Malta Set To Have EU’s Fastest-Growing Economy This Year, European Commission Predicts
Malta’s economy is set to grow at the fastest rate in the European Union this year, a new economic analysis by the European Commission has predicted.
In its Winter 2022 Economic Forecast, the EC predicted that Malta’s GDP will grow by 6%, ahead of Spain (5.6%) and Poland, Portugal and Ireland (all 55.5%).
That would place Malta two points ahead of the 4% EU average for forecast economic growth.
Meanwhile, Malta’s inflation rate is set to reach 2.1%, which is higher than rates recorded in recent years but still the lowest out of all EU member states.
Prime Minister Robert Abela welcomed the results, saying in a tweet that Malta has a “bright future” ahead of it.
The European Commission said that while the COVID-19 pandemic is still ongoing, its immediate challenge is to keep the recovery well on track.
We expect the current headwinds to fade progressively, and growth will pick up speed already this spring. The EU’s fundamentals remain strong.
“The Omicron variant has been spreading rapidly, with daily new cases still chasing one record high after another in many countries – though recent days give cause for optimism that the peak has passed for Europe as a whole,” EU Economy Commissioner Paolo Gentiloni said.
What do you make of these findings?
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