IMF revises upwards economic growth forecast for 2023, highest in EU
Organisation slightly revises down forecast for next year
The International Monetary Fund has revised upwards Malta's forecast real GDP growth for 2023, and slightly downwards that for 2024.
In October's edition of the World Economic Outlook, the projection for Malta this year was set at 3.8%, the highest predicted economic growth in the EU. In the April edition, the IMF had predicted a 3.5% growth this year, and 3.5% next year.
However, in this month’s edition, it revised the 2024 forecast down to 3.3%, which is still the highest in the EU, along with Ireland.
It also predicted low unemployment rates for this year and next year, at 3.1% and 3.2%.
Prime Minister Robert Abela welcomed the IMF forecasts, which placed Malta as “the fastest growing EU economy this year and the next, with the lowest unemployment rate in both years”.
Writing on X (formerly Twitter), Abela wrote: "Despite weakening international conditions, the IMF has revised up its GDP forecast for Malta to 3.8% and sees us as the fastest growing EU economy this year and the next, with the lowest unemployment rate in both years. Budget 2024 will see us strengthen our economy further.”