The Minister of Finance, Economic Development and Planning announced that this year the GDP is expected to decrease by 7.4%. However, the government is anticipating a recovery next year of 5% in real terms and 6.4% in nominal terms.
The Minister of Finance, Economic Development and Planning announced that this year the GDP is expected to decrease by 7.4%. However, the government is anticipating a recovery next year of 5% in real terms and 6.4% in nominal terms.
The growth is expected to be generated from a 7.5% growth in investment and 3.7% in private consumption. Exports are expected to increase by 5.5%. These forecasts mean an increase of 2.3% in jobs next year with unemployment to remain around 4%. Inflation rates should remain very low. Deficit is expected to be 9.4% this year but it will go down to 5.9% of GDP in 2021 while debt will be 55% of GDP this year and increase to 58.6% of GDP in 2021.
Discover more: Malta: Budget 2021 announced
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