IMF forecast understated – Chamber President 

17th April 2020

Based on feedback received from its members, The Malta Chamber of Commerce sees the IMF projections for Malta as overly optimistic

Malta Chamber President Perit David Xuereb said that the International Monetary Fund’s (IMF) economic forecast was being deemed “understated” based on the continuous feedback from Chamber members.

Perit Xuereb said that “The Malta Chamber understands that this forecast, as worked out by the IMF, is based on a timeframe of economic effects that are brought about by the COVID-19 pandemic which is significantly shorter than any estimate which the Chamber is deeming realistic at this stage.”

Speaking to Malta Today, Perit Xuereb claimed that "the percentage forecast is low, even by simply considering the relatively high contribution of tourism to the Maltese economy and the plausible possibility that this will be completely shut down for at least one third of the year.”

The IMF released its quarterly World Economic Update 2020 earlier this week, in which it projected that the global economy will contract by 3% as a result of the COVID-19 pandemic. For specific countries, it projected Malta’s economy to contract by 2.8% in 2020, growing to an impressive 7% in 2021. It also predicted a local unemployment rate of 5% in 2020, down to 4.4% in 2021.


17th April 2020

Almost 17,000 businesses applied for the Government wage supplement

FROM COVID-19

16th April 2020

Phase I clinical trials are planned to start in the next few months and, if successful and subject to regulatory considerations, the development required to make the vaccine available will be completed by the second half of 2021.

FROM COVID-19

16th April 2020

Together with other measures such as the Government guaranteed loans and moratoria on loan repayments, many of which were proposed by the Malta Chamber, is appreciated as a step in the right direction and further support to businesses at this time of unprecedented challenges

FROM COVID-19

15th April 2020

Further to its recommendations to expand assistance to companies, based on their registered loss of activity rather than their specific sector of operation, The Malta Chamber of Commerce Enterprise and Industry wishes to shed light on more proposals it made to Government in the past days.