The Global Competitiveness Report 2017-2018, prepared by the World Economic Forum (‘‘WEF’’), has once again placed Malta amongst the top jurisdictions in terms of the provision of financial services. Malta performed remarkably in key areas such as soundness of banks, the strength of auditing and reporting standards, with top 20 classifications.
Global Competitiveness Report 2017: Malta ranks 37th out of 137 countries
This year’s Global Competitiveness Report continues to be the most comprehensive assessment of its kind, featuring 137 economies and containing detailed profiles highlighting competitive strengths and weaknesses for each of the 137 economies, as well as an extensive section of data tables displaying relative rankings for more than 100 variables. In terms of competitiveness, the Global Competitiveness Report has placed Malta 37th out of 137 countries meaning that the jurisdiction has climbed three places in its competitiveness levels across the board, thereby enhancing the attractiveness of Malta as a leading investment location.
This publication of the Global Competitiveness Report assesses each country on 12 main pillars. Malta excelled particularly well in the areas of higher education and training (30th), labour market efficiency (29th), business sophistication (31st), technological readiness (22nd), and innovation (38th). Switzerland retained first place as the most competitive economy, followed by the United States and Singapore. Other nations making the top 10 positions were the Netherlands in fourth place, followed by Germany, Hong Kong, Sweden, the United Kingdom, Japan and Finland.
Malta – Increasingly optimal Economic Performance
Malta’s economic performance can be attributed to the reduction of public debt and deficit, and an increase in national savings. There was also a significant improvement in female participation in the labour market. Economy Minister Chris Cardona welcomed this notable development, stating that the World Economic Forum Report is among the most respected, global publications in business. The Minister also commented that the Government is committed to continue addressing challenges related to creating a better-skilled workforce. He remarked that this need was due to the shift in Malta’s economy, which now involves operations requiring higher levels of training and expertise than was needed in the past.
In the introduction to the Global Competitiveness Report, the WEF notes that the “Global Competitiveness Report 2017–2018 comes out at a time when the global economy has started to show signs of recovery and yet policymakers and business leaders are concerned about the prospects for future economic growth. Governments, businesses, and individuals are experiencing high levels of uncertainty as technology and geopolitical forces reshape the economic and political order that has underpinned international relations and economic policy for the past 25 years. At the same time, the perception that current economic approaches do not serve people and societies well enough is gaining ground, prompting calls for new models of human-centric economic progress.”
