In its annual report, the World Economic Forum described Malta as an innovation-driven economy with a sound banking system and technological readiness with notable advantages in the financial services industry. In fact, Malta ranked highly in four areas of the Global Competitiveness Report, namely Financial Markets Development, Institutions, Health and Primary Education and Higher Education.
Malta ranked 15th in Financial Market Development
In its 2011-2012 Competitiveness Index, the World Economic Forum has placed Malta’s financial market development in the same point bracket as Singapore, Australia, Switzerland, Luxembourg, Canada and France. Ranked in the 15the position, Malta’s development of the financial market has been identified as the highest ranking indication of economic competitiveness, a critical component of economic stability and a driver of economic growth.
Malta ranked 12th in Banking Soundness
The Report places the soundness of Maltese banks at the 12th position, ranking closely to Hong Kong, Singapore, Australia and Canada. Malta was also placed 12th for ease of access to loans, 10th for the strength of auditing and reporting standards and 21st for regulation of securities exchanges.
At 65%, sectoral value-added as a percentage share of GDP is among the highest in all countries surveyed.
Malta ranked in top 20 for Technology Transfer
Malta also ranks among the top 20 for technology transfer in Foreign Direct Investment; quality of the port and air transport infrastructure; telecommunications and safety of doing business.
The business impact of rules on Foreign Direct Investment was placed at the 11th position, availability of latest technologies at the 21st position and country credit rating at the 26th position.
Malta’s quality of the educational system was ranked at the 18th position.
The Report places Malta in 51st position in its overall ranking based on 142 countries and among a group of forty-one countries that are considered more likely to be able to sustain their competitiveness in the longer term. All this augers very well in a global unstable economy environment and places Malta in a very attractive economic position.
