The European Commission is forecasting 3.1% economic growth for 2023 in Malta, making it the second-highest in the European Union.

According to the European Commission’s winter forecast, the EU and euro area should narrowly avoid a technical recession, which had been predicted in an earlier forecast.

Ireland tops the forecast at a projected 4.9 growth for the coming year, while Sweden sits at the bottom of the forecast with 0.8% decline in economic activity.

In addition, wholesale gas prices have fallen below pre-Ukraine war levels, while the EU unemployment rate remains at an all-time low of 6.1% by the end of 2022.

But there are challenges ahead. The European Commission noted in its forecast that consumers and businesses continue to face high energy costs while core inflation continued to rise in January.

As inflationary pressures persist, the European Commission expects that monetary tightening will continue, weighing on business activity and exerting a drag on investment.

Source: Malta Today

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