The Ministry for Finance and Financial Services welcomes
the Spring Economic Forecast 2020 published by the European
Commission (EC) which corroborates the Government's own
macroeconomic forecasts in expecting economic growth in 2020 to
recover the lost ground this year. Indeed, the EC forecast the
Maltese economy to grow by 6.0 per cent in 2021 after contracting
by 5.8 per cent in 2020.
Furthermore, Malta's negative growth rate this year is
expected to be third lowest in the Euro Area. Cushioning the
crisis' impact on consumption is the dynamic performance in the
labour market in 2019, where unemployment was at a record low and
employment growth was amongst the highest, together with the
households' high saving rate.
