Finance Minister Prof. Edward Scicluna explains the reasons for the economic growth rate of 2.4% which Malta achieved for 2013, a rate which exceeded that of the previous year by double and outperformed the expectations of various international institutions.

Prof. Scicluna explains that the economic success achieved in this regard is down to various factors, leading among which is the Government’s electoral programme, which is based on wide-reaching consultation as well as a cost-based approach.

Prof. Scicluna also notes that the Government’s early decision to adopt and re-present the Nationalist Party’s Budget upon stepping into office meant that the country was spared any economic shocks that could have disrupted the fragile economic momentum that it had retained.

The Finance Minister also notes that the new Government’s energy allowed it to open the floodgates in terms of decisions, initiatives, and efforts that were, for some reason or another, not being taken or on hold before the election.

Finally, Minister Scicluna explains that Malta’s success in avoiding an austerity package from the European Commission upon being placed under Excessive Deficit Procedure meant that Malta’s economic potential was not stifled.

– Tuesday, 25th March, 2014