The Global Competitiveness Index 2016-2017 released by the World
Economic Forum (WEF) shows that Malta has improved its overall
competitiveness performance. In the latest edition Malta ranked
40th out of 138 countries included in this publication. This
represents an improvement on the 48th place attained by Malta in
the previous release.
This publication assesses each country on twelve (12) main
pillars. Malta ranked at least 41st under each pillar, bar for the
10th pillar (market size). Under this pillar Malta ranked 126th.
Unfortunately, little improvement can ever be attained in this area
as the score is dictated by the size of our country.
Malta excelled particularly well in the areas of health and
primary education (18th), technological readiness (20th) and
macroeconomic environment (21st).
With respect to health and primary education Malta ranked very
strongly in the areas of life expectancy (16th) and quality of
primary education (19th). Under the area of technological readiness
significant results were attained for internet bandwidth (3rd),
fixed broadband internet subscriptions (7th) and FDI and technology
transfer (21st). Under the macroeconomic pillar Malta ranked as
being the best country in terms of annual percentage change in
inflation (1st). Malta also ranked 20th for gross national savings
as a percentage of GDP.
The report overall indicates that over the last years Malta has
gradually improved its rankings in a number of indicators that are
included under this index. However, the same report clearly
indicates that this result is not guaranteed and there are a number
of areas which still need to be addressed concretely in order to
enable Malta to retain and improve its ranking further.
The index shows that improvements have been recorded with
respect to the number of procedures to set-up a business as well as
the time required to do so. However, the measures adopted so far
have only enabled Malta to rank 116th (procedures) and 114th (time)
in these areas. Given that these indicators are sourced by the WEF
from the World Bank, the important work carried out in this area is
not yet reflected fully in this publication.
The Global Competitiveness Report also highlighted that for the
first time, when respondents came to identify the main problematic
factors for doing business, a workforce which is relatively lacking
in the required education levels topped the list. This is a
reflection of the shift in Malta's economy to operations
requiring far higher levels of training and expertise than was the
case in the past. The situation is being studied by the
Ministry of Education and the various stakeholders such as Malta
Enterprise and plans have been developed to implement more targeted
and effective strategies in order to ensure long-term
Source: Malta Enterprise
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