Although not growing at the same rates as in the last few years, Malta’s GDP growth is still strong compared to the EU average. In fact, the economy for 2020 is expected to keep flourishing with Malta’s GDP projected to grow by 4.3 per cent, with a surplus of 1.4 per cent and the island’s debt-to-GDP ratio declining further to 40.4 per cent.
The Government aims to keep unemployment low at 3.5% during 2020 resulting in a 4.1% improvement in the employment.
The inflation for 2020 is expected to be at the rate of 1.6%.
New proposed industries mentioned during the budget speech include the space sector and the drones sector, though which government aims to attract foreign investment in research and new innovative technologies.
Government will also be investing further in AI. Amongst others student scholarships in the field will be introduced, and an AI innovation hub will be established.
Further investment in the Fintech field is expected. This will include investment in the Internet of Things and cyber security spheres.