According to the Global Competitiveness Report (2016-2017) of the World Economic Forum (WEF), Malta improved its performance, rising eight spots (40th) over last year (48th) out of 138 countries.
The Global Competiveness Index (GCI), published yearly by the WEF, measures competitiveness between countries, comparing the “level of productivity” of economies by cross-referencing criteria such as: institutions, infrastructure, macroeconomic environment, health and primary education, higher education and training, market efficiency, labour market efficiency, financial market efficiency, available technology, size of internal and external markets, and sophistication of the production and innovation processes.
In this year’s ranking, Switzerland is in first place for the eighth consecutive year, followed by Singapore and the United States of America, countries which are normally in the top spots of these rankings. Out of the twenty top spots, nine are held by EU countries (Netherlands, Germany, Sweden, United Kingdome, Finland, Denmark, Belgium, Austria and Luxembourg).
Malta is ranked 40th in the GCI, having performed well in health and primary education (18th), available technology (20th) and macroeconomic environment (21st).
In health and primary education, its best rankings were in categories pertaining to life expectancy (16th) and the quality of primary education (19th). The most significant results regarding available technology were attained due to Internet bandwidth (3rd), regular broadband internet subscriptions (7th) and technology transfers (21st). As regards macroeconomics, Malta ranked as the best country with respect to annual percentage change in inflation (1st).
Malta’s success is largely due to the coherence of its economic strategy, which is very much based on macroeconomic soundness and the attraction of foreign investment. Read our recent interview with one of the key players in this success story – Kenneth Farrugia, President of FinanceMalta – published on our blog.