IMF releases statement praising government work on Malta
In a recent statement, the IMF praised Malta’s government work. Stable economic growth in particular was one of the positive outcomes of work well done. Sustained structural reforms, the strengthening of both the public and private sectors and a sustainable fight against unemployment will lead to positive economic development of the country.
The IMF emphasized that this was not just a matter of letting good administration run its course. Rather, it is the result of the hard work that the government has undertaken in recent years.
In fact, Malta’s economy has been growing steadily for several years, making it one of the fastest-growing economies in Europe. Above-average growth rates have led to one of the lowest unemployment rates in the island’s history.
Challenges continue to arise, as can be expected
But even with all the praise and the continued positive outlook for the future, the IMF is continually reminding us of the newer challenges presented by the changes instilled.
The road network and public transport are not able to keep pace with the country’s rapid development. In this situation, the government must act through infrastructure reforms to ensure that traffic flows again. This isn’t just concerning a traffic jam that will take you 20 minutes longer to get to and from work. It’s about keeping economic growth in line with the country’s infrastructural development.
Malta’s real estate boom should benefit low-income households as well
The government would do well to promote social housing and also to take various measures to ensure that even low-income households will be able to buy real estate. The source of this demand is certainly due to the massive increase of price on the real estate market. Malta has experienced a real estate boom in recent years. There are a multitude of new buildings, including several skyscrapers, currently being developed on the island.
The IMF’s report also highlights Malta’s balanced budget. For 2017, the IMF expects a surplus of 1.3% of GDP. Debt has fallen below 60% of GDP, which is considered to be a very positive sign.
The financial sector is rated stable and the banks have been praised for their solid and profitable work.
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