German credit rating agency Creditreform Rating AG has assigned an A+ rating with stable prospects to the Maltese economy when evaluating its administrative and economic criteria.
The A+ rating was given thanks to Malta’s positive economic performance as well as that of the labour market which the agency highlighted to be growing at the fastest rate throughout countries in the EU. Malta was assessed on six main indicators - tourism, services, inflation, labour market, imports and exports, and consumption. The agency’s economists expect that this current good rhythm will keep at a steady momentum.
Creditreform Rating AG’s economists remarked that Maltese institutions are at a high level although as expected, some inefficiencies still remain. Furthermore, they commented on Malta’s governance index which is at par with that of euro zone countries.
The reason that Malta was given it’s A+ rating was also due to the fact that the Maltese Government continues to achieve its financial targets set along with the recently announced budget surplus which is expected to further enhance the plan for decreasing debts. The agency forecasts that this will result in the Maltese economic growth to decrease to 50% of the GDP by 2018.
In response to the positive credit rating issued, the Government of Malta said that this shows confidence in our country by renowned international agencies. The Government continued to say that this report, which follows other positive ones from the European Commission and the International Monetary Fund, further confirm that Malta’s wealth is expected to grow even more in the coming years while the Government will keep on focusing its efforts so that this will be an asset to prepare our country for the future.