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Malta looks set to lead Europe as the continent goes into its seventh consecutive year of economic growth. The island’s economy is forecast to expand by 4.2 percent over the course of 2020, driven, in part, by its embrace of blockchain technology.
The growth forecast figures come courtesy of the EU Commission. The organization summarised the economic projections made for European Union’s member states in a report titled, “Autumn 2019 Economic Forecast: A challenging road ahead”
The EU Commission is forecasting previous economic growth to continue into 2020 and 2021. It anticipates an overall rate of 1.2 percent. This has actually been downgraded from a projection published this summer, which had the rate of growth at 1.4 percent.
Valdis Dombrovskis, Vice-President for the Euro and Social Dialogue, explained the reasoning behind the commission’s revised projections: “We could be facing troubled waters ahead: a period of high uncertainty related to trade conflicts, rising geopolitical tensions, persistent weakness in the manufacturing sector and Brexit.” As part of the overall report, the EU Commission has published growth forecasts for each of its member states. Comfortably leading the pack is Malta at projected growth of 4.2 percent.
Malta’s good economic fortunes seem likely a direct result of the nation’s proactive stance towards technological innovation and particularly, blockchain technology. Regular BeInCrypto readers will likely be familiar with the term “blockchain island” already. The European island nation has been keen to develop regulatory frameworks that support the industry.
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