Why Malta’s Economic Growth is the strongest in Europe

Why Malta’s Economic Growth is the strongest in Europe

Modern Malta is an unlikely economic miracle, but has emerged as a wonderful success story owing to favourable economic conditions and sound policies.
Much of Malta’s economic successes owed to the growth in the following 5 sectors

 

Finance Sector.

The finance sector generates some 13% of Malta’s GDP, and it’s growing


Malta has developed into an international banking centre, and accounts for a significant share of the global banking activity with more than 25 credit institutions having a presence on the island. Rated repeatedly as the 10th soundest banking system in the world.

 

Malta has also made significant strides in the international insurance market attracting some 60 insurance companies now registered in Malta, with only a handful being active in the local mark

 

 I-Gaming

The I-Gaming industry which makes over € 1.2 billion and contributes 12 per cent to GDP, is now employing 12 000 people both local and international, in roles from live dealers to back end developers. I-Gaming has become an integral part of life in Malta and has embedded itself within the Malta economy.

 

Without doubt, Malta has become the jurisdiction of primary establishment for most operators within the industry

 

British gaming and betting giant Willian Hill Plc is the latest to get a foothold in Malta with a purchase of € 270m for a Swedish gaming company Green &Co

 

The industry continues to be one of the most exciting, innovative and lucrative drivers of growth in the country.

 

 

Regional Leader in IT

The IT sector has experienced massive growth, due in part to the explosion of I-Gaming. IT companies offering databases, support, servers, data centres, web design, software and application design offering the best in support of businesses operating in the country, have sprung up all over the island.

 

With technology at the cutting edge of Malta’s economic strategy, the IT sector is providing services to areas such as gaming, healthcare, tourism, government, science and even education.

 

 

 

Blockchain, Cryptocurrency and DLT

 

As blockchain is undoubtedly one of the most talked about new technologies and those nations who adapt first and fastest, will find themselves at the centre of this new emerging economic system.

Malta has taken this onboard and 4 months ago, the Maltese Parliament passed 3 laws establishing the regulatory framework , to protect and nurture the sector while providing greater regulatory certainty and clarification, for blockchain, cryptocurrency and distributed ledger technology (DLT) The 3 laws have gone into effect on the 1st November 2018.

 

Malta is laying the foundations to become a leading, global jurisdiction for cryptocurrencies, ICOs, and blockchain technology – in other words one of the most promising industries in the world.

 

In addition to the first blockchain applications, Malta’s Junior Minister, Silvio Schembri, is now being tasked with the progressive role of positioning Malta at the forefront of Artificial Intelligence (AI) and the Internet of Things (IoT) ” We are very excited to be part of the government of Malta’s creation of an AI-focused task force and the world first citizenship test for robots”

 

Booming Real estate

 

Both the commercial and residential real estate market is booming. As businesses and investors flock to the island in droves, high-end developers are moving in to create properties to accommodate this growth.

 

With property and land prices rising steadily, it is proving itself as a great investment, buying offices, holiday homes and other commercial properties.

 

Malta’s economy is well and truly on an upwards trajectory and all eyes are on how these five sectors will progress over the next 12 months and what other possibilities they will create for those who live, work and invest on the island.

 

 

 

Malta’s economy is well and truly on an upwards trajectory and all eyes are on how these five sectors will progress over the next 12 months and what other possibilities they will create for those who live, work and invest on the island.