This year, the Maltese economy is expected to grow one and a half times more than that forecast by the European Commission six months ago. In its latest report, the European Commission estimates that this year, the Maltese economy will grow by 4.6%, well above the European average.
Germany’s economy, considered as one of Europe’s most robust, will grow at half the rate of that of our country. For next year then the Maltese economy is expected to grow by 6.1%, one and a half times more than the European average. According to European Commission experts, this is the second largest growth among member states.
The report also notes that unemployment will continue to fall to record levels and the debt burden compared to gross domestic product will remain well below what it was during the last legislature of the Nationalist Government. The report says that the labour sector has not been hit too hard thanks to the government aid measures including the Covid Wage Supplement.
It is even said that the number of people working has increased. The report continues, “Supported strongly by policy measures, headcount employment actually increased in 2020 especially in the public sector, professional services, and construction, while there was only a limited increase in Malta’s unemployment rate.” Inflation, ie consumer prices, has remained stable and the European Commission has also noted that the Government’s fiscal status will improve.