Improving the competitiveness of countries in economic difficulties can be a challenge for Malta

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Improving the competitiveness of countries in economic difficulties can be a challenge for Malta

Improving the competitiveness of countries in economic difficulties can be a challenge for the Maltese economy. This was supported by the Governor of the Central Bank of Malta (BCM) Prof Josef Bonnici when he presented the Annual Report of the BCM for 2013. Josef Bonnici said that it is essential that an increase in wages in Malta is supported by an improvement in productivity, while he emphasized the importance of Malta remaining flexible in the creation of new specialized markets.

Regarding the banking sector, the Governor of the BCM claimed that this contributes significantly to the local economy being able to withstand external shocks and the alignment with the group of stronger economies in the Eurozone. Speaking about international economies, Josef Bonnici said that the economic recovery remained subdued between countries and regions, although it is gradually strengthening in advanced economies.

Prof. Bonnici claimed that the Maltese economy continued to be more efficient than the Euro Zone average, where the growth of the real Gross Domestic Product grew to 2.4% in 2013 from 0.6% a year earlier. The Governor of BCM said that domestic demand has recovered, but the reduction in exports has weakened economic growth. For 2014, the BCM is predicting that the rate of economic expansion will remain sustained due to further recovery in domestic demand and a much smaller negative contribution from exports.

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Improving the competitiveness of countries in economic difficulties can be a challenge for Malta