Malta’s ranking as one of the world’s top financial jurisdictions has been confirmed by the World Economic Forum in its annual Global Competitiveness Report for 2014-2015. The increasing soundness of its banking institutions has been reflected in a significant improvement in relevant score which now puts the country amongst the best 10 rankings (14th in 2013-2014). Malta also maintained the 13th ranking position in terms the strength of auditing standards and reporting standards.
This year’s Report provides an overview of the competitiveness performance of 144 economies, and thus continues to be a highly comprehensive assessment of economic performance. It contains a detailed profile for each of the economies included in the study, as well as an extensive section of data tables with global rankings covering over 100 indicators. For the sixth consecutive year Switzerland leads the table, ahead of Singapore as the second-most competitive economy in the world.
Overall, Malta has again been ranked amongst the top 50 nations in terms of competitiveness. It has also maintained its status of an innovation-driven economy. Moreover, Malta maintained its high scores in important sectors which strengthen its proposition as a investment location, ranking amongst the top 20 nations with regards to the quality of education and health services offered.
In its introduction, the World Economic Forum notes that this Report is being launched at a time when the world seems to be finally emerging from the worst financial and economic crisis of the past 80 years and returning to a pre-crisis situation: large interest rate spreads for public debt in hard-hit countries are falling; banking systems seem more robust, even if financial reform has not yet been completed; and access to credit, while still limited, is slowly recovering. Overall, it adds, growth prospects in advanced economies are better than they have been in recent years, albeit very unevenly distributed.
The full Report is available here.