According to the latest economic forecasts of the European Commission, Malta will record the highest economic growth in the European Union next year, so much so that the forecast growth rate, 5.4%, is expected to be almost one and a half times of the European average. This confirms how the measures implemented by the government are expected to lead to the regeneration of the Maltese economy.
Despite noting the importance of tourism for Malta, the Commission’s report states that the vaccination program as well as the recovery of domestic demand are expected to lead to strong growth in the Maltese economy this year. In fact, the growth in 2021 for our country is expected to be better than the European average, 4.5% in Malta and 3.7% in the European Union.
It should be noted that the European Commission’s forecasts do not take into account the impact of the new European funds. Thus, these experts claim that in reality the growth of our country could be more than predicted. In addition, the Commission’s report states that, “by the end of 2022, the tourism sector is expected to recover close to pre-pandemic levels.” The same can be said for international trade.
The government welcomes this positive forecast while in the process of finalizing the strategic plan on how European funds will be used. This largest financial package ever given to our country will complement the funding resources saved by the government in recent years and will lead to new prosperity for our country.