SEA-EU diversity - MALTA - Economy

Abstract

In five minutes, with five broad brush strokes, Dr. Marie Briguglio paints an economic portrait of Malta. Firstly, she explains that the Maltese economy is very small, complete with the kind of vulnerabilities that stem from having a small internal market and large exposure to external shocks. Secondly, she highlights the openness of the economy following the reforms needed to join the EU: Malta has transitioned from a fortress economy to an open one. Thirdly, Dr. Briguglio outlines the radical changes that the Maltese economy underwent in the composition of its various economic sectors. The services sector has now being the mainstay of the Maltese economy. Fourthly, Dr. Briguglio explains how, by many accounts, the performance of the Maltese economy over time has been remarkable - with unemployment rates in Malta being among the lowest in the EU for over a decade. Finally, some of the challenges are outlined. These include environmental and social challenges, moving from a linear to a circular economy, and from development to sustainable development.