Malta To Withstand Economic Fallout From COVID-19 ‘Three Times’ Better Than Most EU Countries, IMF Predicts
A new analysis predicting the economic downturn in countries due to the COVID-19 pandemic sees Malta recovering from the crisis better than most countries.
The International Monetary Fund’s World Economic Outlook, published this month, described a changing world, with an “altered” economic landscape.
With the crisis impacting each country differently, the IMF predicted Malta’s GDP to shrink by 2.8% this year, before rebounding next year with a 7% growth rate.
This places Malta among the most resistant European countries, with only Hungary and Serbia with a 3.1% and 3.0% downturn predicted respectively coming near Malta’s numbers.
An average decrease of 6.6% in GDP was forecast across Europe, with some European countries predicted to be impacted at a much larger rate. For example, the Netherlands is expected to suffer a 7.5% in GDP decrease in 2020 and a 3% growth rate next year.
The news was welcomed by Prime Minister Robert Abela.
In its #World #Economic #Outlook the @lMFNews predicts #Malta’s economy will this year withstand the impact of COVID-19 three times better than the Euro Area and that next year we will grow one and a half times better – RA
— Robert Abela (@RobertAbela_MT) April 14, 2020
Economy Minister Silvio Schembri also welcomed the forecast, claiming that the financial package the government is offering to businesses impacted by the crisis is amongst the best in the world.
“We reiterate our commitment for Malta to return to a state of unprecedented economic, institutional and social growth once the pandemic has passed,” he said. “We must keep helping businesses and the self-employed while restructuring where it’s needed.”
What do you think of this economic forecast?
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