Malta will have highest economic growth in EU in 2022

Last Updated on Friday, 6 November, 2020 at 9:35 am by Andre Camilleri

The latest European Commission economic forecast projects that Malta will register the highest economic growth in the EU in 2022, the government said in a statement.

Malta’s economic growth is projected to be 6.2% for 2022, double the EU average, the government said.

Despite the impact of Covid-19 on tourism, the European Commission holds that the pandemic results in “a temporary shift from a buoyant growth trend.”

“The European Commission predicts that the economic impact of Covid-19 on the country in 2020 is expected to be 20% less than the Eurozone.”

The government added that the country’s GDP at the end of 2022 would be 1.4% higher than 2019.

One of the reasons for the good forecast, the government said, was the economic stimulus package introduced by the government. “The European Commission holds that a voucher system to residents combined with wage supplements to affected employees should support consumption in the retail sector this year”.

The government also noted that government expenditure is the highest in Europe, and that the European Commission reports mentions major government projects announced, that will contribute to the economy.

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