The World Economic Forum has reaffirmed Malta’s continued growth and competitiveness in the business world in the Global Competitiveness Index 2017-2018. Malta moved up in the ranking three places from the previous release, now ranking 37th out of 137 countries.
This publication ranks these countries on 12 main pillars. Of these Malta performed exceptionally well in the areas of higher education and training (30th), labour market efficiency (29th), business sophistication (31st) and innovation (38th).
The reduction of public debt and deficit is a major contributing factor to Malta’s economic performance. The increase in female participation in the labour force is having a further positive impact on Malta’s Economic Performance. The World Economic Forum Report is a highly respected global publication and as such its positive ranking of Malta encourages the Government to carry out further positive changes in this field.
One of the challenges still facing Malta moving forward is the lack of a better-skilled workforce. As Malta’s economy has only recently made a shift to these fields there is a lack of employees who have a high enough level of training and expertise. Moving forward this is a challenge that the Government is working on addressing to ensure that Malta continues to experience economic growth.
This positive ranking from the World Economic Forum further indicates Malta is likely to sustain its continued positive economic growth in the long term.