A recent report issued by the International Monetary Fund (IMF) shows Malta remained one of the fastest growing economies in the European Union in 2016. The report indicates Malta has had sound macroeconomic policies during the last several years which have resulted in positive results for the economy. Our company formation consultants in Malta can assist foreign investors interested in starting a business in this country.
The IMF’s executive board measured the economic performance of all European countries and decided Malta was one of the most performant ones during the last year. This result was mainly obtained due to the policies implemented by the government which had a positive impact on businesses and the population. Among these policies, the IMF commended Malta for the large number of jobs created on a year-to-year basis, the low unemployment rate and the overall improved public finances. The strong economic performance registered in 2015 was also a factor that gave a boost to last year’s economy. Malta also has one of the best capitalized and liquid banking systems in the world which has helped surpass other countries of the same size and economy.
When talking about numbers, after the approximately 8% economic growth registered by Malta in 2014 and 2015, the output rose by nearly 4.1% in 2016 supported by the increase in domestic demand, showing a robust internal purchase power.
Most of the reports issued by the IMF come with several recommendations which should keep economic afloat, or like in the case of Malta to improve even more. This time, the IMF urges Malta to continue focusing on the small economy represented by the growth of small and medium-sized enterprises. Competitiveness is another key factor Malta should focus on in 2017.
With respect to the forecast for 2017, the IMF predicts a 3.4% increase for this year’s economy. A growth in job numbers in still expected and low interest rates on loans. Describing it in one word, the IMF says Malta’s economic forecast looks favorable in 2017.
For assistance in starting a business here in 2017, do not hesitate to contact our company incorporation agents in Malta.