Malta has once again improved its ranking in the new 2016/2017 World Economic Forum’s Global Competitiveness Index published. Malta can now be found in the 37th place surpassing countries like Italy, Slovenia, Portugal and Croatia.
The WEF report ranks 137 countries on 12 pillars. Malta excelled in labour market efficiency (29th position), higher education and training (30thposition), business sophistication (31st position), and innovation (38th position).
The Maltese government attributed this improvement to the reduction in public deficit and debt whilst it also increased national savings. The government said that a substantial improvement in female workforce because of the implemented free childcare measure aided Malta to climb three positions within a 12-month timeframe.
Minister for the Economy, Investment and Small Business, Chris Cardona said that these results will “serve to further increase the government’s drive to further increase competitiveness.” He also highlighted that the government continue to address the challenges in relation to the creation of a better-skilled workforce needed due to the shift in the Maltese economy which now needs to cater for operations which require higher levels of training and expertise. He concluded that such results put Malta in an “attractive economic position” which means that Malta will be able to hold its competitive levels in the long run.
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Established by Brian Tonna, managing partner, Nexia BT is a corporate and private client advisory, audit, accounting and tax firm. Our clients are local and international financial and other institutions, SMEs, high-net-worth-individuals, the public sector and high-end organisations.
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