Malta ranks 37th out of 137 countries in the Global Competitiveness Report 2017-18
Malta ranks 37th out of 137 countries in the Global Competitiveness Report 2017-18. Malta moves 3 places up in the global ranking.
According to the latest Global Competitiveness Report 2017-18 which was recently published by the World Economic Forum, Malta’s competitiveness ranks 37th out of the 137 countries featuring in the Global Competitiveness Report. Malta improved its ranking by three places over the previous release and is now ranking ahead of larger European economies such as Italy, Portugal, Slovenia and Croatia.
Malta competitiveness ranking
Countries featuring in this report are assessed in relation to twelve main pillars namely; institutions, infrastructure, macroeconomic environment, health and primary education, higher education and training, goods market efficiency, labour market efficiency, financial market development, technological readiness, market size, business sophistication and innovation. Malta ranked high in the areas of health and primary education (11th), macroeconomic environment (21st), technology readiness (22nd), labour and goods market efficiency (29th), and business sophistication (31st).
In terms of the macroeconomic environment, the improvement achieved by Malta can be attributed to various factors including the reduction of public deficit, an increase in national savings, significant improvement in female participation in the labour force as a result of free childcare measures implemented by the Government, as well as general improvement in public financing.
This positive result indicates that Malta is more likely to be able to sustain its competitiveness for a longer term. In reaction to the findings, the Maltese Government welcomed the new ranking and stated that it would continue to address challenges related to creating a better-skilled workforce which is now needed because of a shift in the ever-growing Maltese economy. This shift includes operations which require high levels of training and expertise compared to what was needed in the past.
Investing in Malta
The improved ranking for Malta is a testament to the improvements registered in the competitiveness of the Maltese economy throughout the past years, and which have positively added to Malta’s economic growth and its ability to attract foreign investment.
As a law firm with a strong focus on FDI, Chetcuti Cauchi Advocates has always placed significant importance on promoting Malta as a competitive and stable jurisdiction for foreign investment. We act as trusted advisors to a large number of foreign investors in various sectors that we operate in including Malta residency and citizenship by investment, corporate and trust services, capital markets and financial services, yachting and aviation, gaming and IP law.
