Malta’s Economic Vision for 2021

The Budget is expected to be delivered by the Finance Minister this coming month. From an initial look, it seems that emphasis will be placed on a recovery plan to tackle the devastation brought about by the COVID-19 pandemic. The Pre-Budget Document underlines that the proposals are all aimed to work towards a speedy recovery for all economic sectors, which would then be followed by growth.

This document indicates that the Maltese Government will be working on the long-term economic plan, including the vision for the next decade, together with a strategy for the upcoming three years. The Government is also working on a seven-year investment programme which is expected to be launched and will be in the region of four-hundred million Euro.

The Government is also working on a framework to allow for the development of more start-ups.

As one would expect, following the turmoil created by COVID-19 on the tourism industry, the Government is expected to take measures to stimulate its growth.

The Government will also be working on the implementation of several projects in relation to artificial intelligence, whilst continuing to explore the strengths of esports, video game development and Distributed Ledger Technology. Focus shall be directed at strengthening the Gozitan economy as well.

Infrastructure remains high on the agenda and in this regard, initiatives include the regeneration of Valletta and its coastline. Government is also looking at exploiting the hidden opportunities of the Grand Harbour, so that it can increase its contributions to the local economy.

To ensure sustained economic growth, governance needs to be enhanced. Good governance allows for national stability, trust in institutions and economic growth.

More power is expected to be given to the Commissioner for Revenue when it comes to investigations. He will be allowed to give information to other institutions that are involved in combatting tax evasion and money laundering.

All initiatives and measures planned for implementation will be consistent with the overall bigger picture, being the Government’s economic vision. This will be based on the five main principles of good governance, higher quality of life for all, education to sustain growth, better infrastructure and a carbon neutral economy by 2050, for sustainable long-term growth.

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