European Commission gave Malta a promising Spring economic forecast predicting that Malta’s economy is set to continue to expand by 4.2% in 2022 and by 4.0% in 2023, making Malta the second highest country for growth in Europe 2023.
Together with positive development in the labour market, Malta’s unemployment rate, at 3.5% in 2021, is set to remain broadly stable in 2022 and 2023, which is promising for anyone in job market.
Though Malta has a relatively low inflation rate compared with many other European Countries, due to pressure from increasing international energy and commodity prices and of course the Russian invasion of Ukraine, Malta inflation is set to rise to 4.5% in 2022, still the 2nd lowest in Europe which will be a relief to many as we watch the escalating inflation rate in many other European countries. Furthermore, the prime minister, Robert Abela is set on safeguarding the Maltese households.
Other positive news to add are that last week the rating agency Fitch affirmed Malta’s rating status of A+ predicting a stable outlook. Fitch also noted that Malta has a high WBGI (World Bank Governance Indicators) ranking at 79.8, reflecting its long track record of stable and peaceful political transitions, well established rights for participation in the political process, strong institutional capacity, effective rule of law and a low level of corruption.
Sources: Times of Malta