Malta well positioned to capitalise on global economy’s digital future

Malta is an integral part of the story of a changing world, and is well positioned to capitalise on the opportunities the future global economy holds for the country, HSBC Bank Malta CEO Andrew Beane has said.

“While of course we need to navigate the immediate challenges right in front of us, we equally need to position ourselves to thrive in a new economic world order driven by the growth of emerging markets and an ever more integrated global economy.  This is a transformational and permanent structural change, and I think here in Malta we are extraordinarily well positioned to capitalise upon this,” Beane told The Economist’s The World in 2016 Gala Dinner.

HSBC Bank Malta was the lead sponsor of the signature annual event, which brings together economists, politicians and authors to discuss and predict the economic and technological trends of the year. The headline appearances were made by Gerd Leonhard, an influential futurist and the Prime Minister of Malta Joseph Muscat.

According to Beane, the future global economy will be significantly larger and more closely integrated than today and this will create many opportunities for Maltese businesses to grow.

“The global economy will also be a digital economy where it matters far less how big or small you are,” added Beane, while citing from the latest HSBC report Trade Winds.

The HSBC Trade Winds report in Global Connections explores how international business has changed over 150 years and looks forward to what may come next. The report forecasts the eurozone economy to grow by 40% by 2050.

“If you travel six miles east of Malta you will find yourself in the middle of the primary trading lane between China and Europe. At HSBC, this is something we are particularly excited about and have been since we were founded 151 years ago. As the world’s largest trade bank, we facilitate more than half a trillion dollars of trade each year,” Beane said.