The Malta Budget 2020 speech was always likely to start off with emphasising Malta’s economic success over the past years. The Minister of Finance, Hon. Prof. Edward Scicluna, highlighted the growth in GDP of 4.3% and an expected fiscal surplus of 1.4% in 2020.
The low level of inflation and unemployment were also highlighted in the course of the introduction of the Budget speech.
Whereas little incentives seem to have been proposed for the manufacturing, financial services and tourism sectors, the Minister noted that Malta Enterprise will be actively engaged in promoting new industries in order to attract new investments to the island.
New proposed industries were highlighted by the Minister such as the space sector and the drone sector.
Finally, the Minister emphasized the country’s commitment to implement the recommendations listed in the Moneyval report.
As always, the Budget will now be discussed in Parliament in the coming weeks.
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