The Labour Party returned to power on Saturday 9th March 2013, after defeating the Nationalist Party, which had been governing since 1987, save for a short period of nearly two years between 1996 and 1998.
This victory can mostly be attributed to the charismatic leader Dr. Joseph Muscat, who had led the Labour Party since the 6th June 2008 and managed to bring positive change within the party to be able to once again appeal to the Maltese electorate.
Winning the election wasn’t enough, Dr. Muscat, as Malta’s Prime Minister will be remembered as one who brought about a social and economic revolution. Let’s take a look at 5 of the reasons why we can now consider Malta to be thriving…
1. Malta’s Economy is experiencing unprecedented growth
Investor confidence in Malta is at an all time high.
Business-leaders and investors from all around the European Union are interested in Malta and according to the European Commission’s Winter 2019 Economic Forecast, Malta will be experiencing the fastest growth in the European Union during the coming months.
2. Record low unemployment rates
As a result of the booming economy unemployment in Malta during the past years continued to diminish drastically.
At present, the Unemployment rate stands at only 3.5% resulting in one of the lowest unemployment rate per capita throughout all of the European Union. Malta has in the past years had to import workers from other European Union countries.
Back in 2017 the Eurostat had reported that Malta registered a €436.6 million government surplus, setting us up as the highest registered EU surplus for the year reaching 3.9% of GDP, even exceeding the GDP (per capita) registered by Germany and the Netherlands.
3. Lower Electricity Bills
Eurostat figures show that during the past year, the energy prices in the European Union increased by more than €21 per kilo watt hour equivalent to 3.5%, the price of electricity for consumers in Malta on the other hand remained unchanged since the government led by Prime Minister Joseph Muscat reduced the bills by 25%.
4. A Government Working to Eradicate Poverty from Malta
The Government is taking a number of initiatives that will stop poverty in Malta thanks to a number of initiatives. A United Nations report published recently placed Malta among the best countries in the world who are fighting poverty.
5. Pensioners, Minimum wage increase
Pensioners saw the first increase in 25 years, as did Malta’s national minimum wage. Unemployment is now at an all-time low. Malta managed to transform a deficit budget into a surplus and is now one of the best performing countries in the European Union.