Maltese economy will recover quickly and strongly post COVID-19, says IMF

Coronavirus economic impact concept image
Coronavirus economic impact concept image

Tista' taqra bil- Malti.

The Maltese economy will quickly and strongly recover post COVID-19 pandemic, according to the International Monetary Fund, IMF.

According to the World Economic Outlook, a survey conducted by the IMF, Malta will economically suffer the least post coronavirus. The survey also shows that the eurozone will suffer a decrease of 7.5% of its GDP during this year. In relation to Malta, it is being anticipated that the economy will shrink by  2.8% or a third of the economic recession which Europe will face while the inflation rate in Malta will fall at 0.6%

The survey also shows that other neighbouring countries such as Italy, Spain and Germany will experience a larger financial crisis and will see their economy shrink by 9%, 8% and 7% respectively.

The International Monetary Fund said that post coronavirus Malta’s economy will quickly recover during 2021 when a 7% economic increased is being forecasted.

The World Economic Outlook describes the crisis as “like no other”.

The Ministry for Economy said in a statement that this is the second international report since the outbreak of COVID-19 that shows how Malta will economically recover quickly and strongly from the challenges posed by the pandemic. Another report was published by S&P Global Ratings.

Economy Minister Silvio Schembri said that the government welcomes this analysis and stated that the Maltese government will continue working to safeguard the social impact and all economic sectors during these challenging times.

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