Malta improves its WEF Global Competitiveness Index ranking

Malta has improved its competitiveness ranking in the World Economic Forum’s Global Competitiveness Index 2016-2017, rising from the 40th place to 37th.

The index now ranks Malta ahead of Italy, Portugal, Slovenia and Croatia.

The report assessed a total of 137 countries on 12 main pillars. Malta ranked high in the areas of higher education and training (30th), labour market efficiency (29th), business sophistication (31st), and innovation (38th).

The government said that the improvement in Malta’s position was due to the reduction of public debt and deficit, and an increase in national savings. A significant improvement in female participation in the labour force as a result of the free childcare measure, also contributed to Malta’s improved ranking, the government said.

Chris Cardona, Minister for the Economy, welcomed the results of the report, and said that it would serve to further increase the government’s drive to further increase competitiveness.

Cardona also noted that the government would continue addressing challenges related to creating a better-skilled workforce. He remarked that this need was due to the shift in Malta’s economy, which now involves operations requiring higher levels of training and expertise than was needed in the past.

According to Cardona, the results of the report place Malta in an attractive economic position, and mean that Malta will be able to sustain its competitiveness in the longer term.