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Malta – Important Facts

Malta is a southern European country and consists of an archipelago. It is situated centrally in the Mediterranean Sea, south of Sicily, Italy. Malta’s geographic position between the European Union region and Africa makes it a target for immigration. The government system is a republic; the chief of state is the president, and the head of government is the prime minister. Malta has a mixed economic system which includes a variety of private freedom, combined with centralized economic planning and government regulation. Malta is a member of the European Union (EU).

Malta has weathered the euro-zone crisis better than most EU member states due to a low debt-to-GDP ratio and financially sound banking sector. It has low unemployment relative to other European countries, and growth has recovered since the 2009 recession. In 2014 and 2015, Malta led the euro zone in growth, expanding by nearly 3.5% each year.

Malta’s services sector continued to grow in 2015, with noted increases in the financial services and online gaming sectors. Malta continues to enhance its regulation of the financial services sector, and passed additional legislation in 2014 and 2015 to improve anti-money laundering oversight for financial and gaming activities. Expanding EU discussions of anti-tax avoidance measures, including the “Anti-Tax Avoidance Package” submitted in early 2016, have raised concerns among Malta’s financial services and insurance providers about passage of laws governing EU tax practices, which could have a significant impact on those sectors.

Important Details

  • Country ISO3 : MLT
  • Country Code : 470
  • Income Group : High Income
  • Lending Category : P2P
  • Region : Middle East and North Africa
  • Currency Unit: Euro (EUR)
  • WTO Member : Yes
  • Trade organisations : EU, WTO, Commonwealth and the OSCE
  • world rank : 55
  • Regional Ranking : 24th in Europe