval and armament industries ( like the famous `` Cantieri Aeronautici Navali Triestini ( CANT ) '' ) .
Simplified: The economy of Trieste , however , fell into a small decline after the city 's annexation to Italy after World War I. But Fascist Italy promoted a huge development of Trieste in the 1930s , with new manufacturing activities related even to naval and armament industries ( like the famous `` Cantieri Aeronautici Navali Triestini ( CANT ) '' ) .