After gaining independence on 21st September 1964, Malta planned towards more integration within the EU and became a Member in the EU on 1st of May 2004 – a miilestone achievement for such a small country with no natural resources. Malta also successfully joined the Euro zone as on 1st January 2008 after passing all the economic and fiscal tests of the EU.
Furthermore, despite the current global recession and the general deficiencies in economic and financial sense of much more prominent countries, Malta’s economy proved to be well monitored and under control.
Malta, according to EU statistics, was earmarked as being one of the only two european countries that registered growth in economy and reduction in unemployment in 2010. The following are a few comments regarding Malta’s present situation:
It may be the European Union’s smallest state in population (414,000) and area (316 sq km), but it is one of the most economically stable and has avoided the ill-fortunes that have befallen many of its much bigger neighbours. (June 2010. Financial World)
Malta ranked 52 amongst 133 economies, in the global competitiveness table. 13th soundest banking sector and 13th in the financial sophisticatoin category. (Global Competitiveness Report 2009-2010 issued by the World Economic Forum)
Financial Sector is diversified and includes some 24 banks, around 400 funds, over 50 insurance operations and 70 trustee services companies. (Minister of Finance, Economy & Investment, the Hon. Tonio Fenech- 2010)
Malta ranked fourth out of 66 jurisdictions as a financial & business centre and it is most likely to increase in importance over the next few years. (The City of London’s Global Financial Centres Index)