IMF Rates the Economy in Malta Among Europe’s Strongest

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The International Monetary Fund, more commonly known as the IMF, dates back to a 1940s’ UN Conference. It publishes regular reports to ensure international economic unity and to prevent another Great Depression. The latest Malta-related Staff Country Report was published on January 29, 2024, and acclaims the economy in Malta as one of Europe’s strongest.

IMF Staff Country Report No. 2024/033 Summary

This summary begins positively: “Malta has experienced an impressive recovery from the pandemic and demonstrated resilience to shocks resulting from Russia’s invasion of Ukraine.” 

“With weaker growth in Europe and waning post-pandemic pent-up demand, staff expect growth to decelerate somewhat but continue to expand by 6¼ percent in 2023 and 5 percent in 2024, among the highest in Europe.”

It continues in a cautionary vein: “Persistent inflationary pressures are expected, while concern has risen about growing capacity constraints.” Before concluding on a resounding note: “The financial system has demonstrated resilience to successive shocks.”

Robust Growth of the Economy in Malta

According to the IMF, the Maltese economy is built on sturdy foundations. Granted, it’s not growing as fast as it was in 2022, where it recorded an 8.25% increase. Yet it stands up well with the rest of Europe, with the continent’s biggest economy, Germany, predicted to grow only 0.5% in 2024. 

Net exports are the key contributory factor. This section ends with the following observations: “By sector, while the recovery in information and communications technology (ICT), trade and tourism services, and construction moderated, remote gaming and professional services continued to grow robustly.”

The Latitude Take on the Economy in Malta

Who better to offer a Latitude Group perspective on the economy in Malta than Latitude Malta Managing Partner Ryan Darmanin? It’s a rhetorical question. Darmanin was born and bred in the Maltese archipelago.

“The Malta today is not the Malta I remember as a child,” explains Darmanin. “Belonging to the European Union has transformed Malta from a sleepy island group to a lively expat hotspot.” 

“Another factor in Malta’s economic metamorphosis is the Maltese Residency and Citizenship by Investment which has injected plenty of capital.”

How to Get Maltese Residency and Citizenship by Investment

Latitude Malta has an office in bustling St Julian’s. We can walk you through the benefits of the Malta Permanent Residence Programme (MPRP) and Maltese Exceptional Investor Naturalization (MEIN). So, don’t delay and contact us today.