The evolution of the Maltese economy since independence

Aaron Grech

MPRA Paper from University Library of Munich, Germany

Abstract: This paper surveys the performance of the Maltese economy in the first half century since independence. The picture that emerges is of a nation that has benefitted from an extraordinary rate of economic growth and a significant reduction in volatility. The Maltese economy has matured exceedingly rapidly, with cycles of inflation and unemployment becoming much less pronounced and with a consistent underlying downward trend. The economic structure has shifted strongly towards services, which has led to an increased demand for labour that has accommodated the secular rise in female participation. The role of the state has changed dramatically, though as in other small open economies it continues to play a relatively more active economic function. The financial system has also altered beyond recognition, playing a more direct role in affecting economic activity. While the Maltese economy faces significant challenges, the strengths developed since independence will stand it in good stead.

Keywords: Economic development; Industrial Structure; National Budget; Small States; Malta. (search for similar items in EconPapers)
JEL-codes: E24 E3 H6 N14 (search for similar items in EconPapers)
Date: 2015-06
New Economics Papers: this item is included in nep-his and nep-mac
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Citations: View citations in EconPapers (13)

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