IMF raises Malta GDP growth projections by more than 1%

Last Updated on Thursday, 22 July, 2021 at 11:48 am by Andre Camilleri

The International Monetary Fund has raised gross domestic product projections for Malta this year from 4.7% to 5.8%, a government statement said.

As for next year, the growth is expected to be 6%, more than half a percentage point larger than the previous prediction in April.

The IMF refers to “the (Maltese) authorities’ swift and bold policy response” which helped mitigate the impact, preventing large-scale layoffs, bankruptcies, and credit disintermediation.

The IMF also praised Malta’s vaccination campaign and noted that the Maltese people’s confidence on their future is up to pre-pandemic levels. 

The fund urged the government to continue to taper measures to sustain the economy, while shifting to others to help further growth.

The report noted that “over the past two years, the (Maltese) authorities have made good progress in strengthening the AML/CFT framework, including by addressing technical deficiencies”. They encouraged the government to continue implementing the action plan agreed with the Financial Action Task Force, which recently grey listed Malta.

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