COUNTRY OVERVIEW
E
conomic activity is abuzz in tiny Malta, which has seen a remarkable turnaround since the 1950s when a lack of opportunity at home caused many Maltese to move away. To lessen the economic distress, the country actively encouraged its population to look elsewhere for employment and better quality of life. Today, the situation couldn’t be more different. Its well-diversified economy proves alluring to foreign companies, and Malta is placing more emphasis than ever on human capital seeking to attract professionals from abroad to support its booming economy. Saying that Malta’s success is a result of the can-do attitude of its people and the international outlook of its businesses sounds like a cliché, but it is true, and it reflects the country’s extraordinary strengths. Home to a population of 421,000 people and being resource-poor, Malta has created a viable and powerful marketplace for industries such as financial services, ICT, advanced manufacturing, maritime and life sciences.
Malta’s position on the map has also played a defining role in its growth as its leaders understood that the country’s location at the centre of the Mediterranean could be used to take advantage of the opportunities offered by global trade, long before the term globalisation became the new economic mantra. Today, Malta prides itself on boasting one of the bestperforming Eurozone economies, registering low unemployment and economic growth. And in spite of its modest size and numbers, Malta has emerged as one of Europe’s leading financial centres.
31